Real Asset Acquisition (RAAQ) closed its initial public offering of 17.3 million units, including 2.3 million units issued under overallotment option, at $10.00 per unit.

Each unit consists of one class A ordinary share and half of a redeemable warrant, with each whole warrant exercisable to purchase one class A ordinary share at $11.50 per share. The units commenced trading Tuesday on Nasdaq.

Concurrently with the closing of the IPO, the company closed on a private placement of 5.5 million warrants at a price of $1.00 per warrant, resulting in gross proceeds of $5.5 million. The company's sponsor, RAAQ Sponsor, purchased 3.7 million of these warrants, Cohen & Company Capital Markets purchased about 1.5 million of the warrants and Clear Street purchased 258,750 warrants. Each private placement warrant is exercisable to purchase one class A ordinary share at $11.50 per share.

Of the proceeds received from the IPO and warrants placement, $172.5 million was placed in trust, the announcement states.

Real Asset Acquisition, which is a special purpose acquisition company, plans to target opportunities in the quantum computing, metals or mining, rare earth and infrastructure sectors, according to the announcement.