Blue Water Acquisition Corp. IV (BWIV, BWIV.U) closed its initial public offering of 13 million units at $10 apiece for gross proceeds of $130 million.

The offering includes 500,000 units issued through the partial exercise of the underwriters' overallotment option, the blank-check company said Monday in a statement.

The units began trading Friday on the New York Stock Exchange under the ticker BWIV.U. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant entitles the holder to purchase one Class A ordinary share at $11.50, subject to adjustment, the company said.

Once the securities comprising the units start trading separately, the Class A ordinary shares are expected to trade under the symbol BWIV.