Rice Acquisition 3, a blank check company backed by Rice Investment Group targeting the energy value chain, raised the proposed deal size for its upcoming IPO on Thursday.
The Carnegie, PA-based company now plans to raise $300 million by offering 30 million units at a price of $10.00. The company had previously filed to offer 25 million units at the same price. At the proposed deal size, Rice Acquisition 3 will raise 20% more in proceeds than previously anticipated. Each unit now contains one share of common stock and one-sixth of one warrant, down from the one-fourth of a warrant previously offered, exercisable at $11.50.
Rice Acquisition 3 is led by CEO and Director Kyle Derham and CFO and CAO James Rogers, who currently serve as Partners at multi-strategy fund Rice Investment Group. Derham and Rogers have previous SPAC experience, most recently serving on the executive team of Rice Acquisition II, which completed its combination with NET Power (NPWR; -74% from $10 offer price) in 2023.
The SPAC plans to focus on the upstream oil and gas, power generation, energy infrastructure, and critical metals and minerals subsectors of the broadly defined energy value chain.
Rice Acquisition 3 was founded in 2025 and plans to list on the NYSE under the symbol KRSP.U. Barclays and Jefferies are the joint bookrunners on the deal.
