Carpenter and Mancini's SPAC RMG Acquisition III files for a $350 million IPO

RMG Acquisition III, the third blank check company formed by Riverside's James Carpenter and former Carlyle executive Robert Mancini, filed on Monday with the SEC to raise up to $350 million in an initial public offering.

The New York, NY-based company plans to raise $350 million by offering 35 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, RMG Acquisition III will command a market value of $438 million.

The company is led by Chairman James Carpenter, founder and CEO of Riverside Management Group, and CEO and Director Robert Mancini, a former Managing Director with The Carlyle Group and co-head of its power investment business. While the company has not selected a specific target industry or geography, it intends to capitalize on the ability of the management team to identify, acquire, and operate businesses across a broad range of sectors with enterprise values between $1 billion and $4 billion.

Management's previous SPACs include RMG Acquisition, which went public in February 2019 and recently completed its merger with EV battery maker Romeo Power (RMO; +91% from $10 offer price), and RMG Acquisition II (RMGBU; +9%), which raised $300 million in December 2020. 

RMG Acquisition III was founded in 2020 and plans to list on the Nasdaq under the symbol RMGCU. BofA Securities and Barclays are the joint bookrunners on the deal.