Carpenter and Mancini's SPAC RMG Acquisition III raises deal size by 20% ahead of $420 million IPO

RMG Acquisition III, a third blank check company formed by Riverside's James Carpenter and former Carlyle executive Robert Mancini, raised the proposed deal size for its upcoming IPO on Tuesday.

The New York, NY-based company now plans to raise $420 million by offering 42 million units at a price of $10. The company had previously filed to offer 35 million shares at the same price. At the revised deal size, RMG Acquisition III will raise 20% more in proceeds than previously anticipated.

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; +85% from $10 offer price), and RMG Acquisition II (RMGBU; +19%), 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.