Carpenter and Mancini's third SPAC RMG Acquisition III prices $420 million IPO

RMG Acquisition III, the third blank check company formed by Riverside's James Carpenter and former Carlyle executive Robert Mancini, raised $420 million by offering 42 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50.

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 completed its merger with EV battery maker Romeo Power (RMO; +84% from $10 offer price) this past December, and RMG Acquisition II (RMGBU; +23%), which raised $300 million in December 2020. 

RMG Acquisition III plans to list on the Nasdaq under the symbol RMGCU. BofA Securities and Barclays acted as lead managers on the deal.