Healthcare SPAC Alpha Healthcare Acquisition III files for a $150 million IPO

Alpha Healthcare Acquisition III, a blank check company targeting a healthcare business in the US, filed on Thursday with the SEC to raise up to $150 million in an initial public offering.

The New York, NY-based company plans to raise $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, Alpha Healthcare Acquisition III would command a market value of $192 million.

The company is led by CEO and Chairman Rajiv Shukla, the former CEO of Pipavav Defence & Offshore Engineering (now Reliance Defence and Engineering; NSE: RNAVAL), and CFO Patrick Sturgeon, a Managing Director at Brookline Capital Markets. The company plans to target the US healthcare industry.

Management's previous SPACs include Alpha Healthcare Acquisition (AHAC; +4% from $10 offer price), which went public in September 2020 and has a pending merger agreement with human tissue developer Humacyte, and Constellation Alpha Capital, which went public in June 2017 and completed its merger with dermatology diagnostics provider DermTech (Nasdaq: DMTK; +165%) in August 2019.

Alpha Healthcare Acquisition III was founded in 2021 and plans to list on the Nasdaq under the symbol ALPAU. The company filed confidentially on February 2, 2021. BofA Securities and PJT Partners are the joint bookrunners on the deal.