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SPAC Supernova Partners Acquisition III prices $250 million IPO at $10, following SPNV's Offerpad announcement

March 22, 2021
STRE.U

Supernova Partners Acquisition III, the third blank check company formed by a Zillow co-founder and other entrepreneurs and investment veterans, raised $250 million by offering 25 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 Co-Chairmen Spencer Rascoff and Alexander Klabin. Rascoff is a serial entrepreneur and co-founder of both Hotwire and Zillow. Klabin is a co-founder of Senator Investment Group and served as co-Chief Investment Officer. CEO and director Robert Reid was formerly a Senior Managing Director at Blackstone. CFO and director Michael Clifton previously was a senior investment professional at The Carlyle Group. 

The group's other SPACs include Supernova Partners Acquisition (SPNV; $10.34 at Monday close), which raised $350 million in October 2020 and last week announced a proposed merger with real estate platform Offerpad, and Supernova Partners Acquisition II (SNII.U; $10.11), which raised $300 million in early March.

Supernova Partners Acquisition III intends to partner with a technology company focusing on internet, consumer, media, and similar businesses that it believes are well-positioned to benefit from thematic shifts and tech-enabled trends, valued between approximately $1 billion and $5 billion.

The SPAC plans to list on the NYSE under the symbol STRE.U. J.P. Morgan and Jefferies acted as lead managers on the deal.