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Real estate technology SPAC Fifth Wall Acquisition III prices $250 million IPO

May 25, 2021

Fifth Wall Acquisition III, the third blank check company formed by Fifth Wall targeting real estate technology, raised $250 million by offering 25 million shares at $10. The company did not offer units with warrants attached.

The company is led by CEO and Chairman Brendan Wallace, who is a co-founder and Managing Partner of Fifth Wall Ventures, and CFO and Director Andriy Mykhaylovskyy, a Managing Partner and COO of Fifth Wall. The group's other SPACs include Fifth Wall Acquisition II (FWAB), which filed this past March, and Fifth Wall Acquisition I (FWAA; +7% from $10 offer price), which went public this past February and has a pending merger agreement with home tech startup SmartRent.

Fifth Wall Acquisition III plans to focus on industries inside and outside of the US and leverage its management team's experience to target a technology business, focusing on verticals of the real estate industry, as well as the adjacent industries that collectively make up the human-made environment that provides the setting for human activity, ranging in scale from buildings to cities and beyond, which they refer to as the “Built World.”

Fifth Wall Acquisition III plans to list on the Nasdaq under the symbol FWAC. Deutsche Bank, Goldman Sachs, and BofA Securities acted as lead managers on the deal.