Supernova Partners Acquisition III, a third blank check company formed by a Zillow co-founder and other entrepreneur and investment veterans, filed on Thursday with the SEC to raise up to $250 million in an initial public offering.
The Washington, D.C.-based company plans to raise $250 million by offering 25 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, Supernova Partners Acquisition III would command a market value of $313 million.
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 co-founder of Senator Investment Group. CEO Robert Reid is a former Senior Managing Director in the Private Equity Group, and CFO Michael Clifton most recently served as a senior investment professional at The Carlyle Group. The group's other SPACs include Supernova Partners Acquisition (SPNV.U; +29% from $10 offer price), which raised $350 million in October 2020, and Supernova Partners Acquisition II (SNII.U), which recently filed with the SEC to raise $250 million.
Supernova Partners Acquisition III intends to partner with a technology company focusing on internet, consumer, media, and similar businesses.
Supernova Partners Acquisition III was founded in 2020 and plans to list on the NYSE under the symbol STRE.U. It filed confidentially on January 27, 2021. J.P. Morgan and Jefferies are the joint bookrunners on the deal.
