Fifth Wall Acquisition III, the third blank check company formed by Fifth Wall targeting real estate technology, filed on Friday with the SEC to raise up to $250 million in an initial public offering.
The Los Angeles, CA-based company plans to raise $250 million by offering 25 million shares at $10. The company is not offering units with warrants attached. At the proposed deal size, Fifth Wall Acquisition III would command a market value of $321 million.
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 at Fifth Wall. The group's other SPACs include Fifth Wall Acquisition II (FWAB), which filed last month, and Fifth Wall Acquisition I (FWAA; +3% from $10 offer price), which went public this past February.
Fifth Wall Acquisition III plans to focus on industries 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 was founded in 2021 and plans to list on the Nasdaq under the symbol FWAC. The company filed confidentially on March 10, 2021. Deutsche Bank, Goldman Sachs, and BofA Securities are the joint bookrunners on the deal.
