Oaktree Acquisition III, the third blank check company led by the head of Oaktree Capital's Value Equities group, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Los Angeles, CA-based company now plans to raise $225 million by offering 22.5 million units at $10, with each unit containing one share of common stock and one-third of a warrant, exercisable at $11.50. The company most recently filed to offer 27.5 million units at the same price, with each unit containing one-fifth of a warrant. It originally planned to offer 32.5 million units, with each unit containing one-eighth of a warrant, before lowering the proposed offering this past May. At the revised deal size, Oaktree Acquisition III will raise 18% less in proceeds than previously anticipated.
The company is led by CEO Alexander Taubman and President and CFO Zaid Pardesi, who both serve as Managing Directors within Oaktree’s Value Equities strategy. They are joined by Chairman John Frank, who currently serves as Oaktree's Vice Chairman, and Director Patrick McCaney, who has served as Portfolio Manager for Oaktree's Value Equities strategy since its inception. The company plans to leverage its management team's experience and target a business in the industrial and consumer sectors.
Oaktree Acquisition III was founded in 2021 and plans to list on the NYSE under the symbol OACC.U. Deutsche Bank, Credit Suisse, and Morgan Stanley are the joint bookrunners on the deal.
