JATT III Acquisition Corp, a blank-check company incorporated in the Cayman Islands, has completed an initial public offering of 6.9 million ordinary shares on the Nasdaq Global Market at $10.00 per share, raising $69 million in gross proceeds before underwriting discounts and expenses.
The IPO included the full exercise of the underwriters' over-allotment option for an additional 900,000 shares, bringing the total shares issued to 7.8 million. Trading under the ticker symbol JTTT began on Tuesday, following the U.S. Securities and Exchange Commission's effectiveness of the company's registration statement on August 25.
Guggenheim Securities served as the sole book-running manager for the offering, while JATT Ventures III L.P. acted as the sponsor. Dr. Someit Sidhu serves as chief executive officer and chairman, with Nicholas Fernandez holding the role of chief financial officer.
JATT III Acquisition was formed to pursue a merger, share exchange, asset acquisition, or similar business combination, with a stated focus on healthcare and healthcare-related businesses. The company is particularly interested in biotechnology and life sciences sectors, including businesses applying data-driven approaches such as machine learning and computational biology to drug discovery and development.
The company has not yet selected a specific business combination target and has not engaged in substantive discussions with potential targets, according to its filings. Participating institutional investors in the IPO included Adage Capital Partners, ADAR1 Capital, Affinity Asset Advisors, Columbia Threadneedle Investments, Deep Track Capital, Great Point Partners, Janus Henderson Investors, Nantahala Capital, RA Capital Management, Sirenia Capital Management, and Squadron Capital Management.
