The IPO Buzz: Colombier Acquisition II Prices Upsized IPO in Thanksgiving Week

The first float in the IPO market’s short Thanksgiving parade belongs to Colombier Acquisition Corp. II  (CLBR.U). The Colombier Acquisition II SPAC IPO was increased at pricing on Monday night (Nov. 20, 2023) to 15.0 million units – up from 13.0 million units in the prospectus. Bankers priced the Colombier Acquisition II deal at $10.00, as expected – to raise $150.0 million. Colombier Acquisition II’s stock opened today – Tuesday, Nov. 21, 2023 – at $10.01 – up a penny – on the New York Stock Exchange. The stock was last trading at $10.00 – its IPO price – after briefly breaking issue price to hit its session low so far of $9.99. Colombier’s stock ended its first day of trading at its low – $9.99 – down a penny from its IPO price.

Colombier Acquisition II’s SPAC IPO landed on this week’s IPO Calendar on Monday for pricing the same night. It was among a handful of deals expected to brave the chilly IPO waters during this short holiday week. The U.S. stock market will be closed Thursday, Nov. 23, 2023, for the Thanksgiving holiday. Wall Street will get back to work at the usual time on Friday, Nov. 24, but the trading day will be short – ending at 1 p.m. EST.

BTIG was the sole book-runner.

Each unit consists of one share of stock and one-third of a redeemable warrant. Trust terms: $10.00 per unit.

This SPAC is the second blank check company whose management team is made up mostly of principals of Farvahar Partners and 1789 Capital. Colombier Acquisition Corp., also known as Colombier I, consummated an initial business combination in July 2023 with PSQ Holdings, the parent of PublicSq., a patriotic digital marketplace designed to cater to consumers seeking products and businesses aligned with traditional American values.

Colombier Acquisition II, based in New York, is a blank check company incorporated in 2023. The SPAC intends to search for a target company involved in the entrepreneurship, innovation and growth (“EIG”) economy with an enterprise value between $150 million and $2 billion.

At pricing, Colombier Acquisition II became the 28th SPAC IPO priced so far this year.

Colombier Acquisition II’s deal is the fourth SPAC IPO priced so far in November 2023. Global Lights Acquisition Corp. (GLACU) started trading a week ago today – Tuesday, Nov. 14, 2023 – on the NASDAQ. Two blank check deals – Agricultural & Natural Solutions Acquisition Corp. (ANSCU) and AI Transportation Acquisition Corp. (AITRU) – made their trading debuts on NASDAQ nearly two weeks ago – on Thursday, Nov. 9, 2023.


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