The IPO Buzz: Nabors Energy Transition Corp. II Raises $300 Million in SPAC IPO

Cleantech SPAC Nabors Energy Transition Corp. II (NETDU) raised $300 million on Thursday night (July 13, 2023) by pricing its SPAC IPO in sync with the terms in the prospectus: 30.0 million units at $10.00 each. Each unit consists of one Class A ordinary share and one-half warrant. 

Citigroup and Wells Fargo Securities were the joint book-runners.

Shares of Nabors Energy Transition Corp. II started trading at $10.10 at 10:38 a.m. EDT  today – Friday, July 14, 2023 – on the NASDAQ, according to NASDAQ. Volume on the opening trade: About 3.06 million shares.

At pricing, Nabors Energy Transition Corp. II became the 19th SPAC IPO priced so far this year. It also ranks as the second SPAC IPO priced this week – and ditto for the month of July 2023.

The Houston, Texas-based SPAC’s sponsor is a Cayman Islands-incorporated affiliate of Nabors Industries, Ltd. (NBR), which owns and operates one of the world’s largest land-based drilling rig fleets. Nabors Industries also provides offshore platform rigs and related services in the United States and several international markets, the prospectus says.

We intend to identify solutions, opportunities, companies or technologies that focus on advancing the energy transition; specifically, ones that facilitate, improve or complement the reduction of carbon or greenhouse gas emissions while satisfying growing energy consumption across markets globally,” Nabors Energy Transition Corp. II says in the prospectus.

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