Offshore law firm Appleby has acted as Cayman counsel for Blue Acquisition Corp in its initial public offering (IPO) on the Nasdaq global market.
The company, listed under the ticker symbol BACCU, offered 20,125,000 units, including 2,625,000 units sold through the full exercise of the underwriters’ over-allotment option.
Each unit was priced at US$10.00, resulting in gross proceeds of $201.25 million.
Trading began on 13 June, with each unit comprising one Class A ordinary share and one right to receive one-tenth of a Class A ordinary share once Blue Acquisition completes its first business combination – typically the acquisition or merger with another company.
After the initial period, the different parts of the units will trade separately on Nasdaq under the symbols BACC for Class A shares and BACCR for the share rights.
Appleby’s team on the transaction was led by partner Simon Raftopoulos and counsel Alexandra Low from the firm’s Cayman Islands office.
The team provided Cayman legal advice on the structure and listing of the offering.
The Cayman Islands is a popular jurisdiction for companies going public in the US due to its flexible corporate laws and investor-friendly framework.
