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Nabors Energy Transition Corp. closed its initial public offering (IPO) of 27,600,000 units at $10.00 per unit, raising a total of $276 million. This includes the full exercise of an option by underwriters for an additional 3,600,000 units. Each unit consists of one Class A common stock share and half a redeemable warrant. The securities will trade on the NYSE under the symbols NETC.U for units, NETC for common stock, and NETC.WS for warrants. Citigroup and Wells Fargo Securities were the joint book-running managers for the offering.
Nabors Industries Ltd. (NYSE: NBR) announced the filing of a Registration Statement on Form S-1 by Nabors Energy Transition Corp. (NETC), its newly formed SPAC, for a proposed IPO aiming to raise $250 million. NETC plans to list on the NYSE under the symbol NETC.U and will consist of shares and warrants. The strategic goal is to identify business opportunities in the energy transition sector by leveraging Nabors' extensive experience and technology. Citigroup and Wells Fargo Securities are the joint book-running managers for the offering.
