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Blue Acquisition Corp has successfully completed its initial public offering (IPO) on June 16, 2025, raising $201.25 million through the sale of 20,125,000 units at $10.00 per unit. Each unit comprises one Class A ordinary share and one right to receive one-tenth of a Class A ordinary share upon business combination completion.
Key highlights of the transaction include:
- Full exercise of underwriters' over-allotment option for 2,625,000 additional units
- Concurrent private placement of 592,250 units raising $5.92 million, with 391,000 units sold to Blue Holdings Sponsor LLC and 201,250 units to BTIG, LLC and Roberts & Ryan, Inc.
- Total of $201.25 million ($10.00 per unit) placed in trust account with Continental Stock Transfer & Trust Company
- Trust amount includes up to $7.04 million in deferred underwriter's discount
The company is classified as an emerging growth company and trades on Nasdaq under symbols BACCU (units), BACC (shares), and BACCR (rights).
Blue Holdings Sponsor LLC, along with Blue Holdings Management LLC and Ketan Seth, have reported a significant 25.61% ownership stake in Blue Acquisition Corp through a Schedule 13D filing. The beneficial ownership consists of 7,160,913 shares, including:
- 6,769,913 Class B ordinary shares (Founder Shares) convertible to Class A shares at business combination
- 391,000 Class A shares from placement units, each including one share and one right
Key terms include: (1) Founder Shares purchased for $25,000 ($0.004/share), with additional shares issued through capitalization; (2) Placement Units acquired for $3.91M on June 16, 2025; (3) Letter Agreement restricting redemption rights and requiring voting support for business combination. Ketan Seth serves as CEO and managing member of the sponsor entities. The company must complete a business combination within 24 months of IPO closing.
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