06:24 AM EDT, 03/26/2024 (MT Newswires) -- IB Acquisition said Monday it priced its initial public offering of 10 million units at $10 per unit for estimated gross proceeds of $100 million.

Each unit consists of 1 common share and 1 right, with each right entitling the holder to receive 1/20th of a common share upon the completion of an initial business combination.

Underwriters have been granted a 30-day option to purchase up to an additional 1.5 million units.

The units are set to begin trading on Nasdaq this Tuesday, under the ticker symbol, "IBACU." Once the securities comprising the units begin trading separately, the common shares will be listed under the "IBAC" ticker.

The IPO is set to close around Thursday.