04:06 PM EDT, 08/02/2024 (MT Newswires) -- M3-Brigade Acquisition V ( MBAVU ) said Friday it closed a $287.5 million initial public offering of units.

The company sold about 28.8 million units at $10 apiece in the IPO, including full exercise by the underwriters of their over-allotment option to buy nearly 3.8 million units.

Each unit in the IPO consists of one class A ordinary share and one-half of one redeemable public warrant, according to the company. One whole warrant entitles holders to purchase one class A ordinary share at an exercise price of $11.50 per share.

The company's units started trading on the Nasdaq on Thursday.

Price: 10.04, Change: -0.01, Percent Change: -0.10