Wilbur Ross-led 'blank check' company raises $435 mln in IPO

June 6 Fri Jun 6, 2014 8:47am EDT

June 6 (Reuters) - WL Ross Holding Corp, a special purpose acquisition company set up by billionaire Wilbur Ross, raised $435 million in an initial public offering of common units.

The company said its offering of 43.5 million units was priced at $10 per unit.

Each unit comprises one share and one warrant to buy half a share.

This is the third IPO this year of a so-called "blank check" company, set up for an eventual merger or other business tie-up.

Ross's stake in the company has been diluted to about 20 percent after the offering.

Deutsche Bank Securities and BofA Merrill Lynch were the lead underwriters for the offering.

The units will start trading under the symbol "WLRHU" on the Nasdaq later on Friday. (Reporting by Amrutha Gayathri in Bangalore; Editing by Kirti Pandey)