Andretti Acquisition Corp. II raises $230 million in IPO in Indianapolis

On September 9, 2024, Andretti Acquisition Corp. II announced the successful closing of its initial public offering, raising $230 million. The IPO consisted of 23 million units priced at $10.00 each, with an additional 3 million units issued due to the underwriter's over-allotment option being fully exercised. The units began trading on the Nasdaq Global Market under the ticker symbol 'POLEU' on September 6, 2024. Each unit comprises one Class A ordinary share and one-half of a redeemable warrant, with the whole warrant allowing the purchase of one Class A ordinary share at an exercise price of $11.50. Once the units start trading separately, the shares and warrants will be listed under the symbols 'POLE' and 'POLEW,' respectively. The company is a blank check entity, aiming to engage in mergers or acquisitions across various industries. It seeks to identify a promising asset with a capable management team poised for growth. The management team includes notable figures such as William J. Sandbrook, William M. Brown, and Michael M. Andretti, among others. BTIG, LLC served as the sole book-running manager for the offering, which was made possible after the registration statement was declared effective by the SEC on September 5, 2024. The successful IPO positions Andretti Acquisition Corp. II to pursue strategic business combinations, potentially enhancing its market presence and operational capabilities.