Alussa Energy Acquisition Corp (NYSE:ALUSU), a blank check company targeting oil and gas acquisitions, raised $250 in an upsized IPO.
The Cayman Islands-based company offered 25 million shares, 2.5 million more than originally planned, at a price of $10 per share. Alussa now commands a market value of $306 million, according to research firm Renaissance Capital.
Alussa was incorporated in June for the purpose of going forward with a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. The company said it has not selected its combination target, but noted that its management team has expertise in crude oil and natural gas wells.
Trading opened at $10.03 on Tuesday and remained flattish at $10.02 on Wednesday.
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