BOA Acquisition Corp. II Closes $143.75 Million IPO on Nasdaq

BOA Acquisition Corp. II, a special purpose acquisition company (SPAC), has closed its initial public offering on the Nasdaq Global Market, raising gross proceeds of $143.75 million. The offering included the full exercise of the underwriter's over-allotment option, according to a company press release.

Offering Details

The company sold a total of 14,375,000 units at a price of $10.00 per unit. This figure includes 1,875,000 units that were issued as part of the over-allotment option exercised by the underwriter.

Each unit consists of one Class A ordinary share and one right to receive an additional Class A ordinary share upon the completion of an initial business combination. The units began trading on Nasdaq under the ticker symbol "THEOU" on August 4, 2026. The company anticipates that once the securities begin separate trading, the shares and rights will be listed under the symbols "THEO" and "THEOR", respectively.

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Acquisition Strategy

As a SPAC, also known as a blank-check company, BOA Acquisition Corp. II will use the IPO proceeds to fund a future merger or acquisition. The company has stated its intention to focus its search for a target on direct investments in real estate and infrastructure assets.

While its primary areas of interest are the energy, telecommunications, and transportation sectors, the company's mandate allows it to pursue a business combination in any industry or geographical location. The U.S. Securities and Exchange Commission declared the company's registration statement effective on August 3, 2026. D. Boral Capital LLC acted as the sole book-running manager for the offering.