Nabors Energy Transition Corp. II, a blank-check company sponsored by oil services company Nabors Industries Ltd. NBR, filed to raise up to $300 million in an initial public offering on the Nasdaq under the symbol “NETD”. The special purpose acquisition company (SPAC) plans to offer 30 million units at $10 each. Citigroup and Wells Fargo Securities are underwriting the IPO from Nabors Energy Transition Corp. II, which is led by CEO Anthony Petrello, who has been CEO of Nabors Industries since 2011. He also led Nabors Energy Transition Corp. I., which announced a deal to buy solar power company Vast for $586 million on Feb. 14. SPAC IPOs have been less frequent in 2023 after a rush of deals during the pandemic.
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