Ares debuts second SPAC IPO in uncertain times but raises less capital than the first

Ares Management Corp.’s second blank-check stock offering added $50 million in stock to bring its total proceeds to $500 million for a successful debut, in a sign of healthy demand in the face of a choppy market.

Ares Acquisition Corp. II AACT.UT debuted April 21 at $10 a share as the largest special purpose acquisition company (SPAC) by total dollar proceeds to go public since January 2022. It was last trading at $10.11 a share on Friday.

Typically,…