Even after getting twice-upsized, Barry Sternlicht's JAWS ACQUISITION SPAC still staged a spirited debut, jumping to US$10.25 on its NYSE debut Thursday. Credit Suisse, Morgan Stanley and Citigroup on Wednesday night placed 60m units at US$10.00 apiece after just one day of marketing. Despite the compressed marketing, at least publicly, the banks were able to upsize from US$400m at filing to US$500m at launch, then to US$600m at pricing. "It's a great management team that has made a tonne of money for investors in a variety of ways," said a banker involved. "There's really nothing more to say."
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