RAAQ & IQM Upsize PIPE to $146M with New $12M Commitment from Ilmarinen
Real Asset Acquisition Corp. (RAAQ) and IQM announced an upsized PIPE financing of over $146 million for their business combination. The increase was driven by a new commitment of $12 million from Ilmarinen, Finland's largest private earnings-related pension insurance company. The transaction values IQM at a pre-money equity valuation of approximately $1.8 billion, with IQM reporting 2025 revenue of EUR 31 million ($36 million). IQM intends to list on Nasdaq and the Helsinki stock exchange.
Key Highlights
- Real Asset Acquisition Corp. (RAAQ) and IQM announced an upsized PIPE financing of over $146 million.
- Ilmarinen, a major Finnish pension insurer, committed an additional $12 million to the PIPE.
- The transaction values IQM at a pre-money equity valuation of approximately $1.8 billion.
- IQM reported 2025 revenue of EUR 31 million (approximately $36 million).
- IQM plans to list its American Depositary Shares on Nasdaq and ordinary shares on the Helsinki stock exchange.
Price Impact
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