June 6 (Reuters) - Shares of WL Ross Holding Corp, a special purpose acquisition company set up by billionaire Wilbur Ross, rose slightly in their market debut.
The company said earlier on Friday that it raised $435 million after selling 43.5 million units for $10 per unit.
Each unit comprises one share and one warrant to buy half a share.
WL Ross units were up 1 percent at $10.10 in late morning trading on the Nasdaq. The unit rose as much as 1.4 percent earlier.
This is the third IPO this year of a so-called "blank check" company, set up for an eventual merger or other business tie-up.
Ross's stake in the company has been diluted to about 20 percent after the offering.
The proceeds of the offering will be used to fund acquisitions, WL Ross said in a statement.
Deutsche Bank Securities and BofA Merrill Lynch were the lead underwriters for the offering.
(Reporting by Amrutha Gayathri in Bangalore; Editing by Kirti Pandey)