Kensington Capital Acquisition V priced its IPO of 24 million units at $10 each, an increase from the 22.5 million units the SPAC planned to offer in an amended S-1 earlier this month. The original registration in July was for 26 million units.
The new SPAC intends to focus on companies in the North American and European industrials sector.
Units begin trading on the NYSE today under KCGI.U. Each consists of one Class A ordinary share and three-fourths of one redeemable warrant; whole warrants exercisable at $11.50. Once the securities begin separate trading, shares and warrants are expected to list under KCGI and KCGI.WS.
The offering is expected to close Aug. 17.
UBS Securities and Stifel, Nicolaus are joint book-running managers for the offering, Robert W. Baird & Co. is lead manager, and Drexel Hamilton and EarlyBirdCapital are co-managers. The underwriters have an over-allotment option to purchase up to an additional 3.6 million units at the IPO price. Read more.