A SPAC backed by serial dealmaker Martin E. Franklin and Mariposa Capital has raised $550 million, exceeding an earlier goal for the initial public offering.
Admiral Acquisition Ltd. priced 55 million units at $10 each after earlier marketing 50 million units, according to a term sheet for the listing, Bloomberg reports. The shares began trading today on the London Stock Exchange.
Those buying the units include a mix of institutional investors and family offices, said a person familiar with the matter who asked not to be identified because the information wasn’t public yet.
The acquisition company is sponsored by Mariposa Capital, a Miami-based family office owned by Franklin. The Jarden Corp. co-founder is working with UBS Group AG and Jefferies Financial Group on the offering. Read more.
