2015's first blank check: Quinpario Acquisition Corp. 2 prices IPO at $10

Quinpario Acquisition 2, a blank check company formed by Quinpario to acquire a specialty chemicals business, raised $350 million on Thursday by offering 35 million units for $10 each, as expected. Each unit consists of one share of common stock and one warrant to purchase one-half of one share at a price of $5.75 per half share. The St. Louis, MO-based company commands a market value of about $438 million.

The first Quinpario Acquisition Corp (QPACU) completed a $150 million IPO in August 2013 and completed its first acquisition less than a year later, combining with Jason Industries (NASDAQ: JASN) in June 2014 in a deal valued at $539 million. Chairman Jeffry Quinn, the founder and CEO of sponsor Quinpario Partners and former CEO of Solutia (acquired in 2012 by Eastman Chemical for $4.8 billion), owns a 19% stake in Quinpario Acquisition 2 following the offering.

Quinpario Acquisition Corp. 2 will list its units on the NASDAQ under the symbol QPACU, the same as its first blank check venture. Deutsche Bank and Cantor Fitzgerald acted as lead managers on the deal.