Carpenter and Mancini's fifth SPAC RMG Acquisition V files for a $425 million IPO

RMG Acquisition V, a fifth blank check company formed by Riverside's James Carpenter and former Carlyle executive Robert Mancini, filed on Friday with the SEC to raise up to $425 million in an initial public offering.

The New York, NY-based company plans to raise $425 million by offering 42.5 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. At the proposed deal size, RMG Acquisition V will command a market value of $531 million.

The company is led by Chairman James Carpenter, founder and CEO of Riverside Management Group, and CEO and Director Robert Mancini, a former Managing Director with The Carlyle Group and co-head of its power investment business. While the company has not selected a specific target industry or geography, it intends to capitalize on the ability of the management team to identify, acquire, and operate businesses across a broad range of sectors with enterprise values between $1.5 billion and $2.5 billion.

Management's previous SPACs include RMG Acquisition, which completed its merger with EV battery maker Romeo Power (RMO; +23% from $10 offer price) in December; RMG Acquisition II (RMGBU; +10%), which raised $300 million in December; RMG Acquisition III (RMGCU; +5%), which raised $420 million earlier this month; and RMG Acquisition IV (RMGDU), which filed concurrently with RMG Acquisition V.

RMG Acquisition V was founded in 2021 and plans to list on the Nasdaq under the symbol RMGEU. BofA Securities and Barclays are the joint bookrunners on the deal.