Carpenter and Mancini's SPAC RMG Acquisition VII files for a $725 million IPO

RMG Acquisition VII, the seventh 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 $725 million in an initial public offering.

The New York, NY-based company plans to raise $725 million by offering 72.5 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 VII will command a market value of $906 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 $4 billion and $8 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; as well as RMG Acquisition IV (RMGDU) and RMG Acquisition V (RMGEU), which both filed concurrently with RMG Acquisition VII.

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