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Industrials SPAC Kensington Capital Acquisition V files for a $260 million IPO

July 19, 2021

Kensington Capital Acquisition V, a blank check company led by the founder of Kensington Capital targeting industrials, filed on Monday with the SEC to raise up to $260 million.

The Westbury, NY-based company plans to raise $260 million by offering 26 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, Kensington Capital Acquisition V would command a market value of $325 million.

The company is led by CEO and Chairman Justin Mirro, the founder of automotive-focused investment firm Kensington Capital, where he currently serves as President. Mirro also has experience from General Motors, Toyota, and several investment banks. The company plans to target the North American and European industrials sector, focusing on businesses with enterprise values greater than $1 billion.

Management's previous SPACs include February 2021 IPO Kensington Capital Acquisition II (KCAC; -1% from offer price), which has a pending merger agreement with EV charging company Wallbox, June 2020 IPO Kensington Capital Acquisition, which completed its combination with next-gen EV battery developer QuantumScape (QS; +129%) in November 2020.

Kensington Capital Acquisition V was founded in 2021 and plans to list on the NYSE under the symbol KCGI.U. The company filed confidentially on June 10, 2021. UBS Investment Bank is the sole bookrunner on the deal.