Kensington Capital Acquisition V, a blank check company led by the founder of Kensington Capital targeting industrials, lowered the proposed deal size for its upcoming IPO on Monday.
The Westbury, NY-based company now plans to raise $225 million by offering 22.5 million units at $10. The company had previously filed to offer 26 million units at the same price. Each unit consists of one share of common stock and three-fourths of a warrant, exercisable at $11.50. At the revised deal size, Kensington Capital Acquisition V will raise -13% less in proceeds than previously anticipated.
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.
Kensington Capital Acquisition V was founded in 2021 and plans to list on the NYSE under the symbol KCGI.U. UBS Investment Bank and Stifel are the joint bookrunners on the deal.
