Kensington Capital Acquisition V, a blank check company led by the founder of Kensington Capital targeting industrials, raised $240 million by offering 24 million units at $10. The company offered 1.5 million more units than anticipated. It originally planned to offer 26 million units before lowering the proposed offering on Monday. Each unit consists of one share of common stock and three-fourths of a warrant, exercisable at $11.50.
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 plans to list on the NYSE under the symbol KCGI.U. UBS Investment Bank, and Stifel acted as joint bookrunners on the deal.
