Arlington-based blank check company raises $300M in IPO
Capitol Investment Corp. V is a special purpose acquisition company
Arlington-based Capitol Investment Corp. V raised $300 million through its initial public offering, the special purpose acquisition company (SPAC) announced Wednesday.
Led by Chairman and CEO Mark D. Ein and President and CFO L. Dyson Dryden, the company was formed for the purpose of a merger or purchase of another company, though a news release from the company notes that “the company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region.”
Capitol priced its IPO of 30 million units at $10 per unit, with trading starting Wednesday on the New York Stock Exchange. The offering is expected to close Friday, and each shareholder is entitled to purchase one share of Class A common stock at $11.50. Underwriters have been granted a 45-day option to purchase up to an additional 4.5 million units to cover over-allotments.
Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC are joint book-running managers of the offering. Ein and Dryden have led five SPACs — also known as blank check companies — over the past 13 years.
Ein’s earlier SPACs merged with real estate investment trust Two Harbors Investment Corp., cruise company Lindblad Expeditions Holdings Inc., public relations software company Cision Ltd. and specialty equipment rental company Nesco Inc. Ein also is co-chairman of Kastle Holding Co. LLC, the majority owner of Kastle Systems, a Falls Church-based office security company.
Dryden is co-chairman of Nesco and previously served as a director of Cision, as well holding executive positions at BB& T Corp. and Citigroup.