IPOs

Hennessy Capital's industrials SPAC Hennessy Capital Investment V files for a $250 million IPO

Hennessy Capital Investment V, a blank check company targeting US sustainable industrial technology and infrastructure, filed on Tuesday with the SEC to raise up to $250 million in an initial public offering.

The Wilson, WY-based company plans to raise $250 million by offering 25 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Hennessy Capital Investment V would command a market value of $313 million. 

The company is led by CEO and Chairman Daniel Hennessy, who has led sponsor Hennessy Capital since founding the firm in 2013; COO, President, and Director Greg Ethridge, who is currently a Principal at Southlake Ventures and previously was a Senior Partner of MatlinPatterson; and CFO Nicholas Petruska, a VP at Hennessy Capital. 

The group's previous SPAC, Hennessy Capital Acquisition IV, raised $261 million in February of 2019 and recently completed its acquisition of EV developer Canoo (GOEV; +89% from $10 offer price). Other SPACs led by Daniel Hennessy include Hennessy Acquisition III, which raised $225 million in June 2017 and acquired waste management services company NRC Group (NRCG) prior to being acquired itself by US Ecology (Nasdaq: ECOL) in November 2019; Hennessy Acquisition II, which raised $175 million in July 2015 and acquired trucking company Daseke (DSKE; -42%) in February 2017; and Hennessy Acquisition I, which raised $100 million in January 2014 and acquired school bus maker Blue Bird (BLBD; +85%) in February 2015.

Hennessy Capital Investment V intends to focus on industries that complement management's background, and to capitalize on their ability to identify and acquire a business, focusing on sustainable industrial technology and infrastructure sectors in the US.

Hennessy Capital Investment V  was founded in 2020 and plans to list on the Nasdaq under the symbol HCICU. Citi and Barclays are the joint bookrunners on the deal. 

The article Hennessy Capital's industrials SPAC Hennessy Capital Investment V files for a $250 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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