LONDON, UK: Admiral Acquisition Limited, a blank check company founded by a group of seasoned investors and entrepreneurs, has successfully completed its initial public offering (IPO) on the London Stock Exchange, raising $550 million to pursue its acquisition strategy.

The company, which is registered in the British Virgin Islands, sold 53.95 million ordinary shares at $10 each, along with matching warrants that give investors the right to buy additional shares at $11.50 each. The founders of the company also subscribed to 10.5 million founder preferred shares with warrants through a separate entity.

The company said it intends to use the proceeds of the IPO to acquire one or more target businesses that have strong growth potential and attractive valuations. The company did not specify any particular industry or geographic region for its acquisition targets, but said it would leverage its founders’ extensive experience and network in various sectors.

The company’s founders include Sir Martin E. Franklin, a serial entrepreneur and investor who has been involved in several high-profile mergers and acquisitions; Robert A.E. Franklin and Michael E. Franklin, his sons and co-founders of Mariposa Capital, a family office that focuses on long-term investments; Ian G.H. Ashken, a co-founder and vice chairman of Jarden Corporation, a consumer products conglomerate that was acquired by Newell Brands in 2016; Desiree DeStefano, a former executive at Jarden and Newell Brands; and James E. Lillie, a former CEO of Jarden and a senior advisor at Advent International, a private equity firm.

The company’s IPO was co-ordinated and bookrun by Jefferies International and UBS, two leading investment banks. The company’s legal counsel was Greenberg Traurig, LLP, while the placing agents were advised by Herbert Smith Freehills LLP.

The company’s ordinary shares and warrants are expected to start trading on the London Stock Exchange’s main market on 22 May 2023 under the ticker symbols “ADMR” and “ADMW”, respectively.

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