Blank-check company Kairos Acquisition closes $276M IPO

Kairos Acquisition Corp. raised $276 million from its IPO of 27.6 million units priced at $10.00 per unit.

The offering includes 3.6 million units issued under the fully exercised underwriters' overallotment option. Each unit comprises 1 class A common share and 0.5 redeemable warrant, and each private placement warrant is exercisable to purchase 1 class A ordinary share at $11.50 apiece.

Kairos' units started trading Jan. 6 on the Nasdaq Capital Market under the symbol KAIRU.

Citigroup Global Markets Inc. was the sole book-running manager for the IPO, with I-Bankers Securities Inc. serving as the co-manager.

Concurrently with the completion of the IPO, the company issued 7.3 million warrants to sponsor Kairos Alpha Acquisition LLC and HS Chronos LLC in a private placement, generating gross proceeds of $7.3 million.

The blank-check company is a Cayman exempted entity that aims to enter into M&A deals within the insurance industry. The target may be an insurance technology company, carrier, broker or service provider, but the blank-check company said it may also pursue business combination opportunities in other businesses or industries.