Kayne Anderson Acquisition Corp. has priced its initial public offering of 35 million units at $10.00 each, making the size of the IPO about $350 million.
The units, which include one class A common share and one-third of one warrant, will begin trading on the Nasdaq Capital Market with the symbol "KAACU" on March 30. Each whole warrant can be used to buy one share of the company's class A common stock at $11.50 per share. The units will eventually split, with class A common shares trading under "KAAC" and warrants trading under "KAACW."
Kayne Anderson Acquisition is sponsored by Kayne Anderson Sponsor LLC, which is an affiliate of Kayne Anderson Capital Advisors LP. The company is aiming to target energy companies for a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business transaction.
Citigroup, Deutsche Bank Securities Inc. and Credit Suisse Securities (USA) LLC are the offering's joint book-running managers. Underwriters have a 45-day option to buy up to 5,250,000 additional units at $10.00 each to cover any overallotments.