ProCap Announces Pricing of $220M IPO
Deal News | May 21, 2025 | EIN
ProCap Acquisition Corp has announced the pricing of its upsized initial public offering (IPO) of 22,000,000 units at $10.00 per unit, culminating in a $220 million offering. These units are set to be listed on Nasdaq and will commence trading under the symbol 'PCAPU' shortly. The IPO, which is subject to customary closing conditions and expected to close on May 22, 2025, also grants underwriters a 45-day option to purchase an additional 3,300,000 units to cover any over-allotments. Each unit comprises one Class A ordinary share and a third of one redeemable warrant, allowing the holder to purchase an additional Class A ordinary share at $11.50 per share. The company, led by CEO Anthony Pompliano and CFO Catalina Abbey, aims to complete a business combination with a growth-oriented middle market company. BTIG, LLC acts as the sole book-running manager while Reed Smith LLP and Walkers (Cayman) LLP represent legal counsel to the Company. Additionally, Kirkland & Ellis LLP serves the underwriter as legal counsel. The announcement notes that a registration statement has been filed with the U.S. SEC, which became effective as of May 20, 2025.
Sectors
- Financial Services
- Investment
Geography
- United States – The IPO is taking place on the Nasdaq Stock Market in the U.S., and various U.S.-based entities are involved in the transaction.
Industry
- Financial Services – The article discusses an IPO and involves financial institutions such as underwriters and legal advisors, making this industry relevant.
- Investment – ProCap Acquisition Corp intends to pursue mergers or business combinations, a typical activity in the investment sector.
Financials
- 220,000,000 – The total value of the initial public offering, which is upsized.
- 10.00 – Price per unit in the IPO.
- 11.50 – Exercise price per share for the redeemable warrants.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| ProCap Acquisition Corp | Issuer | Company | A blank check company conducting an IPO to pursue a business combination. |
| Anthony Pompliano | Chief Executive Officer | Person | CEO and Board member of ProCap Acquisition Corp. |
| Catalina Abbey | Chief Financial Officer | Person | CFO of ProCap Acquisition Corp. |
| BTIG, LLC | Sole Book-Running Manager | Company | Acting as the sole book-running manager for the IPO. |
| Reed Smith LLP | Legal Counsel | Company | Providing legal services to ProCap Acquisition Corp for the IPO. |
| Walkers (Cayman) LLP | Legal Counsel | Company | Serving as the Cayman Island counsel to ProCap Acquisition Corp. |
| Kirkland & Ellis LLP | Legal Counsel to Underwriter | Company | Providing legal services to the underwriter of the IPO. |