Mayflower Acquisition Limited, a newly formed British Virgin Islands company backed by some of the City’s most prominent dealmakers, has successfully raised $500 million in its London IPO.
The vehicle, founded by Noam Gottesman, Sir Jeremy Isaacs and Roger Nagioff, will hunt for a large corporate acquisition, with no restrictions on sector or geography.
The listing was completed via a placing $10 each, bundled with matching warrants on a one-for-one basis.
The placing raised $494.75 million, with a further $5.25 million coming from the founders through a subscription for Founder Preferred Shares, also issued with warrants.
Founder investors, including affiliates of Gottesman, have committed a total of $75 million. Each warrant gives the right to a quarter of an Ordinary Share, exercisable in sets of four at $11.50.
The capital provides Mayflower with a substantial war chest to pursue its acquisition strategy, which echoes the ambitions outlined in early briefings to institutional investors.
Those familiar with the process say the founders have been targeting takeover candidates valued between $2 billion and $5 billion, with dozens of potential targets already under consideration.
Any unused funds after the initial acquisition may be deployed for follow-on deals, expansion or balance-sheet optimisation within the acquired business.
The IPO confirms months of market speculation around “Project Mayflower”, a new listed acquisition vehicle being assembled by JRJ Group and TOMS Capital, the investment platforms of Isaacs, Nagioff and Gottesman.
Investors had signalled strong early interest, and the size of the raise places Mayflower among the largest London acquisition vehicles of recent years.