Juniper II, the second blank check company led by past and present Honeywell execs targeting North American industrials, filed on Monday with the SEC to raise up to $400 million in an initial public offering.
The Palo Alto, CA-based company plans to raise $400 million by offering 40 million units at $10. Each unit will consist of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, Juniper II would command a market value of $500 million.
The company is led by Chairman Roger Fradin, who previously served as President and CEO of Honeywell Automation and Control Solutions from 2000 to 2017. He is joined by CEO and Director Murray Grainger, who is a Managing Director and Head of Honeywell Ventures, and CFO and CTO Noah Kindler, who is a Founding Board Member and Head of Product at ConcertVDC. The group's previous SPAC, Juniper Industrial Holdings (JIH; +28% from $10 offer price), is currently pending an acquisition of Janus International. Juniper II intends to focus on North American-based targets in the industrials sector with aggregate enterprise values of $1 billion to $2 billion.
Juniper II was founded in 2020 and plans to list on the NYSE under the symbol JUN.U. Morgan Stanley and UBS Investment Bank are the joint bookrunners on the deal.
