Post Holdings Partnering Corp, a blank check company formed by Post Holdings targeting the consumer packaged goods industry, lowered the proposed deal size for its upcoming IPO on Friday.
The St. Louis, MO-based company now plans to raise $300 million by offering 30 million units at $10. The company had previously filed to offer 40 million units at the same price. Each unit now consists of one share of common stock and one-third of a warrant, exercisable at $11.50. Each unit previously contained one-fifth of a warrant. At the revised deal size, Post Holdings Partnering Corp will raise -25% less in proceeds than previously anticipated.
The company is led by CIO and President Robert Vitale, who has been the CEO of Post Holdings (NYSE: POST) since 2014 and currently serves as the Executive Chairman of Bellring Brands (BRBR), and CFO Bradly Harper, who has served as SVP and CAO of Post since 2018. The company plans to capitalize on the ability of its management team and sponsor to partner with a business that has the potential to generate attractive risk-adjusted returns in the consumer packaged goods industry.
Post Holdings Partnering Corp was founded in 2021 and plans to list on the NYSE under the symbol PSPC.U. Evercore ISI and Barclays are the joint bookrunners on the deal.
