Integrated Rail and Resources Acquisition, a blank check company formed by Rio Grande Pacific Corporation and DHIP Group, filed on Friday with the SEC to raise up to $275 million in an initial public offering.
The Fort Worth, TX-based company plans to raise $275 million by offering 27.5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Integrated Rail and Resources Acquisition would command a market value of $344 million.
The company is led by CEO and Chairman Richard Bertel, the co-founder and CEO of integrated railroad and railroad-services provider Rio Grande Pacific Corporation, and COO and Vice Chairman Mark Michel, a Managing Partner at independent infrastructure fund manager DHIP Group where he leads the infrastructure line of business.
The company plans to target North American railroad companies that transport bulk commodities, terminal companies that transload bulk commodities to and from railroads and pipelines, trucks, and ports, the companies that produce bulk commodities moved by railroads in large volumes, and the rail cars that are used to transport bulk commodities.
Integrated Rail and Resources Acquisition was founded in 2021 and plans to list on the NYSE under the symbol IRRXU. The company filed confidentially on April 21, 2021. Stifel is the sole bookrunner on the deal.
