Juniper II, the second blank check company led by past and present Honeywell execs targeting North American industrials, lowered the proposed deal size for its upcoming IPO on Thursday.
The Palo Alto, CA-based company now plans to raise $225 million by offering 22.5 million units at $10. The company had previously filed to offer 40 million units at the same price. Each unit still consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the revised deal size, Juniper II will raise -44% less in proceeds than previously anticipated.
The company is led by Chairman Roger Fradin, who previously served as President and CEO of Honeywell Automation and Control Solutions, and CEO and Director Murray Grainger, who most recently was the founding Managing Director and Global Head of Honeywell Ventures.
The group's previous SPAC, Juniper Industrial Holdings, completed its combination with Janus International (JBI; +25% from offer price) this past June. Juniper II intends to focus on North American-based targets in the industrials sector with aggregate enterprise values between $1 billion and $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.
