Integrated Rail and Resources Acquisition, a blank check company formed by Rio Grande Pacific Corporation and DHIP Group, lowered the proposed deal size for its upcoming IPO on Tuesday.
The Fort Worth, TX-based company now plans to raise $200 million by offering 20 million units at $10. The company had previously filed to offer 27.5 million units at the same price. Each unit still consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the revised deal size, Integrated Rail and Resources Acquisition will raise -27% less in proceeds than previously anticipated.
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. Stifel is the sole bookrunner on the deal.
