Keystone Acquisition closes $287.5 million IPO with overallotment

Keystone Acquisition Corp. (NASDAQ: KEYYU) completed its initial public offering of 28.75 million units at $10.00 per unit, raising $287.5 million including the exercise of underwriters' overallotment option for 3.75 million additional units.

Each unit consists of one Class A ordinary share and half of one redeemable warrant. Whole warrants are exercisable to purchase Class A shares at $11.50 per share. The units began trading on Nasdaq under ticker KEYYU on June 3. The Class A shares and warrants will trade separately under symbols KEYY and KEYYW once individual trading commences.

The company simultaneously closed a private placement of 8.47 million warrants at $1.00 per warrant, generating $8.47 million in gross proceeds. Keystone International Acquisition Management LLC purchased 5.59 million warrants, Cohen & Company Capital Markets bought 2.73 million, and Clear Street LLC acquired 143,750 warrants. These private warrants are exercisable at $11.50 per share.

The company placed $288.2 million from the offering proceeds in trust, representing $10.00 per public unit sold. Keystone Acquisition is a special purpose acquisition company formed to pursue business combinations. The company stated it intends to focus on U.S. industrial development opportunities in energy transition, critical minerals, shipbuilding, maritime engineering, semiconductors, advanced electronics, digital infrastructure, data centers, and digital assets.

Cohen & Company Capital Markets served as lead book-running manager, with Clear Street LLC as co-manager. The Securities and Exchange Commission declared the registration statement effective.

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