SPAC D. Boral Acquisition I prices $250 million IPO, led by CEO of boutique investment bank
IPO Overview
D. Boral Acquisition I, a blank check company led by D. Boral Capital executives, raised $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-half of one warrant, exercisable at $11.50.
D. Boral Acquisition I is led by CEO and Chairman David Boral, the founder and CEO of D. Boral Capital, formerly known as EF Hutton. He is joined by CFO, CIO, and Director John Darwin, the CIO of D. Boral Capital. The SPAC plans to target companies with an enterprise value of $700 million or more, with an attractive competitive position, knowledgeable management teams, a proven track record, high revenue growth, and scalability across multiple geographies.
Management’s other SPACs include D. Boral ARC Acquisition I （BCAR; +1.5% from $10 offer price）， which raised $250 million in July 2025, and D. Boral ARC Acquisition II （ARBCU）， which filed to raise $250 million in June 2025, before lowering the proposed deal size to $150 million in December.
D. Boral Acquisition I plans to list on the Nasdaq under the symbol DBCAU. D. Boral Capital acted as sole bookrunner on the deal.
About the Company
We are a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination. While we may pursue an acquisition opportunity in any business, industry, sector or geographical location, we intend to focus on industries that complement our management team’s background, and to capitalize on the ability of our management team to identify and acquire a business. We will seek to acquire one or more businesses with an aggregate enterprise value of $700 million or greater, although, if we believe it is in the best interests of our shareholders, we may pursue a business combination with a target below that size. We will focus on these criteria and guidelines in evaluating acquisition opportunities, but we may decide to enter into our initial business combination with a target business that does not meet these criteria and guidelines: companies with an attractive competitive position; companies with knowledgeable management teams with a proven track record and relevant industry experience; companies with high revenue growth or potential for high revenue growth; companies with the ability to generate future profits and free cash flows; companies with scalability across multiple geographies.