D. Boral Acquisition I Corp. has set the terms for its initial public offering, announcing the sale of 25 million units at $10.00 per unit and generating gross proceeds of $250 million.
Each unit comprises one Class A ordinary share and one-half of a redeemable public warrant. When whole warrants trade separately, each warrant will give the holder the right to acquire one Class A ordinary share at an exercise price of $11.50 per share. The company expects the units to begin trading on the Nasdaq Global Market under the ticker symbol "DBCAU" on February 11, 2026. After the underlying securities start separate trading, the Class A ordinary shares and warrants are expected to trade under the symbols "DBCA" and "DBCAW," respectively.
The closing of the offering is scheduled for February 12, 2026, and remains subject to customary closing conditions. D. Boral Capital LLC is acting as the sole book-running manager for the transaction.
Under the terms of the deal, the underwriters have been granted a 45-day over-allotment option to purchase up to 3.75 million additional units at the IPO price to cover any over-allotments. If that option is fully exercised, the total gross proceeds from the offering would increase to $287.5 million.
D. Boral Acquisition I Corp. was organized with the purpose of effecting a business combination - including a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar transaction - with one or more businesses. The company noted it may pursue acquisition opportunities across any business, industry, sector, or geographic location, while management intends to focus on industries that complement their background.
The Securities and Exchange Commission declared the company’s Form S-1 registration statement effective on January 30, 2026.
Context and next steps
Following pricing and the anticipated start of trading, investors will see units trade first under DBCAU and, once separated, the ordinary shares and warrants trade under DBCA and DBCAW. The potential exercise of the underwriters' over-allotment option would raise capital further, depending on market demand within the 45-day option period.