Martin Franklin’s New Buyout Vehicle Raises $550 Million in IPO

An acquisition company backed by serial dealmaker Martin E. Franklin has raised $550 million, exceeding an earlier goal for the initial public offering.

Admiral Acquisition Ltd. priced 55 million units at $10 each after earlier marketing 50 million units, according to a term sheet for the listing. The shares are expected to begin trading Wednesday on the London Stock Exchange.

Those buying the units include a mix of institutional investors and family offices, said a person familiar with the matter who asked not to be identified because the information wasn’t public yet.

The acquisition company is sponsored by Mariposa Capital, ...