Final Cleaned Guide:

D. Boral Acquisition I Corp. IPO - What You Need to Know

Hey there! If you’re thinking about investing in this IPO but feel confused by all the financial talk, don’t worry. Let’s break it down like we’re chatting over coffee:

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1. What does this company actually do?

D. Boral Acquisition I Corp. isn’t a regular company that sells products or services. It’s a “blank check company” (officially called a SPAC). Think of it like a group of investors pooling money to go “shopping” for a private company to buy and take public later. They haven’t picked a target yet—they’ll use the IPO money to find one.

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2. How do they make money? Are they growing?

Right now, they don’t make money—they’re just raising cash to fund a future deal. Their “growth” depends entirely on finding a good company to buy and making that company successful after the acquisition.

They’re looking for companies that:

• Stand out in their market (think “unique product” or “brand everyone knows”)
• Have leaders with a proven track record
• Are growing fast or have the potential to boom
• Can turn a profit and generate cash

But they admit they might still pick a company that doesn’t check all these boxes. So… it’s a bit of a gamble.

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3. What will they do with the IPO money?

The cash raised ($250 million total, or $287.5 million if demand is high) will go into a protected trust account while they hunt for a company to buy. By law, 90% of the money must stay in this account.

Here’s where it’s parked:

• Super-safe U.S. government bonds (maturing in 185 days or less)
• Money market funds (like a high-security savings account)

If they don’t find a target within ~2 years (starting around November 2025), they’ll return the money to investors (minus fees).

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4. What are the main risks?

• They might pick a dud. If the company they buy struggles, your investment could drop.
• Time crunch. If they don’t find a target by ~2027, the IPO dissolves.
• You don’t get to choose. They decide which company to buy—you’re along for the ride.
• Fees eat into returns. Management takes a cut, even if the deal fails.
• Early investors get a sweeter deal. Founders paid almost nothing for their shares, which could dilute your ownership.
• Locked-up shares. Early backers can’t sell their shares until after they buy a company. Once that happens? A flood of shares hitting the market could tank the price.

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5. Who’s running the company?

David Boral (CEO/Chairman):

• Founded D. Boral Capital (an investment bank) in 2020.
• 20+ years in finance, specializing in IPOs and SPAC deals.
• Co-led EF Hutton Acquisition Corp I, which successfully merged with a company in December 2023.

John Darwin (CFO/Chief Investment Officer):

• SPAC veteran: Helmed Northern Lights Acquisition Corp, which merged in September 2022.
• Private equity background, with experience in retail franchises and emerging tech.

Gaurav Verma (Co-President):

• SPAC specialist: Worked on over 50 SPAC deals at EF Hutton.
• Focuses on tech and telecom companies.

Important note: David and John are currently running two other SPACs at the same time. Can they juggle all three?

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6. How many shares? What price?

They’re offering $250 million worth of “units” at $10 each. Each unit = 1 share + half of a “warrant” (like a coupon to buy more shares later at $11.50). Prices can change last-minute, so watch for updates.

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The Bottom Line:

SPACs are risky bets for patient investors. This one has a $250 million war chest and ~2 years to find a target. The team has SPAC experience, but they’re juggling multiple deals at once. If you trust them to find a diamond-in-the-rough company, it might pay off. But never invest money you can’t afford to lose—this is more “casino” than “savings account.”

Before you decide:

• Read their SEC filings (look for the “S-1”) for full details.
• Wait until they announce a target company—you’ll have more clarity then.
• Ask yourself: Would I bet $10 on strangers picking a stock for me?

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This is not financial advice. Past performance isn’t indicative of future results. Do your own research or talk to a financial advisor.

Note: This company provided less detail than typical IPOs in their filing. That lack of transparency is something to consider.