Citigroup is leading a $575m (€392m) blank cheque capital raising for billionaire investor Ronald Perelman, as the bank priced the largest initial public offering in the sector last night and was able to increase the size of the deal by a fifth due to strong demand.

Blank cheque companies or special purpose acquisition vehicles have no operations, but go public with the intention of merging with or acquiring a company with the proceeds of an initial public offering.