Pirate Capital, a US hedge fund involved in power company Mirant's recent shareholder action to block rival NRG Energy's hostile takeover, has revealed plans for a $100m (€79m) initial public offering of a new investment company which it will use to buy financial services companies.

Pirate intends to float the new company, which is called Doubloon, on the American Stock Exchange, according to a filing with the Securities and Exchange Commission.