Investment veterans' SPAC Tiga Acquisition II withdraws $200 million IPO

Tiga Acquisition II, a blank check company formed by Tiga Investments, withdrew its plans for an initial public offering on Monday. It had filed in February 2021 to raise $200 million by offering 20 million units at $10, with each unit containing one share of common stock and one-fourth of a warrant. The company had not updated its prospectus since July 2022.

The company was set to be led by CEO and Chairman Raymond Zage III, founder and CEO of Tiga Investments and former Managing Director and CEO of Farallon Capital Asia, and President and Director Ashish Gupta, Managing Director of Tiga Investments and a former Partner and Portfolio Manager at Farallon Capital Asia. 

Management's other SPACs include Tiga Acquisition III (TTRE.U), which filed concurrently with Tiga Acquisition II but withdrew in May 2022, and Tiga Acquisition, which completed its combination with LGBTQ+ dating app Grindr (GRND; -40% from $10 offer price) in November 2022.

The Singapore-based company was founded in 2021 and had planned to list on the NYSE under the symbol TTO.U. Credit Suisse and Goldman Sachs (Asia) were set to be the joint bookrunners on the deal.