Investment veterans' SPAC Tiga Acquisition prices upsized $240 million IPO at $10

Tiga Acquisition, a blank check company formed by Tiga Investments, raised $240 million by offering 24 million units at $10. The company offered 4 million more units than anticipated. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Tiga Acquisition may raise an additional $50 million at the closing of an acquisition pursuant to a forward purchase agreement with its sponsor.

The company is 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. While it has not selected a target industry yet, the company plans to pursue businesses with fundamentally sound business models that may be temporarily misunderstood by the marketplace, among other criteria.

Tiga Acquisition plans to list on the NYSE under the symbol TINV.U. Credit Suisse and Goldman Sachs acted as lead managers on the deal.