ITHAX Acquisition, a blank check company formed by Ithaca Capital Partners and AXIA Ventures Group targeting the leisure industry, filed on Friday with the SEC to raise up to $175 million in an initial public offering.
The New York, NY-based company plans to raise $175 million by offering 17.5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, ITHAX Acquisition would command a market value of $225 million.
The company is led by CEO and Chairman Orestes Fintiklis, founder and Managing Partner of private equity real estate investment management company Ithaca Capital Partners, and CFO and Director Dimitrios Athanasopoulos, who is a Founding Partner and Group Managing Director of AXIA Ventures Group. ITHAX Acquisition plans to target businesses in the leisure, hospitality, travel, and related services sectors with enterprise values in excess of $600 million.
ITHAX Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol ITHXU. The company filed confidentially on October 23, 2020. Cantor Fitzgerald is the sole bookrunner on the deal.
