SPAC Kismet Acquisition Three prices $250 million IPO

Kismet Acquisition Three, the third blank check company led by the former CEO of Russia's MegaFon targeting a European business, raised $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. The company may raise an additional $20 million at the closing of an acquisition pursuant to a forward purchase agreement with its sponsor.

The company is led by CEO and Director Ivan Tavrin, the founder and Principal of investment firm Kismet Capital Group. Tavrin previously served as the CEO of PJSC MegaFon, Russia's second largest telecommunications operator, and before that, he founded UTH Russia, one of the largest independent media broadcasting groups in Russia. Kismet Acquisition Three plans to target the internet and technology sectors operating in Europe, including Russia, as well as businesses established by founders with Russian origins.

Tavrin's other SPACs include Kismet Acquisition Two (KAIIU), which raised $200 million, and Kismet Acquisition One (KSMT; +1% from $10 offer price), which went public in August 2020 and recently announced a merger agreement with video game developer Nexters Global.

Kismet Acquisition Three plans to list on the Nasdaq under the symbol KIIIU. Credit Suisse, Citi and BofA Securities acted as lead managers on the deal.