Investment veterans' SPAC Tiga Acquisition III files for a $300 million IPO

Tiga Acquisition III, the third blank check company formed by Tiga Investments, filed on Friday with the SEC to raise up to $300 million in an initial public offering.

The Singapore-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. The company may raise an additional $50 million at the closing of an acquisition pursuant to a forward purchase agreement with the sponsor. At the proposed deal size, Tiga Acquisition III would command a market value of $375 million.

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. 

Management's other SPACs include Tiga Acquisition II (TTO.U), which filed concurrently with Tiga Acquisition III, and Tiga Acquisition (TINV.U; +14% from $10 offer price), which went public in November 2020.

Tiga Acquisition III was founded in 2021 and plans to list on the NYSE under the symbol TTRE.U. Credit Suisse and Goldman Sachs (Asia) are the joint bookrunners on the deal.