SPAC Laris Media Acquisition files for a $250 million IPO, targeting the music and audio sectors

Laris Media Acquisition, a blank check company targeting the music and audio sectors, filed on Friday with the SEC to raise up to $250 million in an initial public offering.

The Gardena, CA-based company plans to raise $250 million by offering 25 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Laris Media Acquisition will command a market value of $313 million. 

The company is led by Chairman Darren Throop, who has served as CEO of Entertainment One since 2003. He is joined by CEO and Director Andrew Ho, who founded The Laris Family Office in 2019 and previously was an advisor to Diginex (Nasdaq: EQOS) on its merger with 8i Acquisition. 

Laris Media Acquisition plans on identifying a business combination target within the audio sector that aligns with the following themes: renaissance of music and audio content; paradigm shift in music consumption and monetization led by streaming; music as an essential element powering entertainment, social, lifestyle, and consumer categories; impact of disruptive technologies on audio content development, production, marketing and promotion, and distribution; and rapid growth of international markets and increasing global market share of local music.

Laris Media Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol LRISU. Morgan Stanley and Credit Suisse are the joint bookrunners on the deal.