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Israel-focused SPAC ION Acquisition 3 files for a $250 million IPO

April 6, 2021
IACC.U

ION Acquisition 3, the third blank check company formed by ION Asset Management targeting an Israeli tech business, filed on Tuesday with the SEC to raise up to $250 million in an initial public offering.

The Herzliya, Israel-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-eighth of a warrant, exercisable at $11.50. The company may raise an additional $120 million at the closing of an acquisition pursuant to a forward purchase agreements with certain investors. At the proposed deal size, ION Acquisition 3 would command a market value of $313 million.

The company is led by Chairman Jonathan Kolber, who currently serves as Chairman of ION Asset Management and a Partner and Senior Advisor of tech buyout and growth capital firm Viola Growth. He is joined by Co-CEO and Director Gilad Shany, co-founder and Managing Partner of ION Crossover Partners, and Co-CEO and President Avrom Gilbert, who has served as COO of blockchain firm Coin Sciences since 2018. The company plans to identify, acquire, and help build a company with ties to the technology and innovation ecosystem in Israel. Management's previous SPACs include ION Acquisition 1 (IACA) and ION Acquisition 2 (IACB.U).

ION Acquisition 3  was founded in 2021 and plans to list on the NYSE under the symbol IACC.U. Morgan Stanley and Goldman Sachs are the joint bookrunners on the deal.