Pacific Century and Thiel Capital's third SPAC Bridgetown 3 Holdings files for a $260 million IPO

Bridgetown 3 Holdings, the third blank check company formed by Pacific Century and Thiel Capital targeting new economy sectors in Southeast Asia, filed on Thursday with the SEC to raise up to $260 million in an initial public offering.

The Hong Kong-based company plans to raise $260 million by offering 26 million shares at a price of $10. At the proposed deal size, Bridgetown 3 Holdings would command a market value of $332 million. Unlike most SPACs, the offering will not contain warrants. 

The company is led by CEO, CFO, and Director Daniel Wong, who serves as an SVP of Pacific Century Group where he leads corporate finance, venture investment, and major M&A; Chairman Matt Danzeisen, who is Head of Private Investments at Thiel Capital, an investment firm founded by his husband Peter Thiel; and President Jacqueline Thong, who serves as AVP responsible for corporate finance, venture investment, major M&A, and SPAC projects at Pacific Century. The company plans on targeting a company in Southeast Asia with operations or prospective operations in the technology, financial services, or media sectors.

Management's previous SPACs include January 2021 IPO Bridgetown 2 Holdings (BTNB; +0% from $10 offer price) and October 2020 IPO Bridgetown Holdings (BTWNU; +5%), which is reportedly in talks to merge with Indonesia's online travel platform Traveloka.

The company was founded in 2021 and plans to list on the NYSE under the symbol BTNC. Bridgetown 3 Holdings filed confidentially on March 2, 2021. Citi and BTIG are the joint bookrunners on the deal.