Asia-focused SPAC 8i Acquisition 2 files for a $50 million IPO

8i Acquisition 2, the second Asia-focused blank check company backed by 8i Capital, filed on Tuesday with the SEC to raise up to $50 million in an initial public offering.

The Singapore-based company plans to raise $50 million by offering 5 million units at $10. Each unit contains one share of common stock; one warrant to purchase one-half of a share, exercisable at $11.50; and one right to receive one-tenth of a share upon the completion of an initial business combination. At the proposed deal size, 8i Acquisition would command a market value of $65 million. 

8i Acquisition is led by CEO and Chairman James Tan, who currently serves as CEO of investment and M&A-focused firm 8i Capital, and CFO and Director Willian Yap, the founder and Director of Cataya, which originates private equity transactions, loans, and M&A deals in Asia. The company plans to target businesses in Asia with enterprise values between $100 million and $500 million, focusing on those that are already cash-generative.

Management's previous SPAC, 8i Enterprises Acquisition, completed its acquisition of digital finance company Diginex (EQOS; -45% from $10 offer price) in October 2020.

The company was founded in 2021 and plans to list on the Nasdaq under the symbol LAXU. Maxim Group LLC is the sole bookrunner on the deal.