Investment veteran's SPAC Tiga Acquisition III cuts proposed deal size by 50% ahead of $150 million IPO

Tiga Acquisition III, the third blank check company formed by Tiga Investments, lowered the proposed deal size for its upcoming IPO on Monday.

The Singapore-based company now plans to raise $150 million by offering 15 million units at $10 per unit. The company had previously filed to offer 30 million units at the same price. Each unit contains one share of common stock and one-fourth of a warrant, exercisable at $11.50. At revised deal size, Tiga Acquisition III will raise 50% less in proceeds than previously anticipated.

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; +5% from $10 offer price), which raised $240 million 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