Asia-focused SPAC 8i Acquisition 2 increases deal size by 50% ahead of $75 million IPO

8i Acquisition 2, the second Asia-focused blank check company backed by 8i Capital, raised the proposed deal size for its upcoming IPO on Tuesday.

The Singapore-based company now plans to raise $75 million by offering 7.5 million units at $10. The company had previously filed to offer 5 million units at the same price. Each unit still consists of one share of common stock, one right to receive one-tenth of a share upon the completion of an initial business combination, and one warrant to purchase one-half of a share, exercisable at $11.50. At the revised deal size, 8i Acquisition 2 will raise 50% more in proceeds than previously anticipated.

8i Acquisition is led by CEO and Chairman James Tan, who currently serves as CEO of investment and M&A-focused firm 8i Capital. The company plans to target businesses in Asia (excluding China) with enterprise values between $100 million and $500 million, focusing on those that are already cash-generative.

8i Acquisition 2 was founded in 2021 and plans to list on the Nasdaq under the symbol LAXXU. Maxim Group LLC is the sole bookrunner on the deal.