SPAC Phoenix Acquisition ups deal size by 50% ahead of $60 million IPO, targeting TMT in Asia and North America

Phoenix Acquisition, a blank check company targeting the TMT sectors in Asia and North America, raised the proposed deal size for its upcoming IPO on Friday.

The Singapore-based company now plans to raise $60 million by offering 6 million units at $10. The company had previously filed to offer 4 million units at the same price. Each unit now 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-third of a warrant, exercisable at $11.50. Each unit previously contained three-fourths of a warrant. At the revised deal size, Phoenix Acquisition will raise 50% more in proceeds than previously anticipated.

The company is led by CEO and Chairman Wayne Farmer, a Senior Advisor to Hong Kong-based private equity firm Cobalt Equity Partners, and the founder and Managing Partner of Islemount Limited, a boutique business and capital consulting and strategy firm primarily focused on Greater China and Southeast Asia. The company plans to target businesses operating in Asia and North America with enterprise values between $200 million and $500 million, focusing on the telecommunications, media, and technology (TMT) sector.

Phoenix Acquisition was founded in 2021 and plans to list on the Nasdaq but has not selected a symbol yet (RC ticker: PHOEU.RC). Ladenburg Thalmann and Brookline Capital Markets are the joint bookrunners on the deal.