Tiga Acquisition, a blank check company formed by Tiga Investments, is seeking USD 200.00 million via an initial public offering (IPO) on the New York Stock Exchange.
Headquartered in Singapore, the group is issuing 20.00 million units at USD 10.00 apiece, consisting of one share of common stock and one-half of a redeemable warrant, exercisable at USD 11.50.
The company may raise an additional USD 50.00 million at closing pursuant to a forward purchase agreement with its sponsor.
Tiga Acquisition is hoping to fetch a market capitalisation of USD 250.00 million.
Credit Suisse and Goldman Sachs have been hired as joint bookrunners on the deal.
Tiga Acquisition is a special purpose acquisition vehicle (SPAC) that was established in 2020.
In addition to the IPO, Tiga Sponsor has agreed to purchase 8.00 million warrants at a price of USD 1.00 apiece in a private placement that will close concurrently with the offering.
The company is yet to identify a specific target; however, it plans to pursue groups with fundamentally sound business models that may be temporarily misunderstood by the marketplace, among other criteria.
Zephyr, the M&A database published by Bureau van Dijk, shows there have been 319 IPOs of funds, trusts and other financial vehicles announced in 2020 to date.
The year so far is the largest on record for such transactions as the deals had a combined value of USD 71.92 billion.
In the largest of these, Pershing Square Tontine Holdings raised USD 4.00 billion through a stock market debut on the New York Stock Exchange.
Other companies to announce plans of going public this year include Churchill Capital Corporation IV, Foley Trasimene Acquisition Corporation II, Foley Trasimene Acquisition and CONX.
© Zephus Ltd