Listing Overview
Ithaca Capital Partners’ SPAC ITHAX Acquisition III prices $200 million IPO
ITHAX Acquisition III, a blank check company formed by Ithaca Capital Partners, raised $200 million by offering 20 million shares at $10.00. Each unit consists of one share of common stock and one-half of one warrant, exercisable at $11.50.
ITHAX Acquisition III plans to list on the Nasdaq under the symbol ITHAU.
Each unit consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Only whole warrants are exercisable. Once the securities comprising the units begin trading separately, the Company expects that the Class A ordinary shares and redeemable warrants will be listed on the Nasdaq under the symbols “ITHA” and “ITHAW,” respectively.
Cantor Fitzgerald & Co. is serving as sole book-running manager. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments, if any.
About the Company
The SPAC is led by CEO, CFO, and Chairman Orestes Fintiklis, the founder and Managing Partner of private equity real estate investment management firm Ithaca Capital Partners. He previously served as CEO and Chairman of ITHAX I, which merged with Mondee （formerly Nasdaq: MOND） in 2022, and later delisted in 2024.
The SPAC plans to target businesses that have an enterprise value of over $500 million, and are currently in the asset management, leisure, hospitality, catering, travel, entertainment, gaming, lifestyle, and related services sectors, driven by next-generation technologies including AI and digital assets, and material business positioning in the United States, as well as Latin America, European markets and beyond.