SPAC RF Acquisition III prices $100 million US IPO, targeting deep tech in APAC
IPO Overview
RF Acquisition III, a blank check company based in Singapore targeting AI, quantum computing, and biotech in APAC, raised $100 million by offering 10 million units at $10. Each unit consists of one share of common stock, and one right to receive one-tenth of a share upon the completion of an initial business combination.
The Singapore-based company is led by CEO and Chairman Tse Meng Ng, the co-founder and CEO of Ruifeng Wealth Management and a former investment banker. He is joined by CFO Chee Tham, a director of Vinfast Auto （VFS） and former audit partner at Ernst & Young.
The SPAC has not yet chosen a target, but plans to focus its search on businesses in Asia （but not in China） within the deep technology sector, including artificial intelligence, quantum computing, and biotechnology.
Management’s previous SPACs include RF Acquisition II （RFAI）， which raised $100 million in 2024 and has a pending merger with Nanyang Biologics, and RF Acquisition, which merged with GCL Global （GCL） in 2023.
RF Acquisition III plans to list on the Nasdaq under the symbol RFAMU. EarlyBirdCapital acted as sole bookrunner on the deal.
About the Company
We are a blank check company incorporated on September 15, 2025, as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination. Although we are not limited to target businesses in any specific industry or geographic location, we intend to initially focus our search on target businesses in Asia within the deep technology sector, including artificial intelligence, quantum computing, and biotechnology. However, we will not undertake our initial business combination with any company based in or having the majority of its operations in Greater China. While we intend to use these criteria and guidelines in evaluating prospective businesses, we may deviate from these criteria and guidelines should we see justification to do so: strong management team that can create significant value for target businesses, revenue earnings and growth potential, potential for strong free cash flow generation, a market leader, and appropriate valuations. These criteria do not intend to be exhaustive. Any evaluation relating to the merits of a particular initial business combination may be based, to the extent relevant, on these general guidelines as well as other considerations, factors, and criteria that our Sponsor and management team may deem relevant.