Black Spade Acquisition III closes $172.5 million IPO on NYSE

Black Spade Acquisition III Co (NYSE: BIIIU) completed its initial public offering, raising $172.5 million through the sale of 17.25 million units priced at $10.00 each, according to a company statement.

The offering included 2.25 million units from the full exercise of underwriters' over-allotment option. Units began trading on the New York Stock Exchange on January 6, 2026.

Each unit consists of one Class A ordinary share and one-third of a redeemable warrant. Whole warrants can be exercised to purchase Class A ordinary shares at $11.50 per share. The Class A shares and warrants will trade separately under symbols "BIII" and "BIIIW" once separate trading begins.

The special purpose acquisition company is led by Dennis Tam as Executive Chairman and Co-CEO, Kester Ng as Co-CEO and CFO, and Richard Taylor as Co-CEO and COO. The management team previously served as executives or advisors to two prior SPACs sponsored by affiliates of Black Spade Capital Limited.

Cohen & Company Capital Markets and Chardan served as joint book-running managers for the offering. The company's registration statement became effective with the Securities and Exchange Commission on January 5, 2026.

Black Spade Acquisition III was incorporated to pursue mergers, acquisitions or business combinations, with particular interest in the leisure and entertainment sector. The company stated it is exploring opportunities in digital assets within lifestyle and entertainment, as well as applications of artificial intelligence, robotics and quantum computing.

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