Carey Olsen advises on US$230 million SPAC IPO on Nasdaq
Carey Olsen's corporate team in the Cayman Islands has advised ITHAX Acquisition Corp III, a special purpose acquisition company ("SPAC"), on its initial public offering ("IPO") on the Nasdaq Global Market ("Nasdaq").
The SPAC currently intends to concentrate its search for a target business operating in the asset management, leisure, hospitality, catering, travel, entertainment, gaming, lifestyle and related services sectors. The SPAC's units began trading on 12 December 2025 on the Nasdaq under the ticker symbol "ITHAU".
On 15 December 2025, ITHAX Acquisition Corp III ("the Company") announced the closing of its IPO of 23,000,000 units, including the exercise of the underwriters’ over-allotment option in full. The offering was priced at US$10.00 per unit, resulting in gross proceeds of US$230,000,000.
The Company is sponsored by Orestes Fintiklis, founder of Ithaca Capital Partners, who is also acting as chief executive officer, chief financial officer and chairman of the Company.
Working alongside lead counsel Edelman Legal Consulting PLLC, the Carey Olsen team advising the SPAC on the Cayman Islands legal and regulatory aspects comprised partner Dylan Wiltermuth and associate Nicholas Vasic. Cantor Fitzgerald & Co. is serving as sole book-running manager.
Dylan said: "It was a pleasure to bring together our extensive capital markets capabilities and experience advising on SPAC listings on this IPO. The deal is also the latest example of the Cayman Islands' continuing appeal as a leading jurisdiction for offshore IPOs thanks to its well-known structures."
