The IPO Buzz: Black Spade Acquisition II (BSIIU) Raises $150 Million in SPAC IPO

Entertainment and lifestyle-focused Black Spade Acquisition II (BSIIU) raised $150 million – as expected – with the pricing of its SPAC IPO of 15.0 million units at $10.00 each on Tuesday night, Aug. 27, 2024. Each unit consists of one Class A ordinary share and one-third of one redeemable warrant. Black Spade Acquisition II is expected to start trading today – Wednesday, Aug. 28, 2024 – on the NASDAQ. Black Spade Acquisition II is incorporated in the Cayman Islands. Clear Street and Cohen & Company Capital Markets acted as the joint book-runners. Black Spade Acquisition II intends to focus its search for target companies on those in the entertainment, lifestyle and tech sectors, with an emphasis on businesses involved with AI (artificial intelligence), according to the prospectus. Black Spade Acquisition II is backed by Black Spade Capital Limited, the private investment arm of Lawrence Ho. Mr. Ho runs the Melco Group, which is credited with redefining the premium mass gaming segment in Macau. Melco Group owns and operates five Forbes Travel Guide Five-Star hotels in Asia. In addition, the Melco Group has been honored by Michelin Guide Hong Kong & Macau 2024 with a collective total of eight Michelin stars across five restaurants located in its properties, including City of Dreams, Studio City and Altira Macau. The first publicly traded SPAC under the Black Spade name – Black Spade Acquisition – entered into a business combination with electric vehicle (EV) manufacturer VinFast Auto (VFS) of Vietnam in August 2023. VinFast was the first Vietnamese business to list in the U.S. by way of a business combination, the prospectus said. (For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.) Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board. To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message. Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions. Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy