Lawrence Ho’s Black Spade III prices NYSE IPO at USD150 million

Black Spade Capital, the private investment arm of Macau casino magnate Lawrence Ho, priced its third special purpose acquisition company (SPAC) at USD150 million (MOP1.2 billion) for an initial public offering on the New York Stock Exchange.

Black Spade Acquisition III Co. set its IPO at $10 per unit, offering 15 million units under the ticker “BIIIU.” Trading began yesterday and will close today.

The blank-check firm, targeting mergers in leisure, entertainment, and digital assets, has not announced any specific acquisition. Dennis Tam, Black Spade Capital president and SPAC executive chairman, called it “one of the first IPOs in 2026,” leveraging the firm’s expertise in lifestyle and entertainment.

Cohen & Company Capital Markets and Chardan are joint book-running managers. Prospectuses are available from the managers or at sec.gov.

This follows Black Spade’s prior SPACs: a 2021 debut raising $169 million, merging with Vietnam’s VinFast Auto in a $23-billion deal in 2023; and a 2024 listing merging with France’s The Generation Essentials Group for $488 million in 2025, which owns fashion titles like L’Officiel and co-produces films with an Alibaba affiliate. NS