Kismet Acquisition Three, the third blank check company led by the former CEO of Russia's MegaFon targeting a European business, filed on Tuesday with the SEC to raise up to $250 million in an initial public offering.
The Newark, DE-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. The company may raise an additional $20 million at the closing of an acquisition pursuant to a forward purchase agreement with its sponsor. At the proposed deal size, Kismet Acquisition Three would command a market value of $318 million.
The company is led by CEO and Director Ivan Tavrin, the founder and Principal of investment firm Kismet Capital Group. Tavrin previously served as the CEO of PJSC MegaFon, Russia's second largest telecommunications operator, and before that, he founded UTH Russia, one of the largest independent media broadcasting groups in Russia. Kismet Acquisition Two plans to target the internet and technology sectors operating in Europe, including Russia, as well as businesses established by founders with Russian origins.
Kismet Acquisition Three filed concurrently with Kismet Acquisition Two (KAIIU), which is also targeting European businesses, including those in Russia. Tavrin's previous SPAC, Kismet Acquisition One (KSMTU), raised $250 million in August 2020, and has not yet announced an acquisition.
Kismet Acquisition Three was founded in 2020 and plans to list on the Nasdaq under the symbol KIIIU. The company filed confidentially on October 1, 2020. Credit Suisse, Citi and BofA Securities are the joint bookrunners on the deal.
