A New Blank Check Vehicle Targeting Leisure and AI
ITHAX Acquisition III, a new special purpose acquisition company (SPAC) formed by private equity firm Ithaca Capital Partners, has filed with the SEC to raise $200 million in an initial public offering. Filed on Monday, November 17, 2025, this latest market debut signals a continued appetite for blank check vehicles that target the intersection of traditional industries and next-generation technologies. The Miami-based company aims to hunt for a merger target within the leisure, hospitality, and asset management sectors, specifically looking for businesses leveraging artificial intelligence.
Company Background and Leadership
The new SPAC is helmed by CEO, CFO, and Chairman Orestes Fintiklis, the founder and Managing Partner of Ithaca Capital Partners. Fintiklis brings significant experience to the table, though his track record presents a mixed picture for potential investors. He previously led ITHAX Acquisition, which successfully took the travel technology company Mondee public in 2022. However, Mondee (formerly Nasdaq: MOND) faced significant challenges in the public markets and was ultimately delisted in 2024. Despite this, the formation of ITHAX Acquisition III suggests that the sponsors remain committed to the SPAC structure as a viable vehicle for taking high-potential companies public.
IPO Details
ITHAX Acquisition III plans to list its units on the Nasdaq exchange under the ticker symbol ITHAU. The company intends to raise the $200 million target by offering 20 million units at a price of $10.00 each. Following a standard SPAC structure, each unit will consist of one share of common stock and one-half of one warrant, with whole warrants exercisable at $11.50 per share. Cantor Fitzgerald is serving as the sole bookrunner for the offering, which does not yet have a set pricing date.
Market Context & Opportunities
The SPAC has outlined a broad and ambitious search mandate. It plans to target businesses with an enterprise value exceeding $500 million, focusing on sectors such as asset management, leisure, hospitality, travel, gaming, and entertainment. Crucially, the management team is looking for companies that are enhancing these traditional service industries through “next-generation technologies,” including AI and digital assets. Geographically, the search will span the United States, Latin America, and European markets. This focus aligns with a broader market trend where investors are seeking practical applications of AI in consumer-facing industries like travel and hospitality.
Risks & Challenges
While the sectors targeted are ripe for innovation, ITHAX Acquisition III faces significant headwinds. The SPAC market has become increasingly selective, and investor interest is often dampened by the poor post-merger performance of many blank check companies. The leadership team’s previous venture, which resulted in the delisting of Mondee just two years after its merger, may prompt scrutiny from institutional investors regarding deal quality and due diligence. Furthermore, identifying a target with a valuation of over $500 million in the competitive landscape of hospitality and AI will require navigating complex valuations and regulatory environments.
Closing Paragraph
Ultimately, the ITHAX Acquisition III IPO serves as a test of investor confidence in Orestes Fintiklis and his team’s ability to identify a winning target in a crowded market. Will the promise of AI-driven transformation in the leisure sector attract strong investor demand, or will the shadow of previous market struggles weigh down this new capital-raising event? The market’s reception of the ITHAU ticker will determine if there is still room for bold, cross-border SPAC plays in 2025.
