RF Acquisition III, a Singapore-based special purpose acquisition company, has priced a $100 million US IPO as it seeks to capitalize on the rapid expansion of deep technology sectors across Asia-Pacific. The SPAC, focused on artificial intelligence, quantum computing, and biotechnology opportunities outside China, is positioning itself at the intersection of emerging innovation and global investor appetite for next-generation growth themes. The offering marks the third blank-check vehicle sponsored by the RF platform and signals continued momentum in cross-border SPAC activity tied to advanced technology in the region.

RF Acquisition III raised $100 million by offering 10 million units at $10 each, with each unit comprising one share of common stock and one right to receive one-tenth of a share upon completion of a business combination. The SPAC will list on the Nasdaq under the ticker RFAMU. The IPO provides fresh capital to pursue a deep tech target in APAC, an area that remains strategically important for investors seeking exposure to AI, quantum computing, and biotech innovation.

Company Background

The Singapore-based company is led by CEO and Chairman Tse Meng Ng, co-founder and CEO of Ruifeng Wealth Management and a former investment banker with experience in cross-border capital markets. He is joined by CFO Chee Tham, a director at VinFast Auto (VFS) and former audit partner at Ernst & Young, bringing public company governance and financial expertise to the vehicle.

RF Acquisition III follows two prior SPACs from the same sponsor. RF Acquisition II raised $100 million in 2024 and has a pending merger with Nanyang Biologics, while RF Acquisition completed its merger with GCL Global in 2023. The track record provides a degree of credibility in an environment where SPAC execution capability has become a key differentiator for investor interest.

The new vehicle has not yet identified a specific target but intends to focus on companies in Asia-Pacific—excluding China—operating in artificial intelligence, quantum computing, biotechnology, and related deep technology fields. The strategy reflects growing investor demand for exposure to foundational technologies with long-term structural growth potential.

IPO Details

RF Acquisition III sold 10 million units at $10 per unit, generating gross proceeds of $100 million. Each unit consists of one common share and one right to receive one-tenth of a share upon the consummation of an initial business combination, a structure that is relatively streamlined compared with SPACs that include full or half warrants.

The company will trade on the Nasdaq under ticker RFAMU. EarlyBirdCapital acted as sole bookrunner on the deal. As with most SPAC IPOs, proceeds will be held in trust pending identification and completion of a merger target.

Market Context & Opportunities

The deep technology sector in APAC has become increasingly attractive to global investors. Governments across the region are allocating significant funding toward AI research, semiconductor development, biotech innovation, and advanced computing infrastructure. Meanwhile, global capital markets remain receptive to differentiated technology stories with scalable intellectual property.

Despite a cooling in SPAC issuance compared with peak 2021 levels, select vehicles with sector focus and experienced sponsors continue to access the stock market. The opportunity lies in sourcing high-growth companies that may benefit from a US listing to broaden capital access and enhance valuation transparency.

Risks & Challenges

However, SPACs face persistent scrutiny from regulators and investors alike. Execution risk remains high, particularly in highly technical sectors where commercialization timelines can be lengthy and capital-intensive. Competition for quality AI and biotech assets is intense, and valuations in deep tech can be volatile.

Additionally, geopolitical tensions and cross-border regulatory considerations in APAC could complicate potential transactions, especially in sensitive technology areas such as quantum computing and artificial intelligence.

Closing Paragraph

RF Acquisition III’s $100 million IPO places it squarely in the race to capture value in Asia’s deep technology ecosystem. Whether it ultimately reshapes investor access to next-generation innovation—or becomes another incremental SPAC transaction—will depend on its ability to secure a compelling target that meets the rising standards of today’s stock market and institutional investor base.