Reuters: IPOX® Associate Muehlbauer on SPAC Revival Amid AIR's $1.75 Billion U.S. Listing Deal
Reuters covered Dubai-based AIR, owner of the popular hookah brand Al Fakher, announcing a merger with blank-check firm Cantor Equity Partners III to go public in the U.S., valuing the combined entity at $1.75 billion. This deal highlights the resurgence of SPACs as a faster path to public markets, driven by improved economic conditions and positive aftermarket performance, amid a recovering IPO landscape. The article highlights the strong aftermarket performance of SPACs as tracked by the IPOX® SPAC Index, which has outperformed broader equity markets this year.
IPOX® Research Associate Lukas Muehlbauer commented on the factors fueling SPAC activity, stating:
"One of the reasons for the uptick in new SPACs has been an improved macroeconomic environment, particularly the decline in interest rates, which has made it easier for companies to access capital through faster routes like SPACs."
"The broadly positive post-merger aftermarket this year is also showing that SPAC deals are shaking off the image of being overly risky."
AIR reported $375 million in revenue and $150 million in adjusted EBITDA for its core products in 2024, with Al Fakher serving 14 million consumers globally. The merged company, AIR Global Limited, plans to list on Nasdaq under the ticker AIIR in the first half of 2026.
Read the full article by Manya Saini on Reuters: Dubai hookah maker AIR to go public in US via $1.75 billion SPAC deal
