08:40 AM EST, 12/06/2024 (MT Newswires) -- Tavia Acquisition (TAVI) said Friday it closed its initial public offering of 10 million units at a price of $10 each for gross proceeds of $100 million.

The company said the units are listed and trading on Nasdaq under the symbol "TAVIU," with each unit comprising one ordinary share and one right to receive one-tenth of one ordinary share upon completion of a business combination.

Once the securities start trading separately, the ordinary shares will be listed under the symbol "TAVI" and the rights under "TAVIR," the company said.

The underwriters have a 45-day option to buy up to 1.5 million units more at the IPO price to cover any overallotments, Tavia said.