2Firsts, November 11, 2025 — According to Bloomberg, Dubai-based Advanced Inhalation Rituals (AIR), the owner of hookah brand Al Fakher, plans to list on Nasdaq in the first half of 2026 through a merger with a special purpose acquisition company (SPAC) backed by Cantor Fitzgerald. The merged company will trade under the ticker “AIIR,” pending shareholder and regulatory approval.
The SPAC, Cantor Equity Partners III (CEP III), raised USD 276 million when it went public in June 2024. The deal does not involve new capital for AIR, though it will retain any unredeemed funds held in trust. The transaction values the combined company at USD 1.75 billion, including AIR’s projected net debt of USD 293 million at the end of 2025.
AIR CEO Stuart Brazier told Bloomberg that the Nasdaq listing will strengthen the company’s capital base, raise its profile, and provide financial flexibility to accelerate growth. AIR aims to expand in the U.S. market, where it sells flavored tobacco and related waterpipe products.
Previously, AIR considered a 2024 IPO in Dubai or Abu Dhabi, as its majority shareholder Kingsway Capital explored a dual-track process to sell its stake. Formerly listed on the Amman Stock Exchange as Al-Eqbal Investment, AIR was taken private by Kingsway in 2020 in a deal worth over USD 1.4 billion including debt.
AIR operates in more than 100 countries, claims over 60% of the U.S. market, and runs eight production sites across the UAE, EU, and partner facilities. Its flagship brand, Al Fakher, had around 14 million consumers worldwide as of 2024. In 2024, AIR reported adjusted EBITDA of USD 150 million on revenue of USD 375 million, with a CAGR of 5% from 2020 to 2024.
Barclays is advising AIR, while Cantor is advising the SPAC.
