First Spacs list in Singapore

Initial public offeringThe first two special purpose acquisition companies (Spacs) have been listed in Singapore. The first of these involved Vertex Technology Acquisition Corp, a Spac financed by Vertex Holdings, a subsidiary of sovereign wealth fund Temasek. This listing was followed a day later by Pegasus Asia, which is backed by European asset manager Tikehau Capital and Financiere Agache, a holding company of LVMH chairman Bernard Arnault. Both were listed on the Singapore Exchange (SGX) which announced new rules allowing Spacs late last year. They require a minimum capitalisation of SG$150 million (US$111 million). The so-called ‘blank cheque firms’ have become a popular vehicle for acquiring private companies, especially in the US. These shell companies are set up to raise money through an initial public offering with the sole purpose of acquiring or merging with a private company. According to consultant EY, almost 500 Spacs went public in 2021, raising more than $136.7 billion. A third Spac sponsored by tech buyout fund Novo Tellus Capital Partners, is set to list this week on SGX. The exchange’s embrace of the Spac market comes after it saw just eight listings in 2021, raising $565 million, its lowest total for six years. ©2022 funds global asia

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