Hong Kong-based fund services firm Vistra has sought to capitalise on the growing use of special purpose acquisition companies (SPAC) by launching a SPAC support service.
Also known as blank cheque companies, SPACs have emerged as a popular alternative to initial public offerings (IPOs) among companies looking to go public.
The SPAC is an entity without operations that is listed on an exchange with the sole purpose of raising capital to acquire a target company.
Vistra’s service will offer guidance on stock exchange selection, jurisdictional advice, operational support and entity governance for firms considering setting up a SPAC.
“As we experience accelerated change across the business landscape globally, SPACs have picked up pace and continue to develop as an alternative to traditional IPOs in capital markets due to the speed in which they can bring companies to the public market,” said Navita Yadav, global head of capital markets at Vistra.
© 2021 funds global asia