Two Singapore special-purpose acquisition companies (SPACs) have opened their books for initial public offerings (IPOs) and are set to list in the city-state later this month, two people with knowledge of the matter said on Friday.
The IPOs by Vertex Technology Acquisition Corporation (VTAC) and Pegasus Asia would mark the first SPAC listings in Asia since the frenzy for such blank-cheque firms started in the US in 2020.
Singapore Exchange rolled out a relaxed regulatory framework last year for such floats just as demand for SPACs has fizzled out in the US.
VTAC is backed by state investor Temasek Holdings’ Vertex Venture Holdings. The SPAC, focused on cyber security, fintech and other sectors, said on Thursday it aimed to raise at least S$170 million ($125 million) by selling units at S$5 apiece.
The company is looking to list on January 21, subject to regulatory approvals, one of the sources said.
Pegasus Asia, backed by European asset manager Tikehau Capital, also filed its prospectus on Thursday and is set to list in Singapore on January 25, the second source said.
There was no immediate response to a query sent to Tikehau outside European office hours, while there was also no immediate response from Vertex Venture.
SPACs are shell corporations that list on stock exchanges and then merge with an existing company to take that public, offering it shorter listing timeframes and strong valuations.
- Reuters with additional editing by Jim Pollard
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