Search

Singapore Gets First SPAC Trading Debut, Vertex Technology Acquisition Corp. - MarketWatch

By Ben Otto

Singapore welcomed its first listing of a special-purpose acquisition vehicle Thursday, with Vertex Technology Acquisition Corp. beginning trade in the city-state after raising 200 million Singapore dollars (US$148.4 million) from cornerstone and other investors.

Units of the blank-check company were last at S$5.05, rising 1.0% from its offer price of S$5.00 shortly following its afternoon debut. Its sponsor, Vertex Venture Holdings, is a venture capital firm backed by Singapore sovereign wealth fund Temasek Holdings.

The SPAC said late Wednesday that it raised gross proceeds of S$200 million from its offering as well as the issuance of cornerstone units and sponsor investment units. More than half of that sum, S$111 million, came from 13 cornerstone investors including Temasek subsidiaries that subscribed for an aggregate 22.2 million shares, it added.

Vertex Technology plans to use proceeds raised to merge with a company with a core technology focus. It has two years to find a target.

Credit Suisse and DBS acted as joint issue managers for the offering.

A SPAC is a shell company that raises money and trades on a stock exchange with the intent of merging with a private company and taking it public. Combining with a SPAC has become a popular alternative to a traditional initial public offering because it is often faster and lets the company going public to make business projections, which isn't allowed in a traditional IPO.

Singapore unveiled rules for SPACs last year, hoping to draw in a piece of the business. A number Asian investment firms have gone to U.S. stock exchanges in recent years to list SPACs, attracting companies such as Singapore-based Grab Holdings, which late last year listed after a record-breaking merger with a SPAC.

Hong Kong's exchange also recently introduced rules for allowing blank-check companies. A SPAC backed by China Merchants Bank Co. this week became the first SPAC to seek a listing in the Asian financial hub.

Write to Ben Otto at ben.otto@wsj.com

Adblock test (Why?)



"corp" - Google News
January 20, 2022 at 02:07PM
https://ift.tt/3tJTHWK

Singapore Gets First SPAC Trading Debut, Vertex Technology Acquisition Corp. - MarketWatch
"corp" - Google News
https://ift.tt/2RhVoHj
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update

Bagikan Berita Ini

0 Response to "Singapore Gets First SPAC Trading Debut, Vertex Technology Acquisition Corp. - MarketWatch"

Post a Comment

Powered by Blogger.