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2022-01-10| Asia-PacificIPO

Vertex Is Looking to Become Singapore’s First SPAC

by Joy Lin
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Last September, the Singapore Exchange (SGX) changed its framework to allow special purpose acquisition companies (SPACs) to list. Now, Vertex Technology Acquisition Company (VTAC) is set to become the first SPAC to list in the country, after the company lodged a preliminary prospectus with the Monetary Authority of Singapore (MAS).

A subsidiary of Singapore venture capital firm Vertex Holdings, VTAC is seeking to raise S$200 million (nearly $150 million), by selling 40 million units at an offered price of S$5.00 each.  

VTAC announced that 13 cornerstone investors, including UBS Asset Management, Venezio Investments, and Fullerton Fund Management Company, have subscribed to 65% of the shares offered, accounting for 22.2 million units that will raise S$111 million. 

Its sponsor Vertex Venture Holdings have also booked $30 million for the fundraising through its subsidiary Vertex Co-Investment Fund. 

When it lists at the end of the month, VTAC will have 24 months to complete a reverse merger. While VTAC did not disclose any specific combination targets in its prospectus, its focus will be on biotech and digital healthcare, and technologies related to artificial intelligence, cyber security and enterprise, consumer Internet, finance, autonomous driving, and new energy vehicles.

SPACs in Asia 

 

SPAC listings may become more common in Asia as countries change their frameworks. Hong Kong recently changed its rules to allow SPACs to begin listing this January. Elsewhere, SPACs have already been greenlighted in Korea and Malaysia, and are given 36 months to complete an acquisition compared to the usual 24.

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