Singapore is about to get its first blank-check company listing, as Vertex Technology Acquisition Corp (VTAC) is seeking to raise at least S$170 million (US$125 million) through the sale of units.
The company, sponsored by state investor Temasek Holdings Pte’s Vertex Venture Holdings Ltd (祥峰投資控股), is offering 34 million units at S$5 each, terms of the deal obtained by Bloomberg News said.
If the green-shoe option is exercised, the amount could increase to S$182 million.
VTAC is poised to inaugurate Singapore’s framework for blank-check firms, which was unveiled in September last year.
An increase in listings driven by special purpose acquisition companies (SPACs) would benefit Singapore’s low volume of listings, adding liquidity to a market that hosted just eight initial public offerings last year, raising US$1 billion.
The VTAC offering attracted 13 cornerstone investors, which are subscribing to about S$111 million of units, or nearly 65 percent of the offer, the terms said.
Book-building is to continue until Thursday next week, with allocation expected the following day and the listing on Jan. 21.
The listed company would focus on six investment themes, including cybersecurity, artificial intelligence and consumer Internet and technologies, the terms said.
The acquisition period for the SPAC is within 24 months of the listing date, subject to an extension of no more than 12 months.
Credit Suisse Group AG, DBS Group Holdings Ltd and Morgan Stanley are issue managers and global coordinators in the offering.
The lineup for blank-check listings in Singapore includes European asset manager Tikehau Capital SCA and Novo Tellus Capital Partners Pte, which have been approved by the city-state’s stock exchange to come to market.
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