The company, Vertex Technology Acquisition Corporation, is sponsored by Vertex Venture, a wholly owned subsidiary of state investor Temasek.
The SPAC's initial public offering of 11.8 million units had an offer price of $5 Singapore dollars. The retail tranche of 600,000 units was 36 times subscribed.
The company raised $200 million Singapore dollars from investors including other Temasek subsidiaries Venezio Investments and Fullerton Fund Management. SPACs have become very popular recently and are established solely to raise capital from investors in order to acquire one or more operating businesses. They raise money in an initial public offering and use the cash to merge with a private firm, in order to take the company public and bypass traditional IPO processes which can be lengthy.Singapore may be able to draw companies to its stock market through its push for SPACs, said Ringo Choi, EY Asia-Pacific IPO leader.
He pointed out that the blank check company was heavily oversubscribed, and the firms may be able to price shares higher in Singapore.
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