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Singapore ventures into SPAC arena, Temasek-backed entity set for listing

SINGAPORE (Reuters) - Singapore, seeking to revive its lacklustre fundraising market, is pulling out

Singapore ventures into SPAC arena, Temasek-backed entity set for listing

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They typically offer shorter listing timeframes and strong valuations.With an eye on sectors such as cyber security and fin tech, Vertex Technology Acquisition Corp raised S$200 million ($148 million), with 13 cornerstone investors such as Temasek-linked entities and a fund operated by Dymon Asia, contributing 55%.The SPAC, sponsored by Vertex Venture, manages $5.1 billion of assets with a portfolio of more than 200 companies, and has up to two years to find a target. The IPO was heavily over-subscribed, Vertex said on Wednesday.Another SPAC, Pegasus Asia, backed by European asset manager Tikehau Capital and Financiere Agache, the holding company of LVMH luxury goods chief Bernard Arnault, raised S$150 million and plans to invest in tech-enabled sectors. It lists on Friday.Southeast Asia, home to fast-growing Indonesia and Vietnam, is seeing a boom in dealmaking as investors bet on post-pandemic technology plays in a region of 650 million people.SGX is offering a regulatory framework similar to that in the United States, including allowing participation of retail investors but has mandated that sponsors should also invest in their SPAC.Analysts say risks include SPACs overvaluing companies and not finding ideal targets.&#39;HERE TO STAY&#39;&#34;While there will always be gyrations in the market, we believe the SPAC framework is here to stay and complements the traditional IPO route,&#34; Mohamed Nasser Ismail, head of equity capital markets at SGX, told Reuters.By focusing on the track record of sponsors, ensuring their compulsory investment in SPACs and maintaining due diligence and disclosures in listed SPACS similar to that of typical IPOs, he said SGX was hopeful of the outlook for SPAC listings.While Singapore is considered one of Asia&#39;s leading financial and business hubs, SGX has not captured big IPOs. 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They typically offer shorter listing timeframes and strong valuations.With an eye on sectors such as cyber security and fin tech, Vertex Technology Acquisition Corp raised S$200 million ($148 million), with 13 cornerstone investors such as Temasek-linked entities and a fund operated by Dymon Asia, contributing 55%.The SPAC, sponsored by Vertex Venture, manages $5.1 billion of assets with a portfolio of more than 200 companies, and has up to two years to find a target. The IPO was heavily over-subscribed, Vertex said on Wednesday.Another SPAC, Pegasus Asia, backed by European asset manager Tikehau Capital and Financiere Agache, the holding company of LVMH luxury goods chief Bernard Arnault, raised S$150 million and plans to invest in tech-enabled sectors. It lists on Friday.Southeast Asia, home to fast-growing Indonesia and Vietnam, is seeing a boom in dealmaking as investors bet on post-pandemic technology plays in a region of 650 million people.SGX is offering a regulatory framework similar to that in the United States, including allowing participation of retail investors but has mandated that sponsors should also invest in their SPAC.Analysts say risks include SPACs overvaluing companies and not finding ideal targets.&#39;HERE TO STAY&#39;&#34;While there will always be gyrations in the market, we believe the SPAC framework is here to stay and complements the traditional IPO route,&#34; Mohamed Nasser Ismail, head of equity capital markets at SGX, told Reuters.By focusing on the track record of sponsors, ensuring their compulsory investment in SPACs and maintaining due diligence and disclosures in listed SPACS similar to that of typical IPOs, he said SGX was hopeful of the outlook for SPAC listings.While Singapore is considered one of Asia&#39;s leading financial and business hubs, SGX has not captured big IPOs. 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They typically offer shorter listing timeframes and strong valuations.With an eye on sectors such as cyber security and fin tech, Vertex Technology Acquisition Corp raised S$200 million ($148 million), with 13 cornerstone investors such as Temasek-linked entities and a fund operated by Dymon Asia, contributing 55%.The SPAC, sponsored by Vertex Venture, manages $5.1 billion of assets with a portfolio of more than 200 companies, and has up to two years to find a target. The IPO was heavily over-subscribed, Vertex said on Wednesday.Another SPAC, Pegasus Asia, backed by European asset manager Tikehau Capital and Financiere Agache, the holding company of LVMH luxury goods chief Bernard Arnault, raised S$150 million and plans to invest in tech-enabled sectors. 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