SINGAPORE’S efforts to promote tech listings via special purpose acquisition companies (Spacs) could finally be bearing fruit. Last Monday, Vertex Technology Acquisition Corp (VTAC) proposed a business combination with livestreaming operator 17Live, at a S$1.2 billion valuation. 

The deal comes with a purchase consideration of up to S$925.1 million. 17Live’s chairman and co-founder Joseph Phua hopes to pursue growth in South-east Asia, with the company presently counting Japan and Taiwan as its key markets.

The listing will be a test of Singapore investors’ Spac appetite. Like many companies that list through these vehicles, 17Live is still in the red: it posted a US$51 million loss in FY2022, on the back of US$363.7 million in revenue. The company’s revenue model may also be rather unfamiliar to local retail investors – it takes a cut of the gifts received by livestreamers on its platform.