Pegasus Asia raises S$23.4m in Singapore public offer, 7.8 times subscribed

SPECIAL Purpose Acquisition Company (SPAC) Pegasus Asia raised S$23.4 million in an initial public offering that was 7.8 times subscribed. Its units are expected to start trading on the Singapore Exchange at 9 am on Friday (Jan 21).

This month, Pegasus announced its offer of 25.6 million units, 25 million of which was for an international placement, with the remaining 600,000 for public offer. Each unit comprised one share and half a warrant, at S$5 per unit. The exercise price of each warrant was set at S$5.75.

The Singapore offer, which closed noon on Wednesday, received 1,108 valid applications for 4.7 million units.

Stabilising manager UBS AG had over-allotted an additional 4 million units, all of which were allocated to the international offering.

"Such over-allotment will be covered through units issued by the company," Pegasus said.

UBS Asset Management, a member of the same group of companies as UBS, was allocated 1.49 million units. Tan Hwei Ling, director of UOB Kay Hian, was allocated 44,000 units, Pegasus announced on Thursday.

Citigroup and UBS are joint issue managers and global coordinators for Pegasus Asia. Both banks, along with CICC, OCBC and UOBKH are joint book runners and underwriters.

Pegasus Asia is European asset manager Tikehau Capital's first SPAC. If trading goes as planned, it will be the second SPAC to trade on the Singapore Exchange following Vertex Technology Acquisition Corporation's debut on Thursday.

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