Pegasus Asia closes up 0.4% at S$5.02 after trading debut

UNITS of Pegasus Asia PGU : PGU 0% closed at S$5.02, up 0.4 per cent or S$0.02 above its initial public offering price of S$5 on its trading debut.

The special purpose acquisition company (SPAC) saw more than 2.1 million units changing hands  on Friday (Jan 21). Based on the closing price, Pegasus’s market capitalisation would be about S$170.6 million.

Pegasus is the second SPAC to be listed on the SGX mainboard. Its listing comes a day after Vertex Technology Acquisition Corporation (VTAC) opened on the exchange on Thursday at S$5.25. VTAC closed up 1 per cent at S$5.05 on Thursday.

Another SPAC, Novo Tellus Alpha Acquisition, registered its final prospectus on Thursday and is set to commence trading on Jan 27.

Pegasus is sponsored by European asset manager Tikehau Capital as well as Financiere Agache, which is luxury goods company LVMH chief executive Bernard Arnault's family office. The 2 companies partnered on 2 SPACs in Europe last year. Pegasus is also the first SPAC backed by international sponsors to list on SGX.

The SPAC is offering 29.6 million units for sale to institutional and retail investors. Including the sponsors' commitment of 4.4 million units, this brings the gross proceeds raised by the SPAC at IPO to S$170 million.

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Pegasus' international offering comprised 29 million units, which includes 4 million units overallotted to investors that are subject to repurchase by the company pursuant to a put option.

The Singapore tranche of the offer, for 600,000 units, was approximately 7.8 times subscribed. The offer, which closed noon on Wednesday, received 1,108 valid applications for 4.7 million units - or S$23.4 million in value.

Each unit comprises 1 new share and half of a warrant. The shares and public warrants are expected to start trading as separate counters on Mar 7.

READ MORE:

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

• Vertex Tech, Singapore's first SPAC, closes up 1% at S$5.05 after trading debut

• Pegasus Asia trumpets international ties; CEO says intention is to de-SPAC soon after IPO

• Things to know before diving into Singapore SPACs