Singapore's first wave SPACs to move ahead with filing plan: sources

[SINGAPORE] Vertex Holdings, a unit of Singapore state investor Temasek Holdings and European asset manager Tikehau Capital are preparing to lodge preliminary prospectuses for blank-cheque company listings in the city-state as soon as next week, according to people with knowledge of the matter.

Singapore buyout firm Novo Tellus Capital Partners is also set to file key documents for an initial public offering (IPO) of a special purpose acquisition company (SPAC) on the Singapore Exchange, the sources said, asking not to be identified as the process is private. The 3 firms are all working with advisers on the prospectuses, which could pave the way for their respective listings as soon as the end of this year, the sources added.

Singapore began allowing blank-cheque companies to list in September, and the 3 firms submitted their applications shortly afterward, joining the race to be first to list a SPAC in this market.

Deliberations are ongoing, the timing could change and there is no certainty that all 3 listings will proceed, said the sources. Representatives for Novo Tellus and Tikehau declined to comment, while Vertex did not immediately respond to requests for comment.

Novo Tellus, Tikehau and Vertex are planning to raise S$200-300 million through their respective IPOs, Bloomberg News reported earlier. A SPAC-driven surge in listings would benefit Singapore's paltry listing volumes. The island republic priced just 8 first-time share sales so far this year, raising US$1 billion in total, according to data compiled by Bloomberg. The biggest offering in 2021 comes from Digital Core Reit Management, which raked in US$600 million.

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