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

Benjamin Cher
Published Thu, Jan 20, 2022 · 06:35 AM

    UNITS of Vertex Technology Acquisition Corporation ( VTA C) VTA closed at S$5.05, up 1.0 per cent or S$0.05 above its initial public offering price of S$5 on its trading debut.

    The special purpose acquisition company (SPAC) saw some 1.69 million units changing hands on Thursday.

    This brings VTAC's market capitalisation to about S$202 million.

    VTAC's IPO of 11.8 million units consisted of a retail tranche of 600,000 units and an international placement of 11.2 million units. The retail tranche was 36 times subscribed, while the international placement was 8.8 times subscribed according to a press statement by VTAC on Jan 19.

    In addition, 13 cornerstone investors subscribed for 22.2 million cornerstone units separate from the offering. These cornerstone investors include Temasek-backed entities, Venezio Investments and Fullerton Fund Management.

    Separately, sponsor Vertex Holdings (Vertex) has invested S$30 million in capital through the subscription of units in VTAC via its subsidiary, Vertex Co-Investment Fund. Vertex is also contributing "at risk" capital of up to S$10 million through the subscription of up to 20 million private placement warrants concurrent to the offering.

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    The units and warrants comprising the units will start trading as separate counters at 9 am on Mar 7.

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