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

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.

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

Read more:

• VTAC chairman: Real work is in finding right business target, getting investors to stay
• Vertex SPAC IPO's public tranche is 36.0 times subscribed; trading starts Thursday
• Vertex Tech starts trading on Jan 20 in Singapore's first SPAC listing