Singapore’s First SPAC Sees Strong Demand

The initial public offering of Vertex Technology Acquisition Corporation (VTAC) – a blank cheque company sponsored by Vertex Holdings has received strong demand from institutional and retail investors, according to a statement.

The Singapore Exchange (SGX)-listed special purpose acquisition company (SPAC) said that its offering of 0.6 million units was about 36 times subscribed, while its international placement of 11.2 million units was roughly 8.8 times subscribed. This brings the gross proceeds raised to $$200 million ($148 million) representing 40 million units.

Trading is expected to start at 2 pm on Thursday on SGX’s Mainboard.

“We believe the strong demand for units in VIAC underscores the trust that investors have in the competence of our management and the value of our sponsor’s global network, well-established shareholder ecosystem and deep local expertise,” said VTAC chairman Chua Kee Lock.