Is it too early to write off SGX’s push for SPACs?

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Hello reader,

An anniversary for celebration.

In January last year, three special purpose acquisition companies that listed on the Singapore Exchange (SGX) had a blockbuster start, raising a combined US$388 million in all.

However, one year on, SGX’s initiatives relating to SPACs have seen a dry spell. There hasn’t been a single SPAC listing on the bourse since those initial three in January 2022.

In the Big Story this week, my colleague, Simon, goes looking for the answer to the “SPAC boom to bust.” Volatile macroeconomics has led to this lackluster performance. However, it’s too early to write off SGX’s ambitions for SPACs. The key to success will be the quality of companies that the blank-check firms can find to merge with.

If these SPACs can create value for sponsors and investors, other sponsors may be more willing to pull the trigger and list their SPACs on the exchange, which will provide startups with another avenue for going public.

— Samreen

THE BIG STORY

Image credit: Timmy Loen

SPAC boom to bust – SGX’s experiment one year on

SGX has not attracted new SPAC listings after the initial three in January 2022, but it’s too soon to write off the initiative.

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