Vertex SPAC’s retail IPO tranche 36x subscribed in market debut

Vertex Technology Acquisition Corp (VTAC), the first special purpose acquisition company out of Singapore, saw its share price climb as much as 5% in its first day of trading, signaling investor demand. It closed the day with its share price at 1% up.

Photo credit: Vertex Holdings

VTAC entered the Singapore Exchange on January 20 at a high of US$5.25 apiece, an increase from its issue price of US$5. It ended the day at US$5.05, with the retail tranche of the listing being 36x subscribed.

Vertex Venture Holdings got the nod to list VTAC on the exchange late last year. The company said at the time that it looked to inject about US$22 million into the SPAC by purchasing its shares and investing US$7.4 million of “at risk” capital through warrants.

With the IPO, Vertex Venture raised about S$200 million (over US$148 million) through the issue of 40 million units. The amount comes from investors such as Dymon Asia Multi-Strategy Investment Master Fund, Asdew Acquisitions, and Temasek subsidiaries. Vertex Venture is backed by Temasek.

Vertex Venture is one of the few investors in Southeast Asia that has backed several of the region’s unicorns. It was reported last year that the company was looking to raise at least US$400 million to invest in startups from Southeast Asia and India.

See also: A list of SEA’s unicorns and their early investors (Updated)

Currency converted from Singapor dollar to US dollar: US$1 = S$1.35.