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Deepti Sri · · 1 min readReport: Temasek-owned Vertex eyes SPAC listing in Singapore
“Vertex Holdings is planning to raise funds for deal-making by listing a special purpose acquisition company in Singapore, which could be the country’s first such deal,” Bloomberg reported, citing people familiar with the matter.
Details:
- Vertex, which is owned by Singapore state investor Temasek, is currently working with advisers on the potential initial public offering via SPAC, the sources say.
- However, details of the blank-check company, including its size and timeline, have reportedly not been finalized yet. Vertex is awaiting listing guidelines from the Singapore Exchange (SGX).
Context:
- In March, SGX was reportedly mulling a set of guidelines for listing blank-check companies that are stricter compared to US rules. The Asian bourse’s regulatory arm had proposed a minimum market capitalization of US$225 million for listing SPACs.
- Vertex has previously invested in companies like Southeast Asian super app Grab and crypto exchange Binance, as well as Horizon Robotics, an AI-based chip startup backed by Intel Capital.
Editing by Collin Furtado and Arpit Nayak
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