Temasek-backed Vertex gets nod for SPAC listing in SG

Temasek-backed Vertex Venture Holdings has received an eligibility letter to list its special purpose acquisition company (SPAC), Vertex Technology Acquisition Corporation (VTAC), from the Singapore Exchange.

Photo credit: Vertex Holdings

The listing, which includes a multicurrency debt program worth US$2 billion, is subject to certain conditions within the eligibility letter and broader market conditions.

Vertex plans to invest S$30 million (US$22.1 million) in VTAC by buying shares in the SPAC. The VC firm also intends to pour up to US$7.4 million of “at risk” capital through the purchase of warrants in a private placement.

The bourse’s nod for the listing comes as the VC firm reportedly plans to raise at least US$400 million next year for a new fund focusing on Southeast Asia and India.

Vertex is among the top five VC firms in Southeast Asia that back the most number of unicorns in the region.

In June, Vertex Growth Fund, the global growth-stage fund of Vertex Venture Holdings, secured US$15 million in new commitment for its second fund from Korea Venture Investment Corporation.

Currency converted from Singapore dollar to US dollar: US$1 = S$1.36.

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