Temasek's Vertex Venture first to receive approval for SGX SPAC listing

Samantha Chiew
Samantha Chiew12/24/2021 07:53 PM GMT+08  • 2 min read
Temasek's Vertex Venture first to receive approval for SGX SPAC listing
Temasek-owned Vertex Venture to list special purpose acquisition company on SGX.
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Temasek-owned Vertex Venture Holdings is the first company to receive an eligibility-to-list (ETL) letter from SGX on Dec 24 informing Vertex Technology Acquisition Corporation (VTAC) of its conditional eligibility for a SGX Mainboard listing.

It will be submitting an application to SGX to list its newly-incorporated Cayman Islands exempted private company VTAC as a special purpose acquisition company (SPAC).

Incorporated in 1988, Vertex Venture is an investment holding company with a group of venture capital funds across the world. A susidiary of Temasek since 2004, Vertex Venture focuses on venture capital investment opportunities in the information technology (IT) and healthcare markets. Vertex Venture manages over US$3 billion in asset under management (AUM). Some of its investments include Grab, Waze and Argus.

This issuer is the sponsor to VTAC in connection to the application of the special purpose acquisition company.

Pursuant to the ETL Letter, the listing of VTAC is subject to, among others, VTAC's compliance with the conditions stipulated within the ETL Letter as well as the prevailing market conditions. The issuer as sponsor to VTAC plans to make an investment of $30.0 million in VTAC through the subscription of units in VTAC and intends to contribute up to $10.0 million of "at-risk" capital through the purchase of warrants in a private placement concurrent with the listing.

The issuer will make futher announcements as and when there are further material developments.

See also: Global IPO market revival undermined by banking, recession risks

SGX introduced a set of rules in September, making it easier for SPACs to list. Besides Vertex, parties reportedly keen to list a SPAC include Tikehau Capital and Novo Tellus.

Photo: Bloomberg

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