Units in Pegasus Asia spac opened at $5.01 on its first day of trading on the Singapore Exchange (SGX). The spac is trading under the stock code “PGU”.

The trading price is a slight 0.2% higher than the spac’s offer price of $5. Pegasus Asia, on Jan 20, announced that its public tranche of 600,000 units was 7.8 times subscribed.

Its international offering of 25 million units was “oversubscribed”. On Jan 21, the spac revealed that its offering size of 29.6 million offering units was fully allocated.

In comparison, Vertex Technology Acquisition Corp (VTAC), the spac that launched on the same day, saw its public placement 36 times subscribed, and its placement tranche 8.8 times subscribed. Units in VTAC opened at $5.25 at 2pm on Jan 20.

"The level of interest shown by the public as well as institutional investors is a signal of their confidence in the experience and execution capabilities of the management of Pegasus Asia and our sponsors,” says Pegasus Asia’s CEO Neil Parekh. Parekh echoed this in a statement released via an earlier filing on the SGX.

See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/news/spacs/singapores-kacific-talks-us1-bil-spac-merger-sources-say?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>Singapore's Kacific in talks for US$1 bil SPAC merger, sources say</a>

"With the successful listing of Pegasus Asia, we will immediately focus on seeking suitable targets for the business combination. The strong growth in technology-enabled sectors across the Asia Pacific region has nurtured many companies with disruptive business models in the new economy which are suitable de-SPAC candidates for us,” he adds.

Pol de Win, SGX’s managing director, head of global sales and origination welcomed the listing on SGX. “Backed by sponsors with highly relevant global experience, Pegasus Asia seeks to unlock growth opportunities for both businesses and investors, capitalising on key secular trends,” says de Win.

"The passion of Pegasus Asia and its sponsors for empowering technology businesses, by providing patient capital and operational support, will no doubt make a transformative impact and create value for businesses in this region. SGX wishes Pegasus Asia and its sponsors success and we are excited about the example this transaction sets for more high-quality international sponsors considering SPAC listings in Singapore,” he adds.

As at 9.19am, units in Pegasus Asia spac are trading at $5.01.

Photo: Albert Chua/The Edge Singapore

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