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Tikehau Capital submits application to SGX for SPAC IPO

Khairani Afifi Noordin
Khairani Afifi Noordin • 2 min read
Tikehau Capital submits application to SGX for SPAC IPO
It is likely to be the first of such applications in Singapore
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Global alternative asset manager Tikehau Capital has submitted an initial public offering (IPO) application earlier this week to list a special purpose acquisition company (SPAC) on the Singapore Exchange (SGX).

It is likely to be the first of such applications in Singapore. Its prospectus is yet to be available — an official announcement will be held in the coming weeks, The Edge Singapore has learnt.

See: Tikehau Capital joins race for Singapore’s first SPAC

The race to set up a SPAC in the city-state includes names such as Temasek-backed Vertex Ventures, buyout firm Novo Tellus Capital Partners and private equity firm Turmeric Capital.

In April, Tikehau announced that its first SPAC, Pegasus Europe, had successfully raised 500 million euros in a private placement. The vehicle was launched in February alongside co-sponsors Financière Agache, Jean Pierre Mustier and Diego De Giorgi.

As at end-June, Tikehau has 30.9 billion euros of assets under management. Its key areas of expertise include private debt, real assets, private equity and capital markets strategies, as well as multi-asset and special opportunities strategies.

Tikehau and City Developments are joint owners of IREIT Global's manager. It also holds a 29% stake in IREIT Global, with CDL holding around 21% of the REIT.

Temasek became a shareholder of Tikehau in 2016 and Tikehau Capital is listed on Euronext. If listed on SGX, Tikehau will be the second real estate investment manager or REIM on the exchange after CapitaLand Investment.

Tikehau declined to comment on the development.

The SGX announced new rules that enable SPACs to list on its Mainboard on Sept 3, making it the first Asian bourse to allow blank check companies to list. The framework will give companies an alternative capital fund raising route with greater certainty on price and execution, according to CEO of Singapore Exchange Regulation Tan Boon Gin.

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