Pegasus Asia spac, which counts sponsors such as Tikehau Capital, Financière Agache, Diego De Giorgi and Jean-Pierre Mustier, has allocated its full offering size of 29.6 million offering units.
The spac has raised some $170 million in gross proceeds at its initial public offering (IPO).
In an evening filing on Jan 20, Pegasus Asia announced that its international offering of 25 million placement units was “oversubscribed”.
The international offering comprised 29 million offering units, which includes 4 million units that were over-allotted to investors. The 4 million units are subject to be repurchased by the spac under a put option.
Its public offer of 600,000 units were 7.8 times subscribed at the close of balloting on Jan 19.
“We are delighted with the resounding success of Pegasus Asia’s IPO and the strong response from investors. Tikehau Capital invests its own capital in each of its spacs and as such, we believe that our investors interests are closely aligned with our own,” says Antoine Flamarion and Mathieu Chabran, co-founders of Tikehau Capital.
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The co-founders add that they regard spacs as an “efficient investment tool that align well with our core strategy”.
“They provide an effective way of raising capital and investing in selected companies to finance their growth objectives,” continue Flamarion and Chabran.
In addition, Tikehau Capital's co-founders say they see “great potential” in the Asian market and “together with Financière Agache, we will leverage our global network and expertise in investing, diligence and capital raising in order to best identify Pegasus Asia’s target business in the technology-enabled sector and ensure its success”.
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“We would also like to thank the Monetary Authority of Singapore and the Singapore Exchange for welcoming our first spac in Asia. We expect to have more exciting projects to come in the region,” they say.
Pegasus Asia’s CEO Neil Parekh expressed his gratitude at the “strong support” seen from its new shareholders. He adds that “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”.
“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,” continues Parekh.
Shares in Pegasus Asia will commence trading on the Singapore Exchange’s (SGX) Mainboard at 9am on Jan 21.
Photo: Albert Chua/The Edge Singapore
