Shares in Singapore’s first special purpose acquisition company (SPAC) Vertex Technology Acquisition Corporation (VTAC) opened at $5.25 on its first day of trading on the Mainboard of the Singapore Exchange (SGX) on Jan 20, and closed at $5.05. The SPAC is trading under the stock code, "VTA".
The price is 5% higher than VTAC’s offer price of $5. The offer price comprises one ordinary share and 0.3 warrant share, with an additional right to 0.2 of one warrant per share.
VTAC, on Jan 19, saw its public offer of 600,000 units was 36 times subscribed as balloting closed on Jan 18. The placement tranche of 11.2 million units was 8.8 times subscribed.
Chua Kee Lock, VTAC's chairman, says the spac is honoured to be the first of its kind to list on SGX. "We are committed to staying focused on the important step of a business combination with a company at the forefront of technology transformation," he says.
"We thank the Singapore Exchange for its vision and foresight and we look forward to contributing to the vibrancy of the capital market ecosystem in Singapore," adds Chua.
Pol de Win, SGX's senior managing director, head of global sales and origination says the exchange welcomes VTAC to the new SPAC family. "The strong reception to VTAC’s offering from both institutional and retail investors clearly shows the demand for SPACs in this region."
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"With Vertex Venture’s global network and track record, well-established shareholder ecosystem and deep local expertise, VTAC is uniquely placed to capture market opportunities and create long-term value for its stakeholders," says de Win.
"We look forward to supporting VTAC as it seeks to invest in fast-growing, scalable technology-driven businesses,” he adds.
See more: Vertex's spac IPO 36 times subscribed
Photo: Vertex Holdings
