Tikehau Capital, a pan-European asset manager, has submitted paperwork to list a special purpose acquisition company (SPAC) on the Singapore Exchange, unnamed sources told Reuters.
The SPAC, sponsored by Tikehau Capital and Financiere Agache, a holding company of luxury goods chief Bernard Arnault, is expected to bring in about $150 million.
Euronext reports that Tikehau Capital manages c. EUR 28.5 billion of assets and has 2.8 billion of shareholders’ equity at the end of 2020. The firm invests in a variety of asset classes, including private debt, real estate, private equity, and liquid strategies through Tikehau IM, an asset management subsidiary that operates on behalf of institutional and private investors.
SPACs are gaining interest from several investors, including Singapore state investor Temasek’s Vertex Holdings, encouraged by new regulations from the exchange and the relaxation of some restrictions seen to be overly stringent.
The oldest venture capital fund in Southeast Asia, Vertex Holdings, is also attempting to list a SPAC valued at $150 million to $185 million by the end of this year. Vertex manages about $6 billion in assets worldwide, and it is anticipated to file its application with the SGX this month, becoming one of the first blank-check firms to do so.
The size of Vertex’s SPAC may be somewhat higher than the minimum SG$150 million set by the exchange, suggesting that it might merge with a bigger goal of SG$1 billion.
The SGX has had a rocky year, with mediocre stock transactions, corporate misbehaviour and delistings. There have only been four initial public offerings on the mainboard of the SGX since January 1, 2021, bringing in a total of SG$314 million.
According to Nikkei Asia, the development of regional bourses in Indonesia and Thailand, which are poised to capture unicorns emerging from their markets, is attributed to liquidity on their exchanges.
SGX was the first Asian stock market to allow SPAC listings in September, following Wall Street’s SPAC trend that began last year.
SPACs are enterprises that seek to buy unlisted businesses to speed up their time to market.