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SPAC - Vertex Techn Acquisition Corp (VTAC)
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goldeneye
Senior |
19-Jan-2022 22:37
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🛫 🛫 🛫 🛫 🛫 🛫 🛫 🛫 🛫 🛫 🛫 🛫 🛫 🛫 🛫 🛫 🛫 🛫 |
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SureStrike
Veteran |
19-Jan-2022 21:16
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Vertex SPAC IPO' s public tranche is 36.0 times subscribed trading starts ThursdayJAN 19, 2022 08:35 PM
VERTEX Technology Acquisition Corporation Ltd (VTAC) saw the public offer tranche 36.0 times subscribed at the close of its initial public offering (IPO), it said on Wednesday (Jan 19). Units are expected to start trading on the Singapore Exchange mainboard at 2pm on Thursday. VTAC, Singapore' s first listed special purpose acquisition company (SPAC), had offered 11.8 million units at S$5 apiece. Some 600,000 units were offered to the public, with more than 3,700 valid applications received for about 21.6 million units. There were roughly 890 successful applicants in the public offering. The international placement tranche of 11.2 million units was about 8.8 times subscribed, with indications of interest received for 98.6 million units. This placement was open to institutional and other investors in Singapore, as well as foreign institutional and selected investors outside the United States. Separate from the offering, 13 cornerstone investors subscribed for a combined 22.2 million cornerstone units. These investors include Temasek subsidiaries Venezio Investments and Fullerton Fund Management, as well as Dymon Asia Multi-Strategy Investment Master Fund, Asdew Acquisitions, and the Segantii Asia-Pacific Equity Multi-Strategy Fund. SPACs are investment vehicles that go public with the aim of acquiring and merging with a suitable target company, in what is known as an " initial business combination" . The IPO raised gross proceeds of S$200 million in all from the issue of 40 million units, with the funds to be used for the initial business combination and deferred underwriting commissions. VTAC chairman Chua Kee Lock said: " We will focus on achieving a successful initial business combination and seek to create long-term value for the target company and our stakeholders." |
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goldeneye
Senior |
19-Jan-2022 19:37
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IPO' s Result of Balloting Allotments ?? |
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SureStrike
Veteran |
19-Jan-2022 19:02
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SUBJECT TO THE OVER-ALLOTMENT OPTION OF UP TO 2.36 MILLION OFFERING UNITS (THE " OVER-ALLOTMENT OPTION" ). Capitalised terms used herein, unless otherwise defined, all have the meanings as defined in the prospectus of Vertex Technology Acquisition Corporation Ltd dated 13 January 2022 and registered with the Monetary Authority of Singapore on 13 January 2022 (the " Prospectus" ). Credit Suisse (Singapore) Limited (" Credit Suisse" ) and DBS Bank Ltd. (" DBS" ) are the joint issue managers for the Offering. Credit Suisse, DBS and Morgan Stanley Asia (Singapore) Pte. are the joint global coordinators, joint bookrunners and joint underwriters for the Offering (collectively, the " Joint Global Coordinators, Joint Bookrunners and Joint Underwriters" ). The Board of Directors of Vertex Technology Acquisition Corporation Ltd (the " Company" ), wishes to announce that in connection with the Offering, and for the purpose of Regulation 3A(2)(g) of the Securities and Futures (Market Conduct) (Exemptions) Regulations 2006, the Company has granted the Joint Global Coordinators, Joint Bookrunners and Joint Underwriters an over-allotment option exercisable by Credit Suisse (Singapore) Limited (the " Stabilising Manager" ) (or its affiliates or any persons acting on its behalf), in consultation with the other Joint Issue Managers and the Joint Global Coordinators, Joint Bookrunners and Joint Underwriters, in full or in part, on one or more occasions, from the Listing Date until the earlier of (i) the date falling 30 days from the Listing Date, or (ii) the date when the Stabilising Manager (or its affiliates or any persons acting on its behalf) has bought, on the SGX-ST, up to an aggregate of 2.36 million Units, representing not more than 20.0% of the total number of the Offering Units to undertake stabilising actions, at the Offering Price. If the Over-allotment Option is exercised in full, the total number of issued Units immediately after the completion of the Offering and the issue of the Cornerstone Units and the Sponsor IPO Investment Units will be increased to 42.36 million. In connection with the Offering, the Stabilising Manager (or its affiliates or any persons acting on its behalf) may, in consultation with the other Joint Issue Managers, and the other Joint Global Coordinators, Joint Bookrunners and Joint Underwriters, and at its discretion, over-allot or effect transactions (in the open market or otherwise) which stabilise or maintain the market price of the Units at levels that might not otherwise prevail in the open market. The number of Units which the Stabilising Manager may buy to undertake stabilising actions shall not exceed 2.36 million Units. However, there is no assurance that the Stabilising Manager (or its affiliates or any persons acting on its behalf) will undertake stabilising action. Such transactions may commence on or after the Listing Date until the earlier of (i) the date falling 30 days from the Listing Date, or (ii) the date when the Stabilising Manager (or its affiliates or any persons acting on its behalf) has bought, on the SGX-ST, up to an aggregate of 2.36 million Units, and be effected on the SGX-ST and in other jurisdictions where it is permissible to do so, in each case in compliance with all applicable laws and regulations. An announcement will be made if and when the Over-Allotment Option is exercised. |
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SureStrike
Veteran |
14-Jan-2022 18:39
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First SPAC IPO. I booked already u know. Good luck to me! 😂 🤣 |
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chengwh1
Elite |
07-Jan-2022 18:57
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Prelim Prospectus was lodged today. Earlier, I was given the impression that I could redeem my units anytime after commencement of trading on a ' Ready' basis. Apparently, based on the prospectus, we can only redeem upon initial Business Combination' s (BC) completion OR if a BC cannot be completed within 2 years. Share price : $5 per share. Must apply 1000 shares at IPO. Each share will come with 0.3 Warrant per share, with an additional right to another 0.2 Warrant per share when certain conditions are met. Exercise Price of each Warrant is $5.75. Etc, etc,... |
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chengwh1
Elite |
07-Jan-2022 18:45
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An excerpt from The Edge last night ! Vertex Ventures and Pegasus Asia have on Jan 6 have filed their respective preliminary prospectuses to kick start Spac listings on the Singapore Exchange. Vertex Technology Acquisition Corporation (VTAC), which plans to raise some $200 million, is mandated to complete its initial business combination within 24 months from the listing date with a business having a core technology focus, highly differentiated products and scalable business models, with the aim to improve people&rsquo s lives by transforming businesses, markets and economies. VTAC focuses on tech in the spaces of artificial intelligence cyber security and enterprise solutions consumer internet and technologies financial technologies autonomous driving and new-energy vehicles and biomedical technologies digital healthcare. In line with the listing, VTAC intends to acquire one or more related businesses that could bring value to the company. The offering will see 40 million units in VTAC being offered at $5.00 per unit by way of initial public offering (IPO) in Singapore. Thus far, VTAC has secured 13 cornerstone investors to subscribe for an aggregate of 22.2 million cornerstone units to raise total proceeds of $111 million. It has also secured $30 million from its sponsor Vertex Venture Holdings. The 13 cornerstone investors include fellow Temasek-linked fund management entities Fullerton Fund Management Company, Venezio Investments Asdew Acquisitions, held by notable investor Wang Yu Huei, DBS Bank and DBS Bank (Hong Kong) alternative investment firm Dymon Asia Capital (Singapore) Malaysia-based fund manager Fortress Capital Asset Management Greenpark Investment Linden Capital Lion Global Investors Target Asset Management The Segantii Asia-Pacific Equity Multi-Strategy Fund and UBS Asset Management. Vertex Ventures is a Singapore-based global venture capital platform, which provides anchor funding and operational support to a proprietary global network of venture capital funds, through a master fund structure. It currently has an active portfolio of over 200 portfolio companies and manages over US$5.1 billion AUM, of which approximately US$3.7 billion AUM is managed by 18 global network funds (Vertex Network Funds) managed by independent general partners. 100% of gross proceeds raised from the offering and issuance of the cornerstone units and sponsor IPO investment units will be placed in an escrow account (complying with the SGX-ST requirement whereby at least 90% of gross proceeds are to be placed in an escrow account). VTAC will be led by non-executive chairman Chua Kee Lock, as well as executive director and CEO Jiang Honghui and CFO Sito Tuck Wai. The joint global coordinators, joint bookrunners and joint underwriters are Credit Suisse (Singapore), DBS Bank, Morgan Stanley Asia (Singapore). |
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