A lacklustre market debut for the first two blank-cheque companies to list in Singapore is raising some questions whether the excitement seen for such vehicles in the US early last year will prevail in Asia.
Vertex Technology Acquisition, sponsored by a unit of state investor Temasek, jumped in early trade on Thursday, but was just 1 per cent higher than its offer price by the end of Friday. Tikehau Capital SCA-backed Pegasus Asia rose 0.4 per cent in its first day of trading on Friday.
The muted performance of the two Spacs, or special purpose acquisition companies, comes amid a global equity selloff. Worries over rising inflation and potential rate hikes by the Federal Reserve saw the technology-focused Nasdaq 100 plunge into a correction on Thursday. Spacs’ performance tends to be correlated to tech shares.
Singapore announced a listing framework for Spacs in September ahead of financial-hub rival Hong Kong, with rules that are seen as less stringent. Hong Kong’s first blank-cheque company filed a prospectus to its exchange on January 17, with a debut date yet to be set, and another Spac is said to be in the works in the city.
“There is no real reason for a Spac to trade very far from its listing price” until it’s ready to find merger partners, said Sumeet Singh, the head of equity research, IPOs and placements at Aequitas Research. If the managers are able to undertake a merger that trades well post-market, investors would be willing to “pay a premium and bid the shares higher”, he said.
Both VTAC and Pegasus counted on well-known sponsors and had strong participation of cornerstone and institutional funds, with just small portions reserved for individuals. That could leave some room for those that couldn’t join the IPOs to buy them in the market.
VTAC raised total gross proceeds of S$200 million ($149m) with its offering. Pegasus Asia, which is also backed by the family office of LVMH chairman Bernard Arnault, took in S$170 million. Both had units sold at S$5 apiece. Despite their relatively small sizes, the debuting of blank-check firms was long awaited in the city-state, which also has some other Spacs in the works.
The sponsor really matters at this point. Whenever you have something new, the track record matters
Terence Chua,
analyst at Phillip Securities Research
“The sponsor really matters at this point,” said Terence Chua, an analyst at Phillip Securities Research. “Whenever you have something new, the track record matters.”
Strong performances by Spacs in Singapore could help attract attention to the market, which is seeking to lure more initial public offerings. Spacs domiciled in the city-state raised about $900m in the US last year, an amount close to all proceeds raised by IPOs on the Singapore Exchange in 2021.
Meanwhile, Spacs are off to a busy start to the year in Europe, with several new offerings and mergers planned. That contrasts with a more sluggish scenario in the US, where listings have slowed considerably versus the frenzy that dominated the start of 2021, mostly due to increased scrutiny by regulators.
“Companies should go public in the region where they are best known, where they have a good stand in the long term,” said Neil Parekh, chief executive officer of Pegasus Asia, in an interview with Bloomberg TV. The firm is seeking an acquisition in consumer tech, MedTech, FinTech, property tech and digital services, he said.
DUBAI%20BLING%3A%20EPISODE%201
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Company%20profile
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Scores in brief:
Boost Defenders 205-5 in 20 overs
(Colin Ingram 84 not out, Cameron Delport 36, William Somerville 2-28)
bt Auckland Aces 170 for 5 in 20 overs
(Rob O’Donnell 67 not out, Kyle Abbott 3-21).
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
UAE currency: the story behind the money in your pockets
UAE SQUAD
Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Shaiman Anwar, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Ahmed Raza, Sultan Ahmed, Imran Haider, Qadeer Ahmed, Chirag Suri , Zahoor Khan
if you go
The flights Fly Dubai, Air Arabia, Emirates, Etihad, and Royal Jordanian all offer direct, three-and-a-half-hour flights from the UAE to the Jordanian capital Amman. Alternatively, from June Fly Dubai will offer a new direct service from Dubai to Aqaba in the south of the country. See the airlines’ respective sites for varying prices or search on reliable price-comparison site Skyscanner.
The trip
Jamie Lafferty was a guest of the Jordan Tourist Board. For more information on adventure tourism in Jordan see Visit Jordan. A number of new and established tour companies offer the chance to go caving, rock-climbing, canyoning, and mountaineering in Jordan. Prices vary depending on how many activities you want to do and how many days you plan to stay in the country. Among the leaders are Terhaal, who offer a two-day canyoning trip from Dh845 per person. If you really want to push your limits, contact the Stronger Team. For a more trek-focused trip, KE Adventure offers an eight-day trip from Dh5,300 per person.
The biog
Born November 11, 1948
Education: BA, English Language and Literature, Cairo University
Family: Four brothers, seven sisters, two daughters, 42 and 39, two sons, 43 and 35, and 15 grandchildren
Hobbies: Reading and traveling
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INDIA'S%20TOP%20INFLUENCERS
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
More from Neighbourhood Watch
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THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
Mica
Director: Ismael Ferroukhi
Stars: Zakaria Inan, Sabrina Ouazani
3 stars
The specs
Engine: 8.0-litre, quad-turbo 16-cylinder
Transmission: 7-speed auto
0-100kmh 2.3 seconds
0-200kmh 5.5 seconds
0-300kmh 11.6 seconds
Power: 1500hp
Torque: 1600Nm
Price: Dh13,400,000
On sale: now
COMPANY%20PROFILE
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COMPANY%20PROFILE
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HOW TO WATCH
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Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
Scorecard:
England 458 & 119/1 (51.0 ov)
South Africa 361
England lead by 216 runs with 9 wickets remaining
ABU DHABI ORDER OF PLAY
Starting at 10am:
Daria Kasatkina v Qiang Wang
Veronika Kudermetova v Annet Kontaveit (10)
Maria Sakkari (9) v Anastasia Potapova
Anastasia Pavlyuchenkova v Ons Jabeur (15)
Donna Vekic (16) v Bernarda Pera
Ekaterina Alexandrova v Zarina Diyas
HEADLINE HERE
- I would recommend writing out the text in the body
- And then copy into this box
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Indoor Cricket World Cup Dubai 2017
Venue Insportz, Dubai; Admission Free
Day 1 fixtures (Saturday)
Men 1.45pm, Malaysia v Australia (Court 1); Singapore v India (Court 2); UAE v New Zealand (Court 3); South Africa v Sri Lanka (Court 4)
Women Noon, New Zealand v South Africa (Court 3); England v UAE (Court 4); 5.15pm, Australia v UAE (Court 3); England v New Zealand (Court 4)
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Porsche Macan T: The Specs
Engine: 2.0-litre 4-cyl turbo
Power: 265hp from 5,000-6,500rpm
Torque: 400Nm from 1,800-4,500rpm
Transmission: 7-speed dual-clutch auto
Speed: 0-100kph in 6.2sec
Top speed: 232kph
Fuel consumption: 10.7L/100km
On sale: May or June
Price: From Dh259,900
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
MO
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Getting%20there%20
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COMPANY%20PROFILE
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Company%20Profile
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
MATCH INFO
Manchester United 6 (McTominay 2', 3'; Fernandes 20', 70' pen; Lindelof 37'; James 65')
Leeds United 2 (Cooper 41'; Dallas 73')
Man of the match: Scott McTominay (Manchester United)
UAE currency: the story behind the money in your pockets
THE TWIN BIO
Their favourite city: Dubai
Their favourite food: Khaleeji
Their favourite past-time : walking on the beach
Their favorite quote: ‘we rise by lifting others’ by Robert Ingersoll
The bio
Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district
Was a middle distance state athletics champion in school
Enjoys driving to Fujairah and Ras Al Khaimah with family
His dream is to continue working as a social worker and help people
Has seven diaries in which he has jotted down notes about his work and money he earned
Keeps the diaries in his car to remember his journey in the Emirates
Dengue%20fever%20symptoms
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COMPANY%20PROFILE
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