Singapore’s First SPACs Off to Timid Start in Rough Trading Week
- VTAC, Pegasus Asia units finish near their listing prices
- Singapore set rules for blank-check vehicles before Hong Kong
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A lackluster market debut for the first two blank-check companies to list in Singapore is raising some questions whether the excitement seen for such vehicles in the U.S. early last year will prevail in Asia.
Vertex Technology Acquisition Corp., sponsored by a unit of state investor Temasek, jumped in early trade on Thursday, but was just 1% higher than its offer price by the end of Friday. Tikehau Capital SCA-backed Pegasus Asia rose 0.4% in its first day of trading on Friday.