European asset management group Tikehau Capital, along with partner Financière Agache, has lodged a preliminary prospectus to list its special purpose acquisition company (Spac) on the Singapore Exchange (SGX).
The Pegasus Asia SPAC, when launched, will be the first Spac in Singapore to be backed by international sponsors.
Financière Agache is the family office of Bernard Arnault, chairman of luxury goods conglomerate Moët Hennessy Louis Vuitton (LVMH). It holds a direct 96% ownership of Christian Dior, the controlling shareholder of LVMH.
According to the preliminary prospectus on the Monetary Authority of Singapore (MAS) Opera site, Pegasus Asia is offering 25.6 million units at S$5 (US$3.67) each, or a total of S$128 million.
Its sponsors – Tikehau Capital, Financière Agache, Diego De Giorgi and Jean Pierre Mustier – have each entered into a sponsor subscription agreement investing S$22 million in the initial public offering (IPO). An additional S$20 million could also be raised through an agreement that grants the underwriters the right to sell more shares than originally planned.
The listed company will target disruptive and new economy companies that challenge existing market models as well as incumbents in technology sectors such as consumer tech, fintech, proptech, insurtech, healthtech and digital services.
UBS Singapore and Citigroup Global Markets Singapore are joint issue managers and global coordinators. Both banks, along with UOB Kay Hian, Oversea-Chinese Banking Corporation, and China International Capital Corporation (Singapore) are joint bookrunners and underwriters.
The acquisition period for the Spac is within 24 months from the listing date, subject to an extension of no more than 12 months.
Spac listings have been gaining popularity especially in Singapore, which expects to see an increasing number of such investment vehicles launched on SGX in the coming months.
Also on January 6, Singapore-based venture capital business Vertex Venture Holdings (VVH), a subsidiary of Temasek Holdings, lodged a preliminary prospectus to list a Spac on the SGX.
