Novo Tellus lodges preliminary prospectus for $150m Spac listing on SGX; Vertex launches Spac IPO

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SINGAPORE – Another special purpose acquisition company (Spac) has lodged a preliminary prospectus with the Monetary Authority of Singapore (MAS) for a listing on the Singapore Exchange (SGX).

Novo Tellus Alpha Acquisition, a Spac backed by Singapore-based Novo Tellus Capital Partners, filed its prospectus on Thursday (Jan 13), a week after Vertex Technology Acquisition Corporation (VTAC) and Pegasus Asia.

VTAC registered its final prospectus with the MAS on Thursday.

Novo Tellus is offering 10 million units, each comprising one share and half a warrant, at $5 per unit.

There will be 9.5 million units offered by way of an international placement to institutional and other investors in Singapore and in the United States. The other 500,000 units will be offered to retail investors here.

A market capitalisation of $150 million is expected upon listing, based on the offer price of $5 and the post-initial public offer (IPO) share capital of 30 million shares.

The sponsor, Novo Tellus Capital Partners, will invest $20 million in the company, subscribing for four million units at $5 apiece.

The Spac’s chief executive and executive chairman, Mr Loke Wai San, is also CEO and founder of Novo Tellus Capital Partners and chairman of mainboard-listed semiconductor solutions provider AEM.

Novo Tellus Alpha Acquisition said it plans to focus on the technology and industrials sector in the Indo-Pacific region, looking at companies with seasoned leadership teams with deep experience, relationships and operating track records.

Meanwhile, VTAC, a Spac set up by Temasek unit Vertex Venture Holdings, registered its final prospectus with the MAS on Thursday after lodging the preliminary prospectus on Jan 6.

It is the first Spac to launch an IPO in Singapore.

VTAC is offering 11.8 million units at $5 apiece. A unit comprises one ordinary share and 0.3 of one warrant.

The IPO opens at 8pm on Thursday and closes at 12pm on Jan 18, with trading to commence at 2pm on Jan 20.

There will be 11.2 million units offered via an international placement to institutional and other investors here and in the US and a public offering of the remaining 600,000 units in Singapore.

All the offering proceeds will be held in escrow.

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