SINGAPORE: Singapore Exchange is proposing introducing regulations to allow the listing of Special Purpose Acquisition Companies or blank cheque firms that have taken US markets by storm.
SPACs or shell companies, raise funds via IPOs to merge with operating firms and then take them public after offering them shorter listing timeframes and strong valuations. Hong Kong, Indonesia and other markets are stepping up efforts for SPAC listings but some industry executives say the region may not be as attractive as the United States where SPACs have already raised US$97 billion this year after a bumper 2020."It's clear that the SGX is targeting high-quality institutional investors even though this makes it a smaller market," said one banker who did not want to be identified as he was not authorised to speak to the media.
SPACs usually offer shares with warrants attached, which entitle them to buy shares at a certain price, becoming valuable if the underlying stock price goes up.
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