Singapore's benchmark index has traditionally been dominated by finance and property names. But the exchange has set its sights on drawing tech companies, and it thinks that SPACs will be a good way to do so.
Mohamed Nasser Ismail, SGX's head of equity capital markets, told CNBC on Monday that SPACs provide an alternative route for companies to access public markets. "There is now a growing pool of new technology or new economy companies that are rising across the region that will find the SPACs route … in Singapore to be an attractive, valuable and sustainable way of securing funding going forward," Nasser told CNBC's "Squawk Box Asia."
Companies that pursue a SPAC listing on the SGX must meet a minimum market capitalization of 150 million Singapore dollars .SPACs have exploded in popularity, especially in the U.S. There have been 358 SPAC IPOs so far this year in the U.S., rocketing over 800% from the year before. That accounts for the vast majority of the 379 SPAC IPOs globally so far this year, according to data from consultancy EY. The rest of the SPAC IPOs were in Europe.
Singapore-headquartered ride-hailing giant Grab, for example, plans to list on the Nasdaq when its SPAC merger with
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