Pegasus Asia, a special purpose acquisition company (Spac), debuts on the mainboard of the Singapore Exchange Securities Trading (SGX-ST) on January 21, with the initial public offering (IPO) receiving strong support from international sponsors, including Tikehau Capital and Financière Agache.
As the first Spac listed on the SGX-ST to be backed by international sponsors, and the third Spac for the sponsor group globally, Pegasus Asia attracted significant demand from global international funds, institutional investors, family offices, high-net-worth individuals and retail investors.
The international offering comprised 29 million units, including 4 million over-allotted to investors, which are subject to repurchase by the company pursuant to a put option.
The Singapore public offer of 600,000 units was approximately 7.8 times subscribed. At the close of the offer on January 19 2022, 1,108 valid applications were received. In total, these applicants applied for an aggregate of 4,684,700 units, with application monies received amounting to approximately S$23.4 million (US$17.38 million).
Each offering unit comprises one new share and one-half of a warrant. The shares and public warrants will trade separately 45 calendar days from the listing date, which is expected to be March 7.
“We are delighted with the resounding success of Pegasus Asia’s IPO and the strong response from investors,” say Antoine Flamarion and Mathieu Chabran, co-founders of Tikehau Capital. “Tikehau Capital invests its own capital in each of its Spacs, and as such, we believe that our investors interests are closely aligned with our own.
“Spacs are an efficient investment tool that align well with our core strategy. They provide an effective way of raising capital and investing in selected companies to finance their growth objectives. The Asian market has great potential; together with Financière Agache, we will leverage our global network and expertise in investing, diligence and capital raising to best identify Pegasus Asia’s target business in the technology-enabled sector.”
Pegasus Asia’s CEO Neil Parekh adds: “With the successful listing of Pegasus Asia, we will immediately focus on seeking suitable targets for the business combination. The strong growth in technology-enabled sectors across the Asia-Pacific region has nurtured many companies with disruptive business models in the new economy which are suitable de-Spac candidates for us.”