NAME: Vertex Technology Acquisition $148 Million IPO

LAW FIRM: Baker McKenzie Wong & Leow, Eng & Co, WongPartnership, Maples and Calder


PRACTICE AREAS: Capital Markets

INDUSTRY SECTORS: Technology and Telecommunications

The Vertex Technology Acquisition $148 Million IPO listing is our deal of the month for January.

Eng & Co has advised Vertex Technology Acquisition (VTAC) on its $148 Million IPO listing in Singapore. This marks the first IPO listing in Singapore by a special purpose acquisition company (SPAC) since the Singapore Exchange announced new SPAC listing rules in September.

VTAC listed 11.8 million units in its offering at a price of $5. The issuer is sponsored by Vertex Venture Holdings, a Temasek subsidiary. With this venture, VTAC aims to target investment in areas such as cybersecurity, artificial intelligence, consumer internet, fintech, autonomous driving and/or biomedical technologies moving forward.

Law firms Baker McKenzie Wong & Leow and WongPartnership were also involved in the deal. Baker McKenzie acted as special US counsel for the global coordinators, bookrunners and underwriters, and WongPartnership acted for the issue managers and underwriting banks. The Bakers was headed by principal Ashok Lalwani, together with Steven Canner and Carol Stubblefield. The WongPartnership team was led by head of equity capital markets Gail Ong and partner James Choo. Maples and Calder was offshore counsel to VTAC.