IPO

Tikehau Capital gets nod for SGX Spac listing

, The Edge

Global alternative asset manager Tikehau Capital and its partner Financière Agache, the family office of LVMH Group controlling shareholder Bernard Arnault, have received an eligibility-to-list (ETL) letter from the SGX on Dec 29. The sponsor group has incorporated Pegasus Asia, a special purpose acquisition company (SPAC). The listing is subject to certain conditions as well as the broader market environment. 

Tikehau and Financière Agache plan to invest $62 million in the SPAC through the subscription of units and an unconditional forward purchase agreement. This is in addition to the sponsor’s initial contribution of up to $10 million of “at-risk” capital by purchasing warrants in the private placement. The target merger company was not disclosed. Tikehau submitted its IPO application to list the SPAC on the SGX in late October. 

In April, Tikehau announced that its first SPAC, Pegasus Europe, had successfully raised 500 million euros in a private placement. The vehicle was launched in February alongside co-sponsors Financière Agache, Jean Pierre Mustier and Diego De Giorgi.Meanwhile, its second sponsored SPAC Pegasus Entrepreneurs has raised 210 million euros in private placement, the firm announced in early December. The offering was upsized by 10 million euros, following strong investor demand.  As at end-September, Tikehau has 31.8 billion euros of assets under management. Its key areas of expertise include private debt, real assets, private equity and capital markets strategies, as well as multi-asset and special opportunities strategies.Temasek became a shareholder of Tikehau in 2016.

Last week, Temasek-owned Vertex Venture Holdings announced that it had received the ETL letter from SGX informing Vertex Technology Acquisition Corporation (VTAC) of its conditional eligibility for a SGX Mainboard listing. It will be submitting an application to SGX to list its newly-incorporated Cayman Islands exempted private company VTAC, as a special purpose acquisition company (SPAC).SGX introduced a set of rules in September, making it easier for SPACs to list. Besides Tikehau and Vertex, parties reportedly keen to list a SPAC include buyout firm Novo Tellus.


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