SINGAPORE (BLOOMBERG) – Singapore buyout firm Novo Tellus Capital Partners has applied to list a special purpose acquisition company (Spac) with the city-state’s exchange, according to people with knowledge of the matter.
The technology and industrials-focused firm is planning to raise between $200 million and $250 million through an initial public offering (IPO) of the blank-cheque company, said the people, who asked not to be identified as the process is private. The IPO could take place as soon as the end of this year, said the people.
Novo Tellus would be among the firms vying to be first to list a Spac on Singapore’s exchange, a group that includes Vertex Holdings, a unit of Temasek Holdings Pte, and European asset manager Tikehau Capital, Bloomberg News has reported. The potential IPO comes after Singapore started allowing blank-cheque companies to list in September.
Deliberations are still ongoing and the size and timeline of the Novo Tellus Spac IPO could still change, said the people. Novo Tellus didn’t immediately respond to requests for comment made outside normal business hours.
Novo Tellus raised US$250 million (S$337 million) for its second South-east Asia fund in December, according to its website. The firm’s portfolio includes stakes in Tessolve Semiconductor, an Indian semiconductor engineering services firm, and Procurri Corp, a Singaporean provider of equipment and services to data centres, the website shows.