Asia Digest: SG’s Fat Projects Acquisition raises $100m; K Car mops up $285m in IPO

Photo by Pepi Stojanovski on Unsplash

SG-based SPAC firm Fat Projects Acquisition Corp has announced the closing of its $100-million IPO while K Car, a South Korean automotive marketplace fully owned by private equity firm Hahn & Company, has raised $285 million in its IPO. 

SG’s Fat Projects Acquisition raises $100m IPO

Singapore-headquartered investment and venture studio Fat Projects Acquisition Corp has announced the closing of a $100-million IPO by offering 10 million units at $10 per unit, according to an announcement. 

Each unit consists of one Class A ordinary share and one redeemable warrant entitling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share.

The Company’s units began trading on the Nasdaq Global Market on October 13, 2021 under the ticker symbol “FATPU.”

Fat Projects was established in 2015 with growth capital deployed across a portfolio of assets in technology, fintech, education, hospitality, e-commerce and food technology.

The company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

The company was co-founded by David Andrada and Tristan Lo, two partners who respectively bring a nexus between 20 years of high-end global banking and a 20-year career built on entrepreneurialism.

EF Hutton, division of Benchmark Investments, LLC, acted as sole book-running manager for the offering.

S Korea’s K Car raises $285m IPO

K Car, a South Korean automotive marketplace fully owned by private equity firm Hahn & Company, has raised $285 million in an initial public offering (IPO).

K Car, which is a second-hand car retailer, was created by Hahn & Company through the merger of SK Encar and Joy Rent a Car.

Approximately 13.5 million shares were sold for KRW25,000 apiece. Hahn & Co. offloaded 12.3 million shares, equivalent to 25% of K Car, for a KRW306.5 billion partial exit.

This development comes three years after the South Korean PE firm bought the entire stake in K Car for about 200 billion won from SK Group. Before that, K Car was named SK Encar.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.