Europe and Asia-focused tech SPAC Poema Global raises $300m in US IPO

Photographer: Victor J. Blue/Bloomberg

Poema Global Holdings, a blank check company targeting technology businesses in Europe and Asia, secured $300 million in its initial public offering (IPO) in the US after pricing 30 million units at $10 each, according to an announcement.

Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. The special purpose acquisition company (SPAC) affiliated with Princeville Capital, an investment firm focused on backing rapidly-growing technology firms around the world, offered $5 million more units than anticipated.

Poema Global plans to list on the Nasdaq and trade under the ticker symbol PPGHU.

SPACs are companies without operations that are formed only to raise capital to acquire other businesses. Merging with a SPAC has become an increasingly popular method for closely-held businesses to raise capital for growth.

“We seek to complete business combinations with companies that have validated technologies and attractive unit economics, with a particular focus on Europe and Asia,” the SPAC said on its website.

Poema Global is led by co-chairmen Emmanuel DeSousa and Joaquin Rodriguez Torres, co-founders and managing partners of Princeville Capital. They are joined by CEO and director Homer Sun, who previously served as CIO of Morgan Stanley Private Equity Asia, and president Marc Chan, who currently serves as executive director at Amprion.

Princeville Capital, an investment firm founded in 2016, has over $1 billion of capital under management. With offices in San Francisco, Hong Kong, and Berlin, Princeville Capital currently has 13 active portfolio companies.

SPACs typically acquire firms as quickly as four to five months. They are given up to two years to seek targets. If they can’t fulfil that mandate, they will have to return all the money to the public shareholders.

Earlier, billionaires Peter Thiel and Richard Li teamed up to form Bridgetown 2 Holdings, a SPAC that is now seeking to raise $200 million in an IPO in the US. The SPAC targets new economy technology, financial services, and media companies in Southeast Asia.

The two billionaires’ first SPAC raised $595 million in October 2020, making it the biggest SPAC focused on Southeast Asia. The first SPAC was also reported to be considering a potential merger with Indonesia’s e-commerce giant Tokopedia.

Recently, Vickers Vantage, a Singapore-based blank check company formed by venture capital firm Vickers Venture Partners, announced plans to raise about $100 million in a US IPO. Tiga Acquisition and Aspirational Consumer Lifestyle Corp, both Singapore-based, have also filed to raise $200 million and $225 million IPO in the US, respectively.

Another Southeast Asia-focused blank check company, Provident Acquisition Corp, also filed in December to raise up to $200 million in a US IPO.

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.