Temasek’s Heliconia Capital said to be eyeing SPAC listing on SGX

Photo by Duy Nguyen on Unsplash

Temasek-backed Heliconia Capital is considering a special purpose acquisition company (SPAC) listing on the Singapore Exchange (SGX), according to several sources familiar with the development.

One source aware of the deal told DealStreetAsia that Heliconia is looking at a S$250-million ($186.3 million) vehicle, with discussions still in the early stages.

A separate source added that Heliconia was led to consider a SPAC listing under the persuasion of its parent company Temasek Holdings, which has been closely involved with the SGX in getting its SPAC framework off the ground.

DealStreetAsia did not receive a response from Heliconia at the time of publishing this article.

SPAC listings were given the green light by SGX at the beginning of September, following months of an intense market study assessing the viability of the blank cheque vehicle.

The move to allow SPACs by the exchange was aimed at attracting higher-quality companies and investors in order to bolster its position as a destination for Asian listings. The SGX has sustained a spate of delistings and poor liquidity in the last few years – a trend the Asian bourse hopes to reverse.

The SGX’s latest SPAC framework has been welcomed by stakeholders so far. It outlines a list of commercial-friendly regulations including a lower SPAC market cap of S$150 million and detachable warrants.

Several fund managers are reportedly looking into launching an SGX-listed SPAC, including Vertex Holdings, Turmeric Capital and Tikehau Capital. Last week, Novo Tellus told DealStreetAsia in an exclusive interview that the Singaporean private equity firm is looking at listing a S$200 million SPAC in early 2022.

Last week, DealStreetAsia reported that SGX is also in the midst of roping in an “anchor investor” for an upcoming pipeline of SPACs to build momentum for the asset class on the bourse. Sources had revealed that this will likely be Temasek Holdings, Singapore’s state investor.

Building liquidity for the SPAC is seen as the next step for SGX, now that it has launched its SPAC blueprint for stakeholders. Sources explained that more direct involvement by Temasek or any Singapore government-backed entity would be seen as a way to boost investor participation due to its status as a global investor.

Temasek Holdings oversees a global portfolio value of S$381 billion ($283 billion), which is at a record high, as of March 31, according to its latest investment review. It also posted a one-year return of 24.53% to shareholders, with most it underpinned by global equity rallies and IPO gains in portfolio companies such as Airbnb, Roblox, and Doordash.

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.