Singapore’s Novo Tellus gets nod for local SPAC listing, sources say

·1 min read
 Novo Tellus Capital Partners aims to file its preliminary prospectus this month, sources said. (PHOTO: ROSLAN RAHMAN/AFP/Getty Images)
The buyout firm got the eligibility-to-list letter last month for its special purpose acquisition company, or SPAC, sources said. (PHOTO: ROSLAN RAHMAN/AFP/Getty Images)

By Elffie Chew

(Bloomberg) — Singapore’s Novo Tellus Capital Partners has received permission from the city’s stock exchange to list its blank-cheque company, according to people with knowledge of the matter.

The buyout firm got the eligibility-to-list letter last month for its special purpose acquisition company, or SPAC, the people said, asking not to be identified as the information is private. Novo Tellus Acquisition Corp. plans to raise S$150 million to S$200 million from an initial public offering, the people said.

The firm aims to file its preliminary prospectus this month, they said. Deliberations are still ongoing and the timing and details could change, the people said. Representatives for Singapore Exchange Ltd. and Novo Tellus declined to comment.

Novo Tellus is among the first wave of sponsors looking to list blank-check firms in Singapore after the city’s regulators rolled out a framework in September. Vertex Venture Holdings Ltd., a unit of Temasek Holdings Pte, became the first to win an approval, while Bloomberg News reported last week that European asset manager Tikehau Capital SCA also got the letter.

A SPAC-driven surge in listings would benefit Singapore’s paltry listing volumes. Only eight first-time share sales were priced last year on the local exchange, raising about US$1 billion in total, compared with almost US$12 billion in the rest of Southeast Asia, according to data compiled by Bloomberg.

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