Catcha Group's Patrick Grove reportedly mulls listing SPAC in Singapore

Catcha Group's chairman Patrick Grove is reportedly mulling listing a special purpose acquisition company in Singapore, throwing its hat in the ring to be the first to back blank-check vehicles, The Business Times reported. Catcha Group is an Internet investment group in Southeast Asia and Australia and has made over 50 investments globally.

According to BT, Grove (pictured) has entered into talks with the Singapore Exchange (SGX) regarding a potential listing and discussions are currently at an early stage, with details yet to be finalised. Catcha Group declined to comment on MARKETING-INTERACTIVE's queries.

Earlier this year, Catcha Group's blank cheque company Catcha Investment made a filing on the US Securities Exchange Commission in January this year to raise up to US$250 million in an IPO. According to the filing, Catcha Group aims to raise US$250 million by offering 25 million units at US$10.

This latest move by Grove comes shortly after SGX announced new roles on 2 September that allow SPACs to list on its Mainboard effective 3 September. An SGX listing under the SPAC framework must include features such as a minimum market capitalisation of SG$150 million. The SPACs are also expected to reach a deal within two years, with an extension of up to 12 months subject to fulfilment of prescribed conditions. CEO of Singapore Exchange Regulation, Tan Boon Gin, said it wants the SPAC process to result in good target companies listed on SGX, providing investors with more choice and opportunities.

According to BT, European alternative asset manager Tikehau Capital SCA is in the midst of preparations for a SPAC listing while others including Turmeric Capital and Temasek's Vertex Holdings are also interested. SPACs have become popular this year. Companies including Forbes, PropertyGuru, Buzzfeed, and Grab are all going public via a merger with SPAC.

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