Asia’s SPAC Hopefuls Have Nowhere to Turn As IPO Market Shuts
- At least six Asia-related SPACs have pulled planned US IPOs
- SPAC IPOs in Asia have also gone quiet after initial rush
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Asian sponsors of blank-check firms are facing a tough market for initial public offerings wherever they turn, as a combination of increasing regulatory scrutiny and fading investor demand shutters the window for new listings from the US to Asia.
In the past three months, at least six Asia-related special purpose acquisition companies seeking a combined $1.3 billion from US IPOs have been scrapped, according to data provider SPAC Research. Of 12 blank-check firms that have filed to go public in Hong Kong, only one has actually started trading. It’s a similar pattern in Singapore, where SPACs have stalled after three inaugural IPOs in January.