PARIS, FRANCE: Tikehau Capital, the global alternative asset management group, announced that Pegasus Asia – its first SPAC to be listed in Singapore – has successfully raised S$170 million (equivalent to c. €111.2 million2) in its initial public offering.
Similar to Pegasus Europe and Pegasus Entrepreneurs launched in 2021, Pegasus Asia was launched by Tikehau Capital alongside co-sponsors Financière Agache, Jean-Pierre Mustier and Diego De Giorgi. The sponsors collectively have an extensive proprietary network and resources to search and evaluate targets.
Tikehau Capital and its co-sponsors were the only European sponsors to successfully launch two European SPACs in 2021. Pegasus Europe, which raised approximately €483.6 million in April, is among the largest European SPACs to date. In December 2021, Pegasus Entrepreneurs raised €210 million including an upsize of €10 million resulting from strong investor demand.
Pegasus Asia plans to focus on businesses in technology-enabled sectors, including but not limited to consumer-technology, financial technology, property-technology, insurance-technology, healthcare and medical technology, and digital services, primarily, but not exclusively, in Asia Pacific.
The gross proceeds of S$170 million raised from the initial public offering includes a S$22 million total investment from the Sponsors showing a strong alignment of interests with all shareholders. Pegasus Asia will start trading on the Main Board of the SGX-ST today.
Neil Parekh, head of Asia, Australia and New Zealand for Tikehau Capital will act as CEO of Pegasus Asia.
Antoine Flamarion and Mathieu Chabran, co-founders of Tikehau Capital said: “We are delighted with the resounding success of Pegasus Asia’s IPO and the strong response from investors.
Tikehau Capital invests its own capital in each of its SPACs and as such, we believe that our investors interests are closely aligned with our own. SPACs are an efficient investment tool that align well with our core strategy. They provide an effective way of raising capital and investing in selected companies to finance their growth objectives.
The Asian market has great potential; together with Financière Agache, we will leverage our global network and expertise in investing, diligence and capital raising in order to best identify Pegasus Asia’s target business in the technology-enabled sector and ensure its success.
We would also like to thank the Monetary Authority of Singapore and the Singapore Exchange for welcoming our first SPAC in Asia. We expect to have more exciting projects to come in the region.”