Editor’s note: updated with responses from Patrick Grove
Catcha Group Co-Founder and chairman Patrick Grove is considering listing a special purpose acquisition company (SPAC) in Singapore, after the city-state unveiled new rules for blank-cheque vehicles on September 2.
“We are researching this actively at the moment,” Grove told TechNode Global. “We have founded and taken public six technology companies from Southeast Asia. We’ve done IPO’s on the Australian, Malaysian and US stock exchanges. We would love to finally explore something on the Singapore Stock Exchange,” he said in an email reply on Monday.
Bloomberg first reported the development on Friday, quoting people familiar with the matter.
Grove reportedly has had discussions with Singapore Exchange Ltd. about a potential listing, the people said.
Deliberations are at an early stage and the plan and details haven’t been finalized yet, the people added.
Catcha Group is an internet-focused investment company in Southeast Asia. It is worth noting that Catcha Group recently became a shareholder in Malaysia used-car marketplace Carsome Group, which reached unicorn status in July. Carsome’s recent fundraising has boosted its valuation to $1.3 billion.
Grove, an internet entrepreneur, has earlier taken his blank-check firm named Catcha Investment Corp public in the US, raising $300 million, according to media reports in January this year.
According to Bloomberg, Grove is among several aspirants after Singapore opened its doors for SPAC listings on September 3 and became the first Asian financial hub to host the structures.
Earlier reports showed Singapore-based private equity firm Novo Tellus Capital Partners, French alternative investment manager Tikehau Capital SCA are also targeting SPAC-listing on the Singapore exchange. Others interested parties include Turmeric Capital and Temasek’s Vertex Holdings Ltd.
Featured image credits: Patrick Grove’s Facebook