Eng & Co has advised special purpose acquisition company Vertex Technology Acquisition (VTAC) on its $148 million IPO in Singapore, with WongPartnership and Baker McKenzie representing the underwriters, global coordinators, and bookrunners.

This is the first SPAC listing in the city-state since the Singapore Exchange rolled out a new framework allowing blank-check companies to list as a way of boosting the sagging IPO market. Another SPAC listing, that of Pegasus Asia, is expected in Singapore shortly.

The listing of Vertex Venture's SPAC also marks the first major debut of such vehicles in Asia since the frenzy seen in the United States in early 2021, said Reuters. Hong Kong has also announced that SPAC companies will be allowed to list on its stock exchange.

The Baker McKenzie Wong & Leow team was led by principal Ashok Lalwani, and he was supported by Baker McKenzie partners Steven Canner and Carol Stubblefield. Meanwhile, partners Gail Ong and James Choo led the WongPartnership team. Maples and Calder was the offshore counsel to the issuer.