SINGAPORE/HONG KONG: A new fundraising frenzy that swept Wall Street this year looks set to take hold in Asia with more than a dozen special purpose acquisition companies, or SPACs, on the hunt for fast-growing technology firms that are ready to go public.
SPACs are exchange-listed shell companies that raise money through initial public offerings (IPOs) and merge with firms by enticing them with shorter listing timelines. Such structures have raised a record total of more than $70 billion in the United States this year, making them one of the hottest Wall Street investment trends of 2020.
A large number of IPO-ready tech unicorns in Asia are likely to rev up…
