Singaporean tech large Seize has agreed to go public via a SPAC (Particular Function Acquisition Firm) merger. It’ll merge with US-based Altimeter Development Corp, backed by Altimeter Capital.

In response to a report from Reuters, via this deal, the agency can be valued at practically $40 billion. Due to its different choices comparable to ride-hailing, digital funds, and meals supply, the corporate’s valuation has doubled within the final 18 months.

The deal additionally brings a $4 billion-plus funding for Seize below PIPE (non-public funding in public fairness). Altimeter Capital is main that entrance with a $750 million contribution; different buyers embody BlackRock, Constancy Worldwide, Janus Henderson Traders, and Temasek Holdings.

SPAC mergers appear to be a sizzling selection for firms to go public this 12 months. A current WSJ report famous that within the US, 306 SPACs have raised greater than $99 billion simply this 12 months — which has already exceeded final 12 months’s $83 million milestone.

Bloomberg famous that southeast Asian startups are aiming to get listed on NASDAQ via a SPAC merger or a standard IPO. The report mentioned that the Indonesian journey firm Traveloka may even comply with Seize’s footsteps and go for a SPAC merger that may worth it at $5 billion. 

Seize, which operates in 9 international locations, mentioned that it expects its addressable market to develop from $52 billion in 2020 to $180 billion by 2025. 

By Rana

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