SINGAPORE — A second blank check company started trading Friday on the Singapore Exchange, a day after the listing of Vertex Technology Acquisition Corporation — the city-state’s first ever SPAC.

Pegasus Asia shares opened on Friday at $5.01 Singapore dollar, little change from the $5 Singapore dollar offer price. From the initial public offering, $170 million Singapore Dollars ($126.27 Million) was raised in net proceeds.

It is the first Singapore-listed special purpose acquisition company with international backers — its sponsors include European asset manager Tikehau Capital and Financière Agache, a holding company of Bernard Arnault, chairman and CEO of French luxury group LVMH.

Neil Parekh is CEO of Pegasus and a non-independent director for Pegasus Asian. He stated, “We are quite confident that it should be possible to find the correct acquisition.”Street Signs Asia“Friday.

Parekh is also a partner in Tikehau Capital, where he heads Asia, Australia, New Zealand.

The blank check will be focused on technology-enabled companies in areas such as fintech, consumer and real estate.

In the last year, Singapore Exchange announced rulesThat would permit SPACs listed on the mainboard of the bourse.

The rules require that the SPAC have a minimum market capitalization of $150 million Singapore dollars and a 24-month timeframe to de-SPAC — though companies can request a 12-month extension if they meet certain requirements.

SPACs are shell companies set up to raise money through an initial public offering, with the sole purpose of merging with or acquiring an existing private company and taking it public. The process of making a private company publicly known as De-SPACing.

In the following: regulatory filing, Pegasus Asia stated that its offering attracted “significantly” international investors, institutional investors and family offices as well as high-net worth individuals and retail investors.

The international offering included 29 million units. Investors were also given 4 million units. Pegasus Asia has the option to buy these units back using a put option.

The Singapore public offer of 600,000 offer units was 7.8 times oversubscribed — at its close on Wednesday noon, there were 1,108 valid applications for 4.68 million units worth $23.4 million Singapore dollars.

Each unit consisted of one new share, one-half a warrant and one. An investor can purchase stock from a company stock warrant at a certain price or at a given date.

Public warrants and shares will be traded separately for 45 days following the date of listing. This is anticipated to happen on March 7.

CNBC spoke with Pegasus Asia CEO Parekh about Tikehau Capital, an asset manager who was looking into a variety of regional companies that would like to list on the Singapore Exchange. came out with a consultation paper for SPACs.

He stated, “We had the opportunity to take a look at it very carefully and provide some ideas.”

“The final rules came out and we felt the rules were very attractive, very good, balanced rules – guardrails to protect investors. Parekh also said there was enough incentive for both sponsors and company founders to enter into deals.

Citigroup was a joint issue manager on the SPAC with UBS.

There is growing interest in blank-check companies across in Asia — with a rising number of sponsors based in the region.

This is one of the most prominent companies in Southeast Asia. GrabThrough a SPAC agreement, he went public in America.

Singapore plans to be a key Asian center for blank-check businesses.

Vertex Technology Acquisition Corporation was the first blank-check company to begin trading on the Singapore Exchange. Vertex Venture Holdings is the sponsor of SPAC. This subsidiary of Temasek Holdings state investor, Vertex Venture Holdings.

VTAC rose 1% from its offer price to $5.05 Singapore dollars on Thursday — the stock opened at a high of $5.25 Singapore dollars before paring gains.

Novo Tellus Alpha Acquisition, a third SPAC filed its prospectus Thursday with the Singapore ExchangeThe company expects to trade on Jan. 27,