Southeast Asia’s Seize Holdings Is Reportedly Trying into Going Public by way of SPAC

Southeast Asian ride-hailing and meals supply big Seize Holdings is reportedly holding discussions relating to its plans to go public by way of a possible merger with a US-based particular goal acquisition firm or SPAC. Seize Holdings could also be valued at round $53 to $54 billion if these plans materialize, based on Asia One which cited sources conversant in the matter.

If any such deal does undergo, then it may doubtlessly be the biggest-ever blank-check transaction.

The sources additionally famous on March 12, 2021, that Seize was holding discussions with Silicon Valley’s tech-focused funding firm Altimeter Capital Administration. Seize could have additionally held conferences with different SPACs, the sources declare.

Altimeter has supported two SPACs – together with Altimeter Progress Corp and Altimeter Progress Corp 2.

The sources additional famous that Singapore-headquartered Seize, which has grown its operations through the years from only a ride-hailing service in 2012 to change into essentially the most helpful startup in Southeast Asia (valued at $16 billion), had not but confirmed any deal or transaction.

Reuters had initially reported in January 2021, citing sources conversant in the matter, that Seize was contemplating a US itemizing and that the agency’s IPO would possibly safe $2 billion or extra.

A extra conventional itemizing, for which Seize’s administration had recruited main Wall Road banks, would possibly nonetheless be an possibility, the sources confirmed.

SPACs are mainly exchange-listed shell corporations that safe funding by way of IPOs and merge operations with corporations by attracting them with considerably shorter itemizing schedules. The SPAC craze has actually accelerated since final yr. These so-called clean test corporations acquired an all-time document $82 billion throughout 2020 and this pattern has additional accelerated this yr.

Another main SPAC transactions embody UMW Holdings Corp’s $16-billion merger with a blank-check firm that’s supported by billionaire Alec Gores. Then there was additionally the $24-billion deal that luxurious electrical automotive producer Lucid Motors entered with a Michael Klein-backed SPAC.

Seize Holdings has the backing of main worldwide buyers such because the SoftBank Group Corp and Mitsubishi UFJ Monetary Group.

The WSJ not too long ago revealed that Seize was holding discussions with Altimeter, nevertheless, the information outlet didn’t point out which of Alitmeter’s SPACs Seize was may be working with. Seize could also be elevating wherever between $three billion to $four billion from varied non-public buyers, which might be part of the SPAC deal.

As reported final month, Seize shall be creating 350 new jobs in Singapore throughout 2021 to assist its enterprise development and improvement plans.

As coated in early February, Seize had determined to upsize its time period mortgage facility to $2 billion attributable to rising curiosity from new buyers.

Seize, which is one in every of Southeast Asia’s largest “Tremendous App” suppliers, confirmed the profitable closing of its first senior secured time period mortgage facility, after commitments had been made by international institutional buyers.

The time period mortgage facility ought to help Seize with enhancing its liquidity and also will assist diversify its funding sources. As famous within the announcement, the ability has been structured as a 5-year time period mortgage B with a $2 billion principal. Seize’s administration said that that is the biggest time period mortgage B facility (to this point) in Asia’s tech trade.