February 28, 2021
The equities market rally in the US could be coming to an end if rising bond yields are any indicator.
Yet, the buoyant market, driven by easy monetary policy, has already attracted scores of companies eager to tap capital markets flush with liquidity.
There were nearly 500 IPOs that raised $174 billion last year – half of the listings were SPACs, or special purpose acquisition companies. That trend has accelerated in 2021, with no signs of slowing. There have already been 190 SPACs listed on US stock exchanges this year, with more to come.
In Southeast Asia, Indonesia’s MNC Vision Networks was reported this week to be looking to merge its video streaming business with Malacca Straits Acquisition, the blank-cheque vehicle led by Ark Pacific Capital Management’s Kenneth Ng.
The investment in its latest portfolio, Ngelesin, comes after the startup had participated in the Astra Startup Challenge, an annual startup competition organized by the conglomerate, and came out as the winner.