SPACs are gaining momentum in South Korea’s initial public market on the back of eased regulations and brokerage companies’ efforts to make up for reduced fee income from the otherwise sluggish IPO market, The Korea Economic Daily reports.
A total of 20 SPACs were listed on the Korean bourse this year, according to the Korea Exchange on Wednesday. Their IPO sizes range from 20 billion to 100 billion won (US$15 million – $76 million).
Another 12 SPACs are in the pipeline of domestic IPOs. Six other SPACs have submitted IPO applications.
Among them, 21 SPACs were 1,103 times oversubscribed on average during bookbuilding, almost twice the average of 552 last year. Read more.
