Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Thematic (Sector/Industry)

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In my insight <a href="https://skr.ma/5UGLq" target="_blank" rel="noopener">Virtual IPOs/Direct Listings: Uninhibited Price Discovery</a> on the 29 November last year, I mentioned a white paper on special purpose acquisition company (SPAC) may be issued by the SGX in the first half of the following year. 
Last week the Business Times <a href="https://www.businesstimes.com.sg/companies-markets/sgx-looking-into-listing-of-special-purpose-acquisition-companies" target="_blank" rel="noopener">reported</a> that a consultation could be launched by the SGX as early as this quarter.
SPACs, or blank-check companies, racked up ~US$80bn in the US in 2020. Once listed and cashed-up, SPACs target investment acquisitions or mergers, providing an alternate back-door listing opportunity for companies. In effect, SPACs synthetically combines a credit instrument with equity upside. 
SPACs are non-existent in Asia. SGX's expected consultation paper may herald a strategic push by the bourse to become Asia's SPAC hub. With some US-based SPACs packaging Southeast Asian assets, SGX's motives may well be one of "if you can't beat them, join them".
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In my insight Virtual IPOs/Direct Listings: Uninhibited Price Discovery on the 29 November last year, I mentioned a white paper on special purpose acquisition company (SPAC) may be issued by the SGX in the first half of the following year. 
Last week the Business Times reported that a consultation could be launched by the SGX as early as this quarter.
SPACs, or blank-check companies, racked up ~US$80bn in the US in 2020. Once listed and cashed-up, SPACs target investment acquisitions or mergers, providing an alternate back-door listing opportunity for companies. In effect, SPACs synthetically combines a credit instrument with equity upside. 
SPACs are non-existent in Asia. SGX's expected consultation paper may herald a strategic push by the bourse to become Asia's SPAC hub. With some US-based SPACs packaging Southeast Asian assets, SGX's motives may well be one of "if you can't beat them, join them".


Singapore Exchange: Asia's Future SPAC Hub

Necessity is the mother of financial innovation. The non-traditional listings of <a href="https://www.smartkarma.com/entities/spotify-technology-sa" target="_blank" data-smartkarma-citation="entities:26772:1" rel="noopener">Spotify Technology SA (SPOT US)</a>, <a href="https://www.smartkarma.com/entities/slack-technologies-inc" target="_blank" data-smartkarma-citation="entities:27904:1" rel="noopener">Slack Technologies Inc (WORK US)</a> and <a href="https://www.smartkarma.com/entities/palantir-technologies-inc" target="_blank" data-smartkarma-citation="entities:27728:1" rel="noopener">Palantir Technologies Inc (PLTR US)</a> exhibit an increasing trend toward direct listings, in place of traditional IPOs incorporating lock-up agreements and dysfunctional pricing and allocation process.
This week Airbnb announced plans to go public next year joining the ranks of companies like Spotify and Slack that have used a direct listing to go public.
Is this IPO shortcut route appropriate for all companies? What are the pros and cons? And closer to home, which exchanges are open these virtual IPOs?
In this insight, I address the questions above, discuss various discussions with exchanges in the Asia-Pac regions, and also analyse alternative IPO routes such as special purpose acquisition company (SPACs).
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<h2>What's Original?</h2>
This insight explores the process, benefits, and track record to date of direct listings in equity markets, through to the current developments in Asia.
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Necessity is the mother of financial innovation. The non-traditional listings of Spotify Technology SA (SPOT US), Slack Technologies Inc (WORK US) and Palantir Technologies Inc (PLTR US) exhibit an increasing trend toward direct listings, in place of traditional IPOs incorporating lock-up agreements and dysfunctional pricing and allocation process.
This week Airbnb announced plans to go public next year joining the ranks of companies like Spotify and Slack that have used a direct listing to go public.
Is this IPO shortcut route appropriate for all companies? What are the pros and cons? And closer to home, which exchanges are open these virtual IPOs?
In this insight, I address the questions above, discuss various discussions with exchanges in the Asia-Pac regions, and also analyse alternative IPO routes such as special purpose acquisition company (SPACs).

What's Original?
This insight explores the process, benefits, and track record to date of direct listings in equity markets, through to the current developments in Asia.


Virtual IPOs/Direct Listings: Uninhibited Price Discovery

Event-Driven

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<li>On the 29th May 2026, <a href="https://www.smartkarma.com/entities/tourism-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2787:1" rel="noopener">Tourism Holdings (THL NZ/AU)</a> announced an NZ$3.10/share NBIO from a consortium comprising BGH Capital and the founding Trouchet family. Due diligence was subsequently afforded. </li>
<li>The same consortium, holding 19.9% of shares out, offered NZ$2.30/share for the world's largest commercial recreation vehicle rental operator in June 2025; however THL summarily rejected terms.</li>
<li>This morning THL announced an NBIO of NZ$3.30-NZ$3.40/share from a "credible strategic buyer". Due diligence has been afforded. Discussions remain ongoing with the BGH/Trouchet consortium.</li>
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On the 29th May 2026, Tourism Holdings (THL NZ/AU) announced an NZ$3.10/share NBIO from a consortium comprising BGH Capital and the founding Trouchet family. Due diligence was subsequently afforded. 
The same consortium, holding 19.9% of shares out, offered NZ$2.30/share for the world's largest commercial recreation vehicle rental operator in June 2025; however THL summarily rejected terms.
This morning THL announced an NBIO of NZ$3.30-NZ$3.40/share from a "credible strategic buyer". Due diligence has been afforded. Discussions remain ongoing with the BGH/Trouchet consortium.


Tourism Holdings (THL NZ/AU): Unnamed Bidder Lobs A NZ$3.30-3.40 NBIO

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

We continue to see coronavirus concerns as helping correct the excess bullish sentiment across global equity markets in the short-term. Additionally, considering the dearth of breakdowns, we continue to believe this is a bull market until proven otherwise and a “buy the dip” strategy remains warranted. We recap importat technical levels across markets and highlight opportunities within the Services, Technology, Financial Services, and Staples Sectors.

We continue to see coronavirus concerns as helping correct the excess bullish sentiment across global equity markets in the short-term. Additionally, considering the dearth of breakdowns, we continue to believe this is a bull market until proven otherwise and a “buy the dip” strategy remains warranted. We recap importat technical levels across markets and highlight opportunities within the Services, Technology, Financial Services, and Staples Sectors.

Global Equity Strategy: Growth Over Value

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<li>This morning (1st June), in response to an AFR article, Saas's provider <a href="https://www.smartkarma.com/entities/readytech-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29105:1" rel="noopener">ReadyTech Holdings (RDY AU)</a><a href="https://announcements.asx.com.au/asxpdf/20260601/pdf/0705mm7296gc3f.pdf" target="_blank" rel="noopener">confirmed</a> Total Specific Solutions (TSS) has submitted a conditional NBIO.</li>
<li>TSS is offering A$2.00/share by way of a Scheme in parallel with A$1.75/share conditional Offer predicated on a  50.1% minimum acceptance condition. </li>
<li>In response, ReadyTech said it "has determined to reject the on the basis that it does not reflect the inherent value of ReadyTech ... and ... would not be executable".</li>
</ul>


This morning (1st June), in response to an AFR article, Saas's provider ReadyTech Holdings (RDY AU)confirmed Total Specific Solutions (TSS) has submitted a conditional NBIO.
TSS is offering A$2.00/share by way of a Scheme in parallel with A$1.75/share conditional Offer predicated on a  50.1% minimum acceptance condition. 
In response, ReadyTech said it "has determined to reject the on the basis that it does not reflect the inherent value of ReadyTech ... and ... would not be executable".


ReadyTech (RDY AU) Rejects Total Specific Solution's NBIO

New Zealand

Pushpay Holdings Limited operates as a holding company. The Company, through its subsidiaries, designs and develops mobile payment application and solutions that allows users to donate to charities and non-profit organization. Pushpay Holdings conducts its business worldwide.

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Pushpay Holdings (PPH NZ)

Singapore Exchange: Asia's Future SPAC Hub

Often the disinclination to introduce change is due to an absence of public market sophistication or a deep ecosystem. The SGX should make amends...

David Blennerhassett

Virtual IPOs/Direct Listings: Uninhibited Price Discovery

There’s no cookie-cutter approach that should be employed for every company seeking to go public. But late-stage, venture-backed technology...

David Blennerhassett

Tourism Holdings (THL NZ/AU): Unnamed Bidder Lobs A NZ$3.30-3.40 NBIO

Two "credible" parties in the mix. If small, illiquid - and non-binding arbs - are your bag, buy here. But not aggressively. The BGH/Trouchet...

David Blennerhassett

Global Equity Strategy: Growth Over Value

We continue to see coronavirus concerns as helping correct the excess bullish sentiment across global equity markets in the short-term....

Vermilion Research

ReadyTech (RDY AU) Rejects Total Specific Solution's NBIO

TSS' saw a bargain. Pemba Capital & Microequities will not be supportive. The share price is up 21% at A$1.68/share. If illiquid indicative arbs...

David Blennerhassett

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