Novo Tellus SPAC completes IPO of 10m units

The offer price is $5 per share.

Special purpose acquisition company Novo Tellus Alpha Acquisition (NTAA) completed its initial public offering (IPO) of 10,000,000 units, drawing strong demand from both institutional and retail investors.

The offering comprises an international placement of 9,500,000 units to investors, including institutional and other investors in Singapore that are non-U.S. persons located outside the United States and 500,000 offering units by way of a public offer in Singapore. The offering price for each unit is $5, comprising one Class A ordinary share.

Novo Tellus PE Fund 2, the NTAA sponsor, said it is strongly committed to NTAA and has invested $20m of its funds in NTAA. This represents more than 10% of the total number of units and exceeds the 3.5% minimum equity participation requirement prescribed by the Listing Manual of the SGX-ST.

Gross proceeds worth $150m from the offering, as well as the issue and sale of the Cornerstone units and the Sponsor IPO Investment units, will be placed in an escrow account to ensure that investors' funds are directed towards the completion of NTAA's business combination.