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Investment Highlight: International SPACs

Investment Highlight: International SPACs
February 8, 2022

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Our analysis of Q1 2021 SPAC mergers and their performance a year later reveals that, of 42 mergers, only 7 are trading at higher prices than the public debut. Some investors have declared that companies that went public via SPAC are inherently uninvestable. But, while the U.S. is cooling its enthusiasm for SPACs and even traditional IPOs amidst market volatility, international shell companies are cropping up at a record pace.

Fred Hu of Primavera Equity 
Primavera Equity has filed for one of the first special purpose acquisition companies in Hong Kong. Headed by former Goldman Sachs partner Fred Hu, the SPAC will seek a target in greater China deemed high-growth in technology, consumer, or retail. The state-owned investment firm Temasek filed for its own SPAC in Singapore last month. The U.K. and Brazil are also turning on to SPACs.

New rules promulgated in countries outside of the U.S. have convinced companies in these non-U.S. countries to stay at home instead of opt to go public via a U.S. SPAC. It remains to be seen how these new SPACs will perform.

For more on SPACs, read about SPACs as bond alternatives, the role of PIPEs in SPACs, and a general overview of how they work.

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Since last week, PrivCo has added:
861 Companies | 292 Funding Activities | 215 M&A Deals

Funding & Deal Highlights:



Flexport raises $935MM from a16z

Freight • Round F • San Francisco, CA

Streetbeat raises $10MM from TTV Capital 

Crypto • Seed • Palo Alto, CA

NaaS raises RMB500MM from China International Capital

Hardware • Round A • China

Endeavor BioMedicines raises $101MM from Ally Bridge

Biotechnology • Round B • Solana Beach, CA

Koneksa Health raises $45MM from AyurMaya

Meditech • Round C • Brooklyn, NY

TrialJectory raises $20MM from Insight Partners

Clinical Services • Round A • Stamford, CT

Aleo Systems raises $200MM from Kora Management 

Fintech • Round B • San Francisco, CA

Polygon Technology raises $450MM from Sequoia Capital India

Blockchain • Equity • Bengaluru, India

ElasticRun raises $300MM from SoftBank Vision Fund 2

Logistics • Round E • Pune, India

1859 raises $40MM from Northpond Ventures

Biopharmaceuticals • Round A • San Diego, CA

Frontier Group merges with Spirit Airlines in $6.6BN deal

Airline • Merger • Miramar, FL

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