17Live drops in trading debut on SGX after acquisition by VTAC Spac

2 months ago 78

SINGAPORE – Live-streaming platform 17Live Group debuted on the mainboard of the Singapore Exchange (SGX) after its business combination with Singapore’s first special purpose acquisition company (Spac), Vertex Technology Acquisition Corporation (VTAC).

As at its first trading day on Dec 8, the estimated market capitalisation of 17Live stands at around $886.9 million.

The issue price of VTAC units as at its listing in January 2022 was $5. The counter, however, closed on Dec 7 down 61 cents, or 13.6 per cent, to $3.88.

Now trading as 17Live, the counter was down eight cents, or 2.1 per cent, to $3.80 as at 9.31am, after briefly hitting $4.

“The listing of 17Live marks not only Singapore’s first completed de-Spac transaction, but also the first live-streaming company to be listed on the SGX,” said the company, which mainly operates in Japan and Taiwan. It also has a presence in Hong Kong, Singapore, the United States, the Philippines, India and Malaysia.

The total issued share capital of the company, including the newly issued consideration shares, base private investment in public equity shares and special bonus shares, increased to 177,371,431 from 41,606,000 shares.

Mr Alex Lien, chief executive of 17Live, noted that the listing will reinforce the platform’s leading position in the field.

“Our vision of a live-streaming ecosystem to better connect people any time and anywhere will be brought closer to fruition with the support of the investing community, even as the group continues to pursue new and exciting growth opportunities to thrive in the digital entertainment sector.

“We are honoured to join the SGX, and feel re-energised in our commitment to innovate, grow and create enduring value for our platform users as well as for our new and existing shareholders,” Mr Lien said.

Read Entire Article