(Bloomberg) -- Singapore is about to get its first blank-check company listing, as Vertex Technology Acquisition Corporation Ltd. is seeking to raise at least S$170 million ($125 million) through the sale of units. 

The company, sponsored by state investor Temasek Holdings Pte.’s Vertex Venture Holdings Ltd., is offering 34 million units at S$5 each, according to terms of the deal obtained by Bloomberg News. If the green-shoe option is exercised, the amount could increase to S$182 million. 

VTAC is poised to inaugurate Singapore’s framework for blank-check firms, which was unveiled in September. A SPAC-driven increase in listings would benefit Singapore’s paltry listing volumes, adding liquidity to a market that hosted just eight initial public offerings last year that raised about $1 billion. 

The offering lured 13 cornerstone investors, which are subscribing to about S$111 million worth of units, or nearly 65% of the entire offer, according to the terms of the deal. Book-building will last until Jan. 13, with allocation expected the following day and listing slated for Jan. 21.

The listed company will focus on six investment themes, including cybersecurity, artificial intelligence and consumer internet and technologies, according to the terms.  

The acquisition period for the SPAC is within 24 months from the listing date, subject to an extension of no more than 12 months. Credit Suisse Group AG, DBS Group Holdings Ltd. and Morgan Stanley are joint issue managers and global coordinators in the offering.

The lineup for blank-check listings in Singapore now includes European asset manager Tikehau Capital SCA and Novo Tellus Capital Partners Pte., both of which have already received approval from the city’s stock exchange to come to market.

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