Reach Energy RM750mil IPO to be the largest for a SPAC

PETALING JAYA: Reach Energy Bhd, the fourth oil and gas special-purpose acquisition company (SPAC) to seek a Main Market listing on Bursa Malaysia, will be the largest initial public offering (IPO) for a SPAC by its fundraising size of RM750mil.

SPACs are companies which have no operations or income-generating business at the point of IPO but undertake the listing for the purpose of raising funds to acquire businesses or assets, otherwise known as the qualifying acquisition (QA).