Walkers acted as Cayman Islands counsel to Novo Tellus Alpha Acquisition, a SPAC sponsored by Novo Tellus PE Fund 2, L.P., the principal fund of Singapore-based private equity firm Novo Tellus Capital Partners, on its S$150 million (US$111.4 million) IPO on the Singapore Stock Exchange.

The SPAC plans to merge with targets in the technology and industrial sector in Indo-Pacific.

In addition to the placement tranche and Singapore public offer, 13 cornerstone investors have subscribed for 16 million units at an offering price of S$5 each. The sponsor Novo Tellus PE Fund 2, L.P. has also invested S$20 million for four million units.

Credit Suisse and DBS are the joint issue managers and joint global coordinators on the IPO, while CGS-CIMB is the co-manager.

The Walkers team is led by Singapore-based partner Laura Rogers, with support from counsel Tania Toh, senior associate Sze Min Lim and associate Vicky Liu. Allen & Gledhill LLP acted as Singapore law counsel to Novo Tellus Alpha Acquisition and Rajah & Tann LLP and Latham & Watkins LLP represented the joint issue managers with respect to matters of Singapore law and U.S federal securities law, respectively.