Daily Briefing: B Capital joins global SPAC frenzy with $398m Nasdaq IPO filing; Shopee strengthens Malaysia ops

And two residential sites at Institution Hill sold for $33.6m.

From DealStreetAsia:

Singapore- and US-based B Capital is looking to raise up to $398m (US$300m) on the Nasdaq for its latest special purpose acquisition company (SPAC), according to a filing with the US Securities Exchange Commission (SEC) on 19 February.

B Capital Technology Opportunities will be based in New York and plans to raise the $398m (US$300m) by offering 30 million units at $13.3 (US$10) per unit. Each unit will comprise one share of common stock and one-third of a warrant, exercisable at $15.3 (US$11.50), according to the SEC filing.

As such, the proposed deal size will give B Capital Technology Opportunities a market value of $497.3m (US$375m).

The SPAC firm will be led by top management executives Howard Morgan, Raj Ganguly, and Kabir Narang, as well as EE Capital’s managing director Angela Huang, and Nasdaq’s former vice chairman, Bruce Aust.

Read more here.

From DealStreetAsia:

Singapore-based e-commerce platform Shopee has expanded its logistics infrastructure in Malaysia. It is set to introduce next-day delivery for Shopee Mart items in Peninsular Malaysia through its integrated shipping service Shopee Xpress.

The company is set to introduce 10 new Shopee Xpress drop-off points in the country. It has also partnered with logistics service providers including Parcelhub and MBE Malaysia to bring the total number of drop-off points nationwide to over 300, according to a statement.

Shopee has also widened its network of warehouses, hubs, and sorting centres in over 50 locations in the country, according to the report.

Read more here.

From PropertyGuru:

A consortium comprising Macly Group, Roxy-Pacific Holdings and LWH Holdings has acquired two residential plots at 10A and 10B Institution Hill for $33.6m, revealed Cushman & Wakefield, which brokered the sale.

Located within the prime District 9, both sites have a 999-year leasehold tenure. They have a combined area of 813.9 sq m (8,761 sq ft) and a plot ratio of 2.8.

Cushman & Wakefield noted that the sites can be developed into a new residential project with a total gross floor area of 2,278.92 sq m (24,530 sq ft).

Cushman & Wakefield’s Director of Capital Markets Christina Sim revealed that the sites received keen interest as many developers are “continuously looking to land banks to develop and sell.”

“Interest in districts 9, 10 and 11 and those residential plots on the fringe of the Central Business District are especially popular due to the scarcity of supply of small to mid-sized plots,” she said.

Read more here.