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Singapore and Philippines trail in Asia IPOs amid SPAC boom in US

ASEAN stock exchanges fail to cash in on region's tech startups

Singapore plans to ride the wave of interest for SPACs, having put forth a regulatory framework, which could be finalized around the middle of the year.   © Reuters

SINGAPORE -- Stock exchanges in the Association of Southeast Asian Nations appear to be getting little love, even as the bloc's tech startups eye opportunities to go public by combining with special purpose acquisition companies, or SPACs, listed in the U.S.

ASEAN saw 23 initial public offerings that raised a combined $2.4 billion in the first quarter, down from 32 that generated $3 billion over the same period last year, figures from consultancy EY showed.

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