Asia Innovations Group to go public via SPAC merger deal

Sep. 30, 2022 5:28 AM ETMagnum Opus Acquisition Limited (OPA), OPA.WS, OPA.UBy: Preeti Singh, SA News Editor

M&A abbreviation - mergers and acquisitions, on wooden cubes on a light background.

Nastassia Samal

  • Singapore-based mobile social platform Asia Innovations Group (ASIG) is set to become a publicly listed company through a proposed business combination with SPAC Magnum Opus Acquisition (NYSE:OPA).
  • Subject to satisfaction of customary closing conditions and approvals, the proposed transaction provides for an equity valuation of $2.5B for the combined company and represents the largest consumer internet SPAC merger announced year to date in 2022.
  • Upon completion, the combined entity will be named "Asia Innovations Group Limited."
  • Headquartered in Singapore, Asia Innovations Group operates an integrated platform of products designed for mobile devices across social, mobile gaming, e-commerce, and payments. The business revenue growth reached 100%+ year-on-year in FY2021
  • ASIG's ordinary shares are expected to be listed under the proposed new ticker symbol "ASIG" upon completion of the deal, expected in the first quarter of 2023.

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