The winds of change are coming to the Singapore bourse. The market was lukewarm for initial public offerings (IPOs) for most of 2021, but the pace picked up close to the end of the year with the listing of two large REITs — Daiwa House Logistics Trust (SGX: DHLU) and Digital Core REIT (SGX: DCRU). This week, investors will see a new type of IPO make its appearance in the local stock market. Special purpose acquisition companies, or SPACs, will make their debut later this week. SPACs are essentially “shell” companies that raise capital through IPOs to acquire an operating business or asset in a business combination. The SPAC entity is established and financed by founding shareholders known as “sponsors” that form the management team in charge of sourcing for a suitable target. Once a suitable business is found, the SPAC will undergo a process called “de-SPAC” (akin to a merger), and the new operating business will then take over....