SPACs And Traditional IPOs: An Offshore Perspective

Offshore jurisdictions have long been a popular choice for listing vehicles and feature prominently on over 20 exchanges worldwide.

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On the leading US and Asian exchanges Cayman Islands (Cayman), British Virgin Islands (BVI) and Bermuda companies are the offshore heavyweights, with Cayman remaining the favoured jurisdiction for Asia-based sponsors looking to raise capital by way of an initial public offering (IPO).

For decades, the process for many Chinese and other Asia-based businesses to go public in the US was the traditional underwriter-led IPO on NYSE or Nasdaq. Despite increasing regulatory scrutiny on US-listed Chinese companies, Chinese businesses continue to follow this well-trodden path. Just this month, China's ride-sharing business DiDi Chuxing filed for what will likely be the largest IPO in the US this year using a Cayman company as the issuer.