Tze Gay is the Head of the Equity Capital Markets team at Allen & Gledhill. Her areas of expertise span equity and debt capital markets and corporate regulatory and compliance.

She has extensive experience acting for issuers and underwriters on a wide range of innovative, high value and complex transactions, from initial public offerings and listings on the Singapore Exchange as well as regional and international exchanges to global debt offerings. She continues to advise listed corporates and business trusts after listing on their follow-on equity offerings, debt offerings, acquisitions and disposals and corporate regulatory and compliance advisory matters.

Tze Gay is widely recognised as a leading capital markets practitioner in Singapore by notable legal publications including Chambers Asia-Pacific, Chambers Global, IFLR1000, The Legal 500 Asia Pacific, and Who’s Who Legal: Capital Markets. In Chambers Asia-Pacific, a client comments “I work with her very often, she’s very well known in Singapore”, Tze Gay is also noted as “an extremely intelligent problem solver in capital markets work”, and in Chambers Global, she is “highly regarded for her deep and varied knowledge of capital markets, with one peer noting: ‘If there are big problems, she's the first one I call’”. Tze Gay is noted to be “vastly experienced” by The Legal 500 Asia Pacific, while IFLR1000 also commends that she is “very experienced and responsive to customer’s requirements”. Who’s Who Legal also notes that Tze Gay is “widely recognised asa leader in the regional market’”, and that she “boasts ‘a very strong reputation’ for her work in the space”.

Tze Gay has been a Partner since 1993.

Work Highlights

  • Acted as transaction counsel and advised Novo Tellus Alpha Acquisition, a special purpose acquisition company, and its sponsor, Novo Tellus PE Fund 2, L.P., on its S$150 million IPO and listing on the Main Board of the SGX.
  • Advised a group of financial institutions on the IPO of Pegasus Asia, the first special purpose acquisition company backed by international sponsors to list on the Main Board of SGX. The IPO and concurrent sponsor’s subscription raised approximately S$170 million at listing.
  • Acted as transaction counsel in the IPO and listing on the Singapore Exchange of NetLink NBN Trust in 2017, the largest IPO in Singapore since 2011 and the first completed IPO in Singapore involving an internalised trustee-manager structure.  
  • Advised DBS Bank Ltd. and Morgan Stanley Asia (Singapore) Pte. as joint lead managers for Singapore Airlines Limited’s SGD8.8 billion rights issue of new ordinary shares and mandatory convertible bonds in 2020, which is Singapore’s largest rights issue. This is also the first rights issue of mandatory convertible bonds and the first concurrent rights issue of shares and convertible bonds by a SGX Mainboard-listed company.