Refinitiv Deals Intelligence has reported that 258 global special purpose acquisition company (SPAC) IPOs have been brought to market through March 11, surpassing the full-year annual record of 256 set during 2020 in just ten weeks.
Global SPAC IPO proceeds total US$76.7 billion so far this year, just US$2.5 billion behind full year 2020 levels. US-listed SPAC IPO offerings dominate the marketplace, with 250 blank cheque companies brought to market so far this year, up from just 13 at this point last year.
Since the beginning of 2020, over 200 SPAC combinations have been announced, with February 2021 hitting an all-time monthly high with 49 combinations valued at US$117.0 billion. SPAC M&A activity in the technology, industrials and financials sectors accounts for 49 percent of the total number of business combinations since the beginning of last year.
Based on an analysis of IPOs priced since 2018, approximately 500 special purpose acquisition companies are currently searching for a business combination.
Citi leads the year-to-date SPAC IPO underwriting league table with 56 offerings, which have raised over US$10 billion in proceeds, followed by Credit Suisse and Goldman Sachs. The top ten underwriters of SPAC IPOs account for 74 percent of overall proceeds raised so far this year. Credit Suisse led the full-year 2020 SPAC IPO rankings with US$12.2 billion from 40 offerings, followed by Citi and Goldman Sachs. The top ten underwriters accounted for 78 percent of 2020 SPAC issuance.
Matt Toole, director at Refinitiv Deals Intelligence, comments: "The SPAC capital raising phenomenon that began as we emerged from last year's global lockdown has accelerated into 2021 at an unprecedented pace, with an average of 26 SPACs pricing per week, compared to 11 during the fourth quarter of 2020.
"In the US, SPACs are outpacing traditional IPOs by a measure of nearly 4:1 and have raised more than double traditional IPO proceeds so far this year. Clearly, investors, private companies and capital markets professionals are focused on this emerging product and with nearly 500 SPACs searching for acquisitions, it's safe to say we'll continue to watch the SPAC ecosystem closely."
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Refinitiv Deals Intelligence has reported that 258 global special purpose acquisition company (SPAC) IPOs have been brought to market through March 11, surpassing the full-year annual record of 256 set during 2020 in just ten weeks.
Global SPAC IPO proceeds total US$76.7 billion so far this year, just US$2.5 billion behind full year 2020 levels. US-listed SPAC IPO offerings dominate the marketplace, with 250 blank cheque companies brought to market so far this year, up from just 13 at this point last year.
Since the beginning of 2020, over 200 SPAC combinations have been announced, with February 2021 hitting an all-time monthly high with 49 combinations valued at US$117.0 billion. SPAC M&A activity in the technology, industrials and financials sectors accounts for 49 percent of the total number of business combinations since the beginning of last year.
Based on an analysis of IPOs priced since 2018, approximately 500 special purpose acquisition companies are currently searching for a business combination.
Citi leads the year-to-date SPAC IPO underwriting league table with 56 offerings, which have raised over US$10 billion in proceeds, followed by Credit Suisse and Goldman Sachs. The top ten underwriters of SPAC IPOs account for 74 percent of overall proceeds raised so far this year. Credit Suisse led the full-year 2020 SPAC IPO rankings with US$12.2 billion from 40 offerings, followed by Citi and Goldman Sachs. The top ten underwriters accounted for 78 percent of 2020 SPAC issuance.
Matt Toole, director at Refinitiv Deals Intelligence, comments: "The SPAC capital raising phenomenon that began as we emerged from last year's global lockdown has accelerated into 2021 at an unprecedented pace, with an average of 26 SPACs pricing per week, compared to 11 during the fourth quarter of 2020.
"In the US, SPACs are outpacing traditional IPOs by a measure of nearly 4:1 and have raised more than double traditional IPO proceeds so far this year. Clearly, investors, private companies and capital markets professionals are focused on this emerging product and with nearly 500 SPACs searching for acquisitions, it's safe to say we'll continue to watch the SPAC ecosystem closely."
