2017 SPAC IPO Underwriting League Table

2017 SPAC IPO Underwriting League Table

Below we have compiled and released our 2017 SPAC IPO Underwriting League Tables

To no one’s surprise, the top three SPAC underwriters for 2017 were (ranked by volume) Credit Suisse, Citigroup and Deutsche Bank. These three banks are a formidable presence in the Special Purpose Acquisition Company market and continue to lead the sector while accounting for 52.6% of the total market share in 2017.

However, if we rank by deal count, the smaller banks continue to have a significant presence. Most notably, EarlyBirdCapital.  EarlyBird was, and still is, a leader in the SPAC market with eight transactions in 2017.   Back in the pre-financial crisis SPAC-heyday, banks such as EarlyBird, Chardan, I-Bankers and Maxim Group, were the experts and dominated the space.  To a certain extent they still do, but as the transaction sizes have gotten larger and management teams more notable, the smaller banks are now usually found in the co-manager position.  I-Bankers Securities in particular.  I-Bankers wasn’t a bookrunner or lead manager in 2017 (and hence, not on this list), but they co-managed a whopping 13 deals.

Overall, it was a big year for SPACs with 34 transactions total.  In the next 18-24 months we’ll be monitoring to see what sort of business combinations these management teams bring to the market. Stay tuned…

Click for  Q1 2018 Underwriting League Table

Ranked by Volume
(All data is sort-able using the arrow keys located in the top row)

RankUnderwriterVolume
($mm)
Deal
Count
Avg. Size
($mm)
% Mkt
Share
1Credit Suisse4,181.08522.619.0%
2Citigroup4,121.88515.218.7%
3Deutsche Bank3,259.86543.314.8%
4Goldman Sachs3,032.05606.413.8%
5J.P. Morgan1,497.54374.46.8%
6EarlybirdCapital, Inc.1,214.28151.85.5%
7Cantor Fitzgerald1,130.04282.55.1%
8Stifel556.72278.32.5%
9BofA Merrill Lynch460.01460.02.1%
10B. Riley FBR345.02172.51.6%
11RBC Capital Markets345.01345.01.6%
12Wells Fargo300.01300.01.4%
13Cowen & Company287.32143.61.3%
14Maxim Group281.22140.61.3%
15Chardan Capital Markets240.0380.01.1%
16National Bank of Canada229.21229.21.0%
17Macquarie Capital207.01207.00.9%
18Morgan Stanley200.01200.00.9%
19Ladenburg Thalmann115.01115.00.5%

Source: SPACInsider, Ranked by volume

 

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