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)
| Rank | Underwriter | Volume ($mm) | Deal Count | Avg. Size ($mm) | % Mkt Share |
|---|---|---|---|---|---|
| 1 | Credit Suisse | 4,181.0 | 8 | 522.6 | 19.0% |
| 2 | Citigroup | 4,121.8 | 8 | 515.2 | 18.7% |
| 3 | Deutsche Bank | 3,259.8 | 6 | 543.3 | 14.8% |
| 4 | Goldman Sachs | 3,032.0 | 5 | 606.4 | 13.8% |
| 5 | J.P. Morgan | 1,497.5 | 4 | 374.4 | 6.8% |
| 6 | EarlybirdCapital, Inc. | 1,214.2 | 8 | 151.8 | 5.5% |
| 7 | Cantor Fitzgerald | 1,130.0 | 4 | 282.5 | 5.1% |
| 8 | Stifel | 556.7 | 2 | 278.3 | 2.5% |
| 9 | BofA Merrill Lynch | 460.0 | 1 | 460.0 | 2.1% |
| 10 | B. Riley FBR | 345.0 | 2 | 172.5 | 1.6% |
| 11 | RBC Capital Markets | 345.0 | 1 | 345.0 | 1.6% |
| 12 | Wells Fargo | 300.0 | 1 | 300.0 | 1.4% |
| 13 | Cowen & Company | 287.3 | 2 | 143.6 | 1.3% |
| 14 | Maxim Group | 281.2 | 2 | 140.6 | 1.3% |
| 15 | Chardan Capital Markets | 240.0 | 3 | 80.0 | 1.1% |
| 16 | National Bank of Canada | 229.2 | 1 | 229.2 | 1.0% |
| 17 | Macquarie Capital | 207.0 | 1 | 207.0 | 0.9% |
| 18 | Morgan Stanley | 200.0 | 1 | 200.0 | 0.9% |
| 19 | Ladenburg Thalmann | 115.0 | 1 | 115.0 | 0.5% |
Source: SPACInsider, Ranked by volume
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