Underwriting & Legal League Tables
Below are the yearly and quarterly SPAC IPO league tables. All data is initially shown ranked by volume, but the columns are sort-able by clicking on the arrow keys (Δ∇) in the column headers.
Additionally, If you would like to see the commentary for each league table release, you can access the Underwriting and Legal Table Pages via these links:
Underwriting League Legal League
Underwriting
YTD 2018
| Rank | Underwriter | Volume ($mm) | Volume % Mkt Share | Volume Sold ($mm) | Volume Sold % Mkt Share | Deal Count | Avg deal size |
|---|---|---|---|---|---|---|---|
| 1 | Credit Suisse | 1,772.0 | 13.4% | 803.9 | 11.9% | 4 | 443.0 |
| 2 | Chardan | 1,593.5 | 12.0% | 499.3 | 7.4% | 10 | 159.4 |
| 3 | Citigroup | 1,442.0 | 10.9% | 943.4 | 13.9% | 3 | 480.7 |
| 4 | BofA Merrill Lynch | 1,257.5 | 9.5% | 475.5 | 7.0% | 3 | 419.2 |
| 5 | Deutsche Bank | 1,250.0 | 9.4% | 751.8 | 11.1% | 4 | 312.5 |
| 6 | Goldman Sachs | 1,215.0 | 9.2% | 711.3 | 10.5% | 3 | 405.0 |
| 7 | EarlyBirdCapital | 1,098.5 | 8.3% | 634.7 | 9.4% | 6 | 183.1 |
| 8 | Cantor Fitzgerald | 828.0 | 6.2% | 544.0 | 8.0% | 5 | 165.6 |
| 9 | B. Riley FBR | 625.3 | 4.7% | 515.5 | 7.6% | 3 | 208.4 |
| 10 | Oppenheimer & Co. | 414.0 | 3.1% | 174.7 | 2.6% | 1 | 414.0 |
| 11 | UBS | 287.5 | 2.2% | 97.5 | 1.4% | 1 | 287.5 |
| 12 | Citic CLSA | 258.0 | 1.9% | 50.0 | 0.7% | 1 | 258.0 |
| 13 | Cowen | 230.0 | 1.7% | 165.0 | 2.4% | 1 | 230.0 |
| 14 | Jefferies | 200.0 | 1.5% | 160.0 | 2.4% | 1 | 200.0 |
| 15 | Dowling & Partners | 172.5 | 1.3% | 42.0 | 0.6% | 1 | 172.5 |
| 16 | BTIG | 169.3 | 1.3% | 22.5 | 0.3% | 1 | 169.3 |
| 17 | Raymond James | 155.3 | 1.2% | 44.6 | 0.7% | 1 | 155.3 |
| 18 | Ladenburg | 115.0 | 0.9% | 92.5 | 1.4% | 1 | 115.0 |
| 19 | CIM Securities | 115.0 | 0.9% | 0.5 | 0.0% | 1 | 115.0 |
| 20 | Maxim Group | 63.3 | 0.5% | 55.0 | 0.8% | 1 | 63.3 |
Q3 2018
| Rank | Underwriter | Volume ($mm) | Volume % Mkt Share | Volume Sold ($mm) | Volume Sold % Mkt Share | Deal Count | Avg. Size ($mm) |
|---|---|---|---|---|---|---|---|
| 1 | Citigroup | 1,242.0 | 35.7% | 743.4 | 36.1% | 2 | 621.0 |
| 2 | Credit Suisse | 552.0 | 15.9% | 158.4 | 7.7% | 1 | 552.0 |
| 3 | Chardan | 408.8 | 11.8% | 206.3 | 10.0% | 4 | 102.2 |
| 4 | Deutsche Bank | 400.0 | 11.5% | 375.0 | 18.2% | 1 | 400.0 |
| 5 | EarlyBirdCapital | 250.0 | 7.2% | 206.3 | 10.0% | 1 | 250.0 |
| 6 | Jefferies | 200.0 | 5.8% | 160.0 | 7.8% | 1 | 200.0 |
| 7 | Cantor Fitzgerald | 189.5 | 5.5% | 131.0 | 6.4% | 2 | 94.8 |
| 8 | BTIG | 169.3 | 4.9% | 22.5 | 1.1% | 1 | 169.3 |
| 9 | Maxim Group | 63.3 | 1.8% | 55.0 | 2.7% | 1 | 63.3 |
1H 2018
| Rank | Underwriter | Volume ($mm) | Deal Count | Avg deal size | % Mkt Share |
|---|---|---|---|---|---|
| 1 | BofA Merrill Lynch | 1,257.5 | 3 | 419.2 | 13.2% |
| 2 | Goldman Sachs | 1,215.0 | 3 | 405.0 | 12.8% |
| 3 | Credit Suisse | 1,182.5 | 3 | 394.2 | 12.4% |
| 4 | Chardan | 976.8 | 5 | 195.4 | 10.3% |
| 5 | Deutsche Bank | 850.0 | 3 | 283.3 | 8.9% |
| 6 | EarlyBirdCapital, Inc. | 843.5 | 5 | 168.7 | 8.9% |
| 7 | Cantor Fitzgerald | 638.5 | 3 | 212.8 | 6.7% |
| 8 | B. Riley FBR | 625.3 | 3 | 208.4 | 6.6% |
| 9 | Oppenheimer & Co. | 414.0 | 1 | 414.0 | 4.4% |
| 10 | Citic CLSA | 258.0 | 1 | 258.0 | 2.7% |
| 11 | UBS | 250.0 | 1 | 250.0 | 2.6% |
| 12 | Cowen | 230.0 | 1 | 230.0 | 2.4% |
| 13 | Citigroup | 200.0 | 1 | 200.0 | 2.1% |
| 14 | Dowling & Partners Securities | 172.5 | 1 | 172.5 | 1.8% |
| 15 | Raymond James | 155.3 | 1 | 155.3 | 1.6% |
| 16 | Ladenburg | 115.0 | 1 | 115.0 | 1.2% |
| 17 | CIM Securities | 115.0 | 1 | 115.0 | 1.2% |
Q2 2018
| Rank | Underwriter | Volume ($mm) | Deal Count | Avg. Size ($mm) | % Mkt Share |
|---|---|---|---|---|---|
| 1 | Credit Suisse | 882.5 | 2 | 441.3 | 16.9% |
| 2 | Goldman Sachs | 690.0 | 1 | 690.0 | 13.2% |
| 3 | Chardan | 689.3 | 3 | 229.8 | 13.2% |
| 4 | EarlyBirdCapital, Inc. | 671.0 | 3 | 223.7 | 12.9% |
| 5 | BofA Merrill Lynch | 632.5 | 1 | 632.5 | 12.1% |
| 6 | B. Riley FBR | 500.3 | 2 | 250.1 | 9.6% |
| 7 | Cantor Fitzgerald | 258.0 | 1 | 258.0 | 4.9% |
| 8 | Citic CLSA | 258.0 | 1 | 258.0 | 4.9% |
| 9 | UBS | 250.0 | 1 | 250.0 | 4.8% |
| 10 | Cowen | 230.0 | 1 | 230.0 | 4.4% |
| 11 | Raymond James | 155.3 | 1 | 155.3 | 3.0% |
Q1 2018
| Rank | Underwriter | Volume ($mm) | Deal Count | Avg. Size ($mm) | % Mkt Share |
|---|---|---|---|---|---|
| 1 | Deutsche Bank | 850.0 | 3 | 283.3 | 22.0% |
| 2 | BofA Merrill Lynch | 625.0 | 2 | 312.5 | 16.2% |
| 3 | Goldman Sachs | 525.0 | 2 | 262.5 | 13.6% |
| 4 | Cantor | 380.5 | 2 | 190.3 | 9.9% |
| 5 | Credit Suisse | 300.0 | 1 | 300.0 | 7.8% |
| 6 | Chardan | 287.5 | 2 | 143.8 | 7.4% |
| 7 | Citigroup | 200.0 | 1 | 200.0 | 5.2% |
| 8 | EarlyBirdCapital, Inc. | 172.5 | 2 | 86.3 | 4.5% |
| 9 | Dowling & Partners Securities LLC | 172.5 | 1 | 172.5 | 4.5% |
| 10 | B. Riley FBR | 125.0 | 1 | 125.0 | 3.2% |
| 11 | Ladenburg Thalmann | 111.5 | 1 | 111.5 | 2.9% |
| 12 | CIM Securities | 111.5 | 1 | 111.5 | 2.9% |
2017
| 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; SEC.gov
Legal
YTD 2018
| Rank | Law Firm | Volume ($mm) | Deal Count (Total) | Deal Count (Issuer's Counsel) | Deal Count (UW's Counsel) | Avg Size ($mm) | % Mkt Share |
|---|---|---|---|---|---|---|---|
| 1 | Ellenoff Grossman & Schole LLP | 3,406.8 | 18 | 13 | 5 | 189.3 | 20.7% |
| 2 | Skadden, Arps, Slate, Meagher & Flom LLP | 2,377.5 | 6 | 1 | 5 | 396.3 | 14.5% |
| 3 | Winston & Strawn LLP | 1,710.5 | 5 | 2 | 3 | 342.1 | 10.4% |
| 4 | Graubard Miller | 1,548.8 | 10 | 4 | 6 | 154.9 | 9.4% |
| 5 | Freshfields Bruckhaus Deringer | 1,252.5 | 3 | 0 | 3 | 417.5 | 7.6% |
| 6 | Greenberg Traurig, LLP | 1,009.0 | 4 | 2 | 2 | 252.3 | 6.1% |
| 7 | Kirkland & Ellis LLP | 1,002.0 | 3 | 1 | 2 | 334.0 | 6.1% |
| 8 | Paul, Weiss, Rifkind, Wharton & Garrison LLP | 690.0 | 1 | 1 | 0 | 690.0 | 4.2% |
| 9 | Vinson & Elkins LLP | 552.0 | 1 | 1 | 0 | 552.0 | 3.4% |
| 10 | Thompson & Knight LLP | 414.0 | 1 | 1 | 0 | 414.0 | 2.5% |
| 11 | Ropes & Gray LLP | 400.0 | 1 | 0 | 1 | 400.0 | 2.4% |
| 12 | Weil, Gotshal & Manges LLP | 400.0 | 1 | 1 | 0 | 400.0 | 2.4% |
| 13 | Loeb & Loeb LLP | 394.5 | 5 | 2 | 3 | 78.9 | 2.4% |
| 14 | Gibson, Dunn & Crutcher LLP | 345.0 | 1 | 1 | 0 | 345.0 | 2.1% |
| 15 | Davis Polk & Wardwell LLP | 300.0 | 1 | 1 | 0 | 300.0 | 1.8% |
| 16 | McDermott Will & Emery | 201.3 | 1 | 0 | 1 | 201.3 | 1.2% |
| 17 | Venable LLP | 155.3 | 1 | 1 | 0 | 155.3 | 0.9% |
| 18 | Fox Rothschild LLP | 125.0 | 1 | 1 | 0 | 125.0 | 0.8% |
| 19 | Holland & Knight, LLP | 115.0 | 1 | 0 | 1 | 115.0 | 0.7% |
| 20 | Hunter Taubman Fischer & Li LLC | 46.0 | 1 | 0 | 1 | 46.0 | 0.3% |
Q3 2018
| Rank | Law Firm | Volume ($mm) | Deal Count (Total) | Deal Count (Issuer's Counsel) | Deal Count (UW's Counsel) | Avg. Size | Mkt Share (%) |
|---|---|---|---|---|---|---|---|
| 1 | Ellenoff Grossman & Schole LLP | 916.0 | 7 | 6 | 1 | 130.9 | 17.6% |
| 2 | Winston & Strawn LLP | 890.0 | 2 | 0 | 2 | 445.0 | 17.1% |
| 3 | Paul, Weiss, Rifkind, Wharton & Garrison LLP | 690.0 | 1 | 1 | 0 | 690.0 | 13.2% |
| 4 | Graubard Miller | 568.8 | 3 | 1 | 2 | 189.6 | 10.9% |
| 5 | Vinson & Elkins LLP | 552.0 | 1 | 1 | 0 | 552.0 | 10.6% |
| 6 | Kirkland & Ellis LLP | 552.0 | 1 | 0 | 1 | 552.0 | 10.6% |
| 7 | Ropes & Gray LLP | 400.0 | 1 | 0 | 1 | 400.0 | 7.7% |
| 8 | Weil, Gotshal & Manges LLP | 400.0 | 1 | 1 | 0 | 400.0 | 7.7% |
| 9 | Loeb & Loeb LLP | 193.3 | 4 | 1 | 3 | 48.3 | 3.7% |
| 10 | Hunter Taubman Fischer & Li LLC | 46.0 | 1 | 0 | 1 | 46.0 | 0.9% |
1H 2018
| Rank | Law Firm | Volume ($mm) | Deal Count (Total) | Deal Count (Issuer's Counsel) | Deal Count (UW's Counsel) | Avg Size ($mm) | % Mkt Share |
|---|---|---|---|---|---|---|---|
| 1 | Ellenoff Grossman & Schole LLP | 2,485.8 | 11 | 8 | 3 | 226.0 | 22.3% |
| 2 | Skadden, Arps, Slate, Meagher & Flom LLP | 2,377.5 | 6 | 1 | 5 | 396.3 | 21.3% |
| 3 | Freshfields Bruckhaus Deringer US LLP | 1,215.0 | 3 | 0 | 3 | 405.0 | 10.9% |
| 4 | Greenberg Traurig, LLP | 1,009.0 | 4 | 2 | 2 | 252.3 | 9.0% |
| 5 | Graubard Miller | 975.0 | 7 | 2 | 5 | 139.3 | 8.7% |
| 6 | Winston & Strawn LLP | 783.0 | 3 | 2 | 1 | 261.0 | 7.0% |
| 7 | Kirkland & Ellis LLP | 450.0 | 2 | 1 | 1 | 225.0 | 4.0% |
| 8 | Thompson & Knight LLP | 414.0 | 1 | 1 | 0 | 414.0 | 3.7% |
| 9 | Gibson, Dunn & Crutcher LLP | 345.0 | 1 | 1 | 0 | 345.0 | 3.1% |
| 10 | Davis Polk & Wardwell LLP | 300.0 | 1 | 1 | 0 | 300.0 | 2.7% |
| 11 | McDermott Will & Emery | 201.3 | 1 | 0 | 1 | 201.3 | 1.8% |
| 12 | Loeb & Loeb LLP | 201.3 | 1 | 1 | 0 | 201.3 | 1.8% |
| 13 | Venable | 155.3 | 1 | 1 | 0 | 155.3 | 1.4% |
| 14 | Fox Rothschild LLP | 125.0 | 1 | 1 | 0 | 125.0 | 1.1% |
| 15 | Holland & Knight, LLP | 115.0 | 1 | 0 | 1 | 115.0 | 1.0% |
Q2 2018
| Rank | Law Firm | Volume ($mm) | Deal Count (Total) | Deal Count (Issuer's Counsel) | Deal Count (UW's Counsel) | Avg. Size | Mkt Share (%) |
|---|---|---|---|---|---|---|---|
| 1 | Ellenoff Grossman & Schole LLP | 1,647.8 | 6 | 4 | 2 | 274.6 | 24.0% |
| 2 | Skadden, Arps, Slate, Meagher & Flom LLP | 1,552.5 | 3 | 1 | 2 | 517.5 | 22.6% |
| 3 | Freshfields Bruckhaus Deringer US LLP | 940.0 | 2 | 0 | 2 | 470.0 | 13.7% |
| 4 | Greenberg Traurig, LLP | 644.0 | 2 | 1 | 1 | 322.0 | 9.4% |
| 5 | Graubard Miller | 515.0 | 3 | 0 | 3 | 171.7 | 7.5% |
| 6 | Thompson & Knight LLP | 414.0 | 1 | 1 | 0 | 414.0 | 6.0% |
| 7 | Gibson, Dunn & Crutcher LLP | 345.0 | 1 | 1 | 0 | 345.0 | 5.0% |
| 8 | Graubard Miller | 257.0 | 2 | 0 | 2 | 128.5 | 3.7% |
| 9 | Winston & Strawn LLP | 250.0 | 1 | 1 | 0 | 250.0 | 3.6% |
| 10 | McDermott Will & Emery | 201.3 | 1 | 0 | 1 | 201.3 | 2.9% |
| 11 | Loeb & Loeb LLP | 201.3 | 1 | 1 | 0 | 201.3 | 2.9% |
| 12 | Venable LLP | 155.3 | 1 | 1 | 0 | 155.3 | 2.3% |
Q1 2018
| Rank | Law Firm | Volume ($mm) | Deal Count (Total) | Deal Count (Issuer's Counsel) | Deal Count (UW's Counsel) | Avg. Size ($mm) | Market Share (%) |
|---|---|---|---|---|---|---|---|
| 1 | Ellenoff Grossman & Schole LLP | 838.0 | 5 | 4 | 1 | 167.6 | 19.6 |
| 2 | Skadden, Arps, Slate, Meagher & Flom LLP | 825.0 | 3 | 0 | 3 | 275.0 | 19.3 |
| 3 | Winston & Strawn LLP | 533.0 | 2 | 1 | 1 | 266.5 | 12.5 |
| 4 | Graubard Miller | 456.5 | 4 | 2 | 2 | 114.1 | 10.7 |
| 5 | Kirkland & Ellis LLP | 450.0 | 2 | 1 | 1 | 225.0 | 10.5 |
| 6 | Greenberg Traurig, LLP | 365.0 | 2 | 1 | 1 | 182.5 | 8.5 |
| 7 | Davis Polk & Wardwell LLP | 300.0 | 1 | 1 | 0 | 300.0 | 7.0 |
| 8 | Freshfields Bruckhaus Deringer US LLP | 275.0 | 1 | 0 | 1 | 275.0 | 6.4 |
| 9 | Fox Rothschild LLP | 125.0 | 1 | 1 | 0 | 125.0 | 2.9 |
| 10 | Holland & Knight, LLP | 111.5 | 1 | 0 | 1 | 111.5 | 2.6 |
2017
| Rank | Law Firm | Volume ($mm) | Deal Count (Total) | Deal Count (Issuer's Counsel) | Deal Count (UW's Counsel) | Avg. Size ($mm) | Market Share (%) |
|---|---|---|---|---|---|---|---|
| 1 | Weil, Gotshal & Manges LLP | 3,892.0 | 7 | 5 | 2 | 556.0 | 19.7 |
| 2 | Ellenoff Grossman & Schole LLP | 2,763.9 | 13 | 11 | 2 | 212.6 | 14.0 |
| 3 | Skadden, Arps, Slate, Meagher & Flom LLP | 2,475.4 | 8 | 1 | 7 | 309.4 | 12.5 |
| 4 | Vinson & Elkins LLP | 1,932.0 | 3 | 2 | 1 | 644.0 | 9.8 |
| 5 | Graubard Miller | 1,746.7 | 9 | 2 | 7 | 194.1 | 8.8 |
| 6 | Freshfields Bruckhaus Deringer US LLP | 1,675.0 | 4 | 0 | 4 | 418.8 | 8.5 |
| 7 | Greenberg Traurig, LLP | 799.0 | 4 | 1 | 3 | 199.8 | 4.0 |
| 8 | Shearman & Sterling LLP | 690.0 | 1 | 0 | 1 | 690.0 | 3.5 |
| 9 | Winston & Strawn LLP | 607.3 | 2 | 1 | 1 | 303.7 | 3.1 |
| 10 | Loeb & Loeb LLP | 531.8 | 4 | 2 | 2 | 133.0 | 2.7 |
| 11 | Akin Gump Strauss Hauer & Feld LLP | 460.0 | 1 | 0 | 1 | 460.0 | 2.3 |
| 12 | Ledgewood | 450.0 | 2 | 2 | 0 | 225.0 | 2.3 |
| 13 | Davis Polk & Wardwell LLP | 402.5 | 1 | 0 | 1 | 402.5 | 2.0 |
| 14 | Paul, Weiss, Rifkind, Wharton & Garrison LLP | 345.0 | 1 | 1 | 0 | 345.0 | 1.7 |
| 15 | Kirkland & Ellis LLP | 300.0 | 1 | 1 | 0 | 300.0 | 1.5 |
| 16 | Jones Day | 207.0 | 1 | 1 | 0 | 207.0 | 1.0 |
| 17 | Proskauer Rose LLP | 200.0 | 1 | 1 | 0 | 200.0 | 1.0 |
| 18 | Crowell & Moring LLP | 143.5 | 1 | 1 | 0 | 143.5 | 0.7 |
| 19 | Akerman LLP | 69.0 | 1 | 1 | 0 | 69.0 | 0.3 |
| 20 | Hunter Taubman Fischer & Li LLC | 60.4 | 1 | 1 | 0 | 60.4 | 0.3 |
| 21 | Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. | 44.3 | 1 | 0 | 1 | 44.3 | 0.2 |
Source: SPACInsider; SEC.gov