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
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 ($mm) | % Mkt Share |
|---|---|---|---|---|---|
| 1 | Credit Suisse | 4,181.0 | 8 | 522.6 | 19.0% |
| 2 | Citigroup | 4,121.8 | 8 | 515.2 | 18.7% |
| 3 | Deutsche Bank | 3,259.8 | 6 | 543.3 | 14.8% |
| 4 | Goldman Sachs | 3,032.0 | 5 | 606.4 | 13.8% |
| 5 | J.P. Morgan | 1,497.5 | 4 | 374.4 | 6.8% |
| 6 | EarlybirdCapital, Inc. | 1,214.2 | 8 | 151.8 | 5.5% |
| 7 | Cantor Fitzgerald | 1,130.0 | 4 | 282.5 | 5.1% |
| 8 | Stifel | 556.7 | 2 | 278.3 | 2.5% |
| 9 | BofA Merrill Lynch | 460.0 | 1 | 460.0 | 2.1% |
| 10 | B. Riley FBR | 345.0 | 2 | 172.5 | 1.6% |
| 11 | RBC Capital Markets | 345.0 | 1 | 345.0 | 1.6% |
| 12 | Wells Fargo | 300.0 | 1 | 300.0 | 1.4% |
| 13 | Cowen & Company | 287.3 | 2 | 143.6 | 1.3% |
| 14 | Maxim Group | 281.2 | 2 | 140.6 | 1.3% |
| 15 | Chardan Capital Markets | 240.0 | 3 | 80.0 | 1.1% |
| 16 | National Bank of Canada | 229.2 | 1 | 229.2 | 1.0% |
| 17 | Macquarie Capital | 207.0 | 1 | 207.0 | 0.9% |
| 18 | Morgan Stanley | 200.0 | 1 | 200.0 | 0.9% |
| 19 | Ladenburg Thalmann | 115.0 | 1 | 115.0 | 0.5% |
Source: SPACInsider
Legal
1H 2018
| Rank | Law Firm | Volume ($mm) | Deal Count (Total) | Deal Count (Issuer's Counsel) | Deal Count (UW's Counsel) | Avg Size ($mm) | % Mkt Share |
|---|---|---|---|---|---|---|---|
| 1 | Ellenoff Grossman & Schole LLP | 2,485.8 | 11 | 8 | 3 | 226.0 | 22.3% |
| 2 | Skadden, Arps, Slate, Meagher & Flom LLP | 2,377.5 | 6 | 1 | 5 | 396.3 | 21.3% |
| 3 | Freshfields Bruckhaus Deringer US LLP | 1,215.0 | 3 | 0 | 3 | 405.0 | 10.9% |
| 4 | Greenberg Traurig, LLP | 1,009.0 | 4 | 2 | 2 | 252.3 | 9.0% |
| 5 | Winston & Strawn LLP | 783.0 | 3 | 2 | 1 | 261.0 | 7.0% |
| 6 | Graubard Miller | 717.0 | 6 | 2 | 4 | 119.5 | 6.4% |
| 7 | Kirkland & Ellis LLP | 450.0 | 2 | 1 | 1 | 225.0 | 4.0% |
| 8 | Thompson & Knight LLP | 414.0 | 1 | 1 | 0 | 414.0 | 3.7% |
| 9 | Gibson, Dunn & Crutcher LLP | 345.0 | 1 | 1 | 0 | 345.0 | 3.1% |
| 10 | Davis Polk & Wardwell LLP | 300.0 | 1 | 1 | 0 | 300.0 | 2.7% |
| 11 | Maples & Calder | 258.0 | 1 | 0 | 1 | 258.0 | 2.3% |
| 12 | McDermott Will & Emery | 201.3 | 1 | 0 | 1 | 201.3 | 1.8% |
| 13 | Loeb & Loeb LLP | 201.3 | 1 | 1 | 0 | 201.3 | 1.8% |
| 14 | Venable | 155.3 | 1 | 1 | 0 | 155.3 | 1.4% |
| 15 | Fox Rothschild LLP | 125.0 | 1 | 1 | 0 | 125.0 | 1.1% |
| 16 | Holland & Knight, LLP | 115.0 | 1 | 0 | 1 | 115.0 | 1.0% |
Q2 2018
| Rank | Law Firm | Volume ($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 | Thompson & Knight LLP | 414.0 | 1 | 1 | 0 | 414.0 | 6.0% |
| 6 | Gibson, Dunn & Crutcher LLP | 345.0 | 1 | 1 | 0 | 345.0 | 5.0% |
| 7 | Maples & Calder | 258.0 | 1 | 0 | 1 | 258.0 | 3.8% |
| 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