League Tables

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

Q1 2019

RankUnderwriterVolume
($mm)
Volume
% Mkt Share
Volume
Sold
($mm)
Volume
Sold
% Mkt Share
Deal
Count
Average
Deal Size
1Deutsche Bank1,210.019.2%712.825.4%4302.5
2Goldman Sachs933.014.8%345.012.3%3311.0
3Cantor641.710.2%385.313.7%4160.4
4BTIG641.710.2%193.66.9%3213.9
5Stifel530.28.4%111.94.0%2265.1
6Credit Suisse400.06.3%131.34.7%1400.0
7Nomura300.24.8%159.55.7%1300.2
8Cowen280.54.4%190.06.8%2140.3
9Chardan280.04.4%128.14.6%393.3
10Earlybird276.04.4%175.06.2%1276.0
11BofA250.04.0%109.13.9%1250.0
12UBS233.03.7%33.81.2%1233.0
13Barclays233.03.7%101.33.6%1233.0
14Craig-Hallum108.01.7%30.01.1%1108.0

FY 2018

RankUnderwriterVolume
($mm)
Volume
% Mkt Share
Volume
Sold
($mm)
Volume
Sold
% Mkt Share
Deal
Count
Average
Deal Size
1Credit Suisse2,212.012.2%913.910.2%5442.4
2Chardan2,205.412.2%766.48.6%15147.0
3BofA1,897.510.5%643.07.2%5379.5
4Citigroup1,882.010.4%1,133.412.7%4470.5
5Cantor1,668.09.2%1,204.013.5%8208.5
6Earlybird1,527.98.5%843.59.4%9169.8
7Deutsche Bank1,250.06.9%751.88.4%4312.5
8Goldman Sachs1,215.06.7%711.38.0%3405.0
9Oppenheimer657.83.6%235.42.6%2328.9
10B. Riley FBR625.33.5%515.55.8%3208.4
11Jefferies564.33.1%420.04.7%3188.1
12UBS508.02.8%137.51.5%2254.0
13BTIG299.31.7%55.00.6%2149.6
14CLSA258.01.4%50.00.6%1258.0
15Cowen230.01.3%165.01.8%1230.0
16Macquarie200.01.1%59.00.7%1200.0
17Morgan Stanley200.01.1%67.50.8%1200.0
18Dowling & Partners172.51.0%42.00.5%1172.5
19Raymond James155.30.9%44.60.5%1155.3
20Ladenburg115.00.6%92.51.0%1115.0
21CIM Securities115.00.6%0.50.0%1115.0
22Maxim63.30.4%55.00.6%163.3
23I-bankers63.30.4%27.50.3%163.3

Q4 2018

RankUnderwriterVolume
($mm)
Volume
% Mkt Share
Volume
Sold
($mm)
Volume
Sold
% Mkt Share
Deal
Count
Avg. Size
($mm)
1Cantor840.018.3%660.031.6%3280.0
2BofA Merrill Lynch640.014.1%167.58.0%2320.0
3Chardan611.913.4%267.212.8%5122.4
4Citigroup440.09.7%190.09.1%1440.0
5Credit Suisse440.09.7%110.05.3%1440.0
6EarlyBirdCapital
429.49.4%208.810.0%3143.1
7Jefferies364.38.0%260.012.4%2182.1
8UBS220.54.8%40.01.9%1220.5
9Macquarie200.04.4%59.02.8%1200.0
10Morgan Stanley200.04.4%67.53.2%1200.0
11BTIG130.02.9%32.51.6%1130.0
12I-Bankers Securities63.31.4%27.51.3%163.3

Q3 2018

RankUnderwriterVolume
($mm)
Volume
% Mkt Share
Volume
Sold
($mm)
Volume
Sold
% Mkt Share
Deal
Count
Avg. Size
($mm)
1Citigroup1,242.035.7%743.436.1%2621.0
2Credit Suisse552.015.9%158.47.7%1552.0
3Chardan408.811.8%206.310.0%4102.2
4Deutsche Bank400.011.5%375.018.2%1400.0
5EarlyBirdCapital250.07.2%206.310.0%1250.0
6Jefferies
200.05.8%160.07.8%1200.0
7Cantor Fitzgerald189.55.5%131.06.4%294.8
8BTIG169.34.9%22.51.1%1169.3
9Maxim Group
63.31.8%55.02.7%163.3

1H 2018

RankUnderwriterVolume ($mm)Deal CountAvg deal size% Mkt Share
1BofA Merrill Lynch1,257.53419.213.2%
2Goldman Sachs1,215.03405.012.8%
3Credit Suisse1,182.53394.212.4%
4Chardan976.85195.410.3%
5Deutsche Bank850.03283.38.9%
6EarlyBirdCapital, Inc.843.55168.78.9%
7Cantor Fitzgerald638.53212.86.7%
8B. Riley FBR625.33208.46.6%
9Oppenheimer & Co.414.01414.04.4%
10Citic CLSA258.01258.02.7%
11UBS250.01250.02.6%
12Cowen230.01230.02.4%
13Citigroup200.01200.02.1%
14Dowling & Partners Securities172.51172.51.8%
15Raymond James155.31155.31.6%
16Ladenburg115.01115.01.2%
17CIM Securities115.01115.01.2%

Q2 2018

RankUnderwriterVolume ($mm)Deal CountAvg. Size ($mm)% Mkt Share
1Credit Suisse882.52441.316.9%
2Goldman Sachs690.01690.013.2%
3Chardan689.33229.813.2%
4EarlyBirdCapital, Inc.671.03223.712.9%
5BofA Merrill Lynch632.51632.512.1%
6B. Riley FBR500.32250.19.6%
7Cantor Fitzgerald258.01258.04.9%
8Citic CLSA258.01258.04.9%
9UBS250.01250.04.8%
10Cowen230.01230.04.4%
11Raymond James155.31155.33.0%

Q1 2018

RankUnderwriterVolume
($mm)
Deal
Count
Avg. Size
($mm)
% Mkt
Share
1Deutsche Bank850.0
3283.322.0%
2BofA Merrill Lynch625.02312.516.2%
3Goldman Sachs
525.02262.513.6%
4Cantor
380.52190.39.9%
5Credit Suisse300.01300.07.8%
6Chardan
287.52143.87.4%
7Citigroup200.01200.05.2%
8EarlyBirdCapital, Inc.
172.5286.34.5%
9Dowling & Partners Securities LLC172.51172.54.5%
10B. Riley FBR125.01125.03.2%
11Ladenburg Thalmann
111.51111.52.9%
12CIM Securities111.51111.52.9%

2017

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; SEC.gov

Legal

Q1 2019

RankLaw FirmVolume
($mm)
Deal
Count
(Total)
Deal
Count
(Issuer's
Counsel)
Deal
Count
(UW's
Counsel)
Avg
Size
($mm)
%
Mkt
Share
1Ellenoff Grossman & Schole LLP2,078.3945230.931.5%
2Skadden, Arps, Slate, Meagher & Flom LLP1,083.2413270.816.4%
3Ropes & Gray LLP680.0202340.010.3%
4Weil, Gotshal & Manges LLP630.0211315.09.6%
5Graubard Miller614.0330204.79.3%
6Kirkland & Ellis LLP261.0101261.04.0%
7Shearman & Sterling LLP250.0101250.03.8%
8Vinson & Elkins LLP233.0110233.03.5%
9Latham & Watkins LLP230.0110230.03.5%
10Greenberg Traurig, LLP172.5110172.52.6%
11Ledgewood PC150.7110150.72.3%
12Loeb & Loeb LLP107.522053.81.6%
13Scarinci & Hollenbeck, LLC107.520253.81.6%

FY 2018

RankLaw FirmVolume
($mm)
Deal
Count
(Total)
Deal
Count
(Issuer's
Counsel)
Deal
Count
(UW's
Counsel)
Avg
Size
($mm)
%
Mkt
Share
1EGS4,467.322166203.120.8%
2Skadden, Arps, Slate, Meagher & Flom LLP3,216.81019321.715.0%
3Winston & Strawn LLP2,394.3743342.011.1%
4Graubard Miller2,261.515510150.810.5%
5Greenberg Traurig, LLP1,394.7752199.26.5%
6Freshfields Bruckhaus Deringer US LLP1,252.5303417.55.8%
7Kirkland1,145.8422286.45.3%
8Davis Polk & Wardwell LLP740.0211370.03.4%
9Paul, Weiss, Rifkind, Wharton & Garrison LLP690.0110690.03.2%
10Loeb & Loeb LLP579.473482.82.7%
11Vinson & Elkins552.0110552.02.6%
12Thompson & Knight LLP414.0110414.01.9%
13Ropes & Gray400.0101400.01.9%
14Weil Gotshal400.0110400.01.9%
15Gibson, Dunn & Crutcher LLP345.0110345.01.6%
16Ledgewood345.0110345.01.6%
17McDermott Will & Emery201.3101201.30.9%
18Venable LLP155.3110155.30.7%
19Schiff Hardin LLP133.320266.60.6%
20Fox Rothschild LLP125.0110125.00.6%
21Holland & Knight, LLP115.0101115.00.5%
22White and Williams LLP114.9110114.90.5%
23Hunter Taubman Fischer & Li LLC46.010146.00.2%

Q4 2018

RankLaw FirmVolume
($mm)
Deal
Count
(Total)
Deal
Count
(Issuer's
Counsel)
Deal
Count
(UW's
Counsel)
Avg
Size
($mm)
%
Mkt
Share
1EGS1,060.5431265.121.0%
2Skadden, Arps, Slate, Meagher & Flom LLP839.3404209.816.6%
3Graubard Miller712.7514142.514.1%
4Winston & Strawn LLP683.8220341.913.6%
5Davis Polk & Wardwell LLP440.0101440.08.7%
6Greenberg Traurig, LLP385.7330128.67.6%
7Ledgewood345.0110345.06.8%
8Loeb & Loeb LLP184.921192.43.7%
9Kirkland & Ellis LLP143.8110143.82.9%
10Schiff Hardin LLP133.320266.62.6%
11White and Williams LLP114.9110114.92.3%

Q3 2018

RankLaw FirmVolume ($mm)Deal Count (Total)Deal Count (Issuer's Counsel)Deal Count (UW's Counsel)Avg. SizeMkt Share (%)
1Ellenoff Grossman & Schole LLP916.0761130.917.6%
2Winston & Strawn LLP890.0202445.017.1%
3Paul, Weiss, Rifkind, Wharton & Garrison LLP690.0110690.013.2%
4Graubard Miller568.8312189.610.9%
5Vinson & Elkins LLP552.0110552.010.6%
6Kirkland & Ellis LLP552.0101552.010.6%
7Ropes & Gray LLP400.0101400.07.7%
8Weil, Gotshal & Manges LLP400.0110400.07.7%
9Loeb & Loeb LLP193.341348.33.7%
10Hunter Taubman Fischer & Li LLC46.010146.00.9%

1H 2018

RankLaw FirmVolume ($mm)Deal Count (Total)Deal Count (Issuer's Counsel)Deal Count (UW's Counsel)Avg Size ($mm)% Mkt Share
1Ellenoff Grossman & Schole LLP2,485.81183226.022.3%
2Skadden, Arps, Slate, Meagher & Flom LLP2,377.5615396.321.3%
3Freshfields Bruckhaus Deringer US LLP1,215.0303405.010.9%
4Greenberg Traurig, LLP1,009.0422252.39.0%
5Graubard Miller975.0725139.38.7%
6Winston & Strawn LLP783.0321261.07.0%
7Kirkland & Ellis LLP450.0211225.04.0%
8Thompson & Knight LLP414.0110414.03.7%
9Gibson, Dunn & Crutcher LLP345.0110345.03.1%
10Davis Polk & Wardwell LLP300.0110300.02.7%
11McDermott Will & Emery201.3101201.31.8%
12Loeb & Loeb LLP201.3110201.31.8%
13Venable155.3110155.31.4%
14Fox Rothschild LLP125.0110125.01.1%
15Holland & Knight, LLP115.0101115.01.0%

Q2 2018

RankLaw FirmVolume ($mm)Deal Count (Total)Deal Count (Issuer's Counsel)Deal Count (UW's Counsel)Avg. SizeMkt Share (%)
1Ellenoff Grossman & Schole LLP1,647.8642274.624.0%
2Skadden, Arps, Slate, Meagher & Flom LLP1,552.5312517.522.6%
3Freshfields Bruckhaus Deringer US LLP940.0202470.013.7%
4Greenberg Traurig, LLP644.0211322.09.4%
5Graubard Miller515.0303171.77.5%
6Thompson & Knight LLP414.0110414.06.0%
7Gibson, Dunn & Crutcher LLP345.0110345.05.0%
8Graubard Miller257.0202128.53.7%
9Winston & Strawn LLP250.0110250.03.6%
10McDermott Will & Emery201.3101201.32.9%
11Loeb & Loeb LLP201.3110201.32.9%
12Venable LLP155.3110155.32.3%

Q1 2018

RankLaw FirmVolume
($mm)
Deal
Count
(Total)
Deal
Count
(Issuer's Counsel)
Deal
Count
(UW's Counsel)
Avg. Size
($mm)
Market
Share
(%)
1Ellenoff Grossman & Schole LLP838.0541167.619.6
2Skadden, Arps, Slate, Meagher & Flom LLP825.0303275.0
19.3
3Winston & Strawn LLP533.0
211266.512.5
4Graubard Miller456.5422114.110.7
5Kirkland & Ellis LLP450.0211225.010.5
6Greenberg Traurig, LLP365.0211182.58.5
7Davis Polk & Wardwell LLP300.0110300.07.0
8Freshfields Bruckhaus Deringer US LLP275.0101275.06.4
9Fox Rothschild LLP125.0110125.02.9
10Holland & Knight, LLP111.5101111.52.6

2017

RankLaw FirmVolume
($mm)
Deal
Count
(Total)
Deal
Count
(Issuer's Counsel)
Deal
Count
(UW's Counsel)
Avg. Size
($mm)
Market
Share
(%)
1Weil, Gotshal & Manges LLP3,892.0752556.019.7
2Ellenoff Grossman & Schole LLP2,763.9
13112212.6
14.0
3Skadden, Arps, Slate, Meagher & Flom LLP2,475.4
817309.412.5
4Vinson & Elkins LLP1,932.0321644.09.8
5Graubard Miller1,746.7927194.18.8
6Freshfields Bruckhaus Deringer US LLP1,675.0404418.88.5
7Greenberg Traurig, LLP799.0413199.84.0
8Shearman & Sterling LLP690.0101690.03.5
9Winston & Strawn LLP607.3211303.73.1
10Loeb & Loeb LLP531.8422133.02.7
11Akin Gump Strauss Hauer & Feld LLP460.0101460.02.3
12Ledgewood450.0220225.02.3
13Davis Polk & Wardwell LLP402.5101402.52.0
14Paul, Weiss, Rifkind, Wharton & Garrison LLP345.0110345.01.7
15Kirkland & Ellis LLP300.0110300.01.5
16Jones Day207.0110207.01.0
17Proskauer Rose LLP200.0110200.01.0
18Crowell & Moring LLP143.5110143.50.7
19Akerman LLP69.011069.00.3
20Hunter Taubman Fischer & Li LLC60.411060.40.3
21Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.44.310144.30.2

Source: SPACInsider; SEC.gov

 

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