UNDERWRITING LEAGUE
Below are the yearly and quarterlyย SPAC IPO league tables.
All data is initially shown ranked by volume, but the columns are sort-able by clicking on the arrow keys (ฮโ) in the column headers.
FY 2019
| Rank | Underwriter | Volume ($mm) | Volume % Mkt Share | Volume Sold ($mm) | Volume Sold % Mkt Share | Deal Count | Average Deal Size |
|---|---|---|---|---|---|---|---|
| 1 | Cantor | 3,638.3 | 16.8% | 2,566.1 | 22.1% | 14 | 259.9 |
| 2 | Deutsche Bank | 2,541.8 | 11.7% | 1,270.0 | 10.9% | 8 | 317.7 |
| 3 | Credit Suisse | 2,491.6 | 11.5% | 1,286.2 | 11.1% | 9 | 276.8 |
| 4 | Goldman Sachs | 2,102.7 | 9.7% | 864.8 | 7.4% | 6 | 350.4 |
| 5 | BTIG | 1,600.8 | 7.4% | 729.9 | 6.3% | 7 | 228.7 |
| 6 | Citigroup | 1,529.1 | 7.1% | 960.0 | 8.3% | 4 | 382.3 |
| 7 | Earlybird | 969.5 | 4.5% | 587.0 | 5.0% | 6 | 161.6 |
| 8 | UBS | 951.8 | 4.4% | 498.8 | 4.3% | 4 | 237.9 |
| 9 | Barclays | 741.8 | 3.4% | 301.3 | 2.6% | 3 | 247.3 |
| 10 | Morgan Stanley | 645.0 | 3.0% | 241.7 | 2.1% | 2 | 322.5 |
| 11 | J.P. Morgan | 575.0 | 2.7% | 166.7 | 1.4% | 2 | 287.5 |
| 12 | B. Riley FBR | 546.3 | 2.5% | 475.0 | 4.1% | 3 | 182.1 |
| 13 | BofA | 537.5 | 2.5% | 194.0 | 1.7% | 2 | 268.8 |
| 14 | Stifel | 530.2 | 2.4% | 111.9 | 1.0% | 2 | 265.1 |
| 15 | Jefferies | 488.8 | 2.3% | 395.0 | 3.4% | 2 | 244.4 |
| 16 | Chardan | 446.9 | 2.1% | 238.1 | 2.0% | 5 | 89.4 |
| 17 | Nomura | 300.2 | 1.4% | 159.5 | 1.4% | 1 | 300.2 |
| 18 | Cowen | 280.5 | 1.3% | 190.0 | 1.6% | 2 | 140.3 |
| 19 | I-bankers | 172.5 | 0.8% | 94.5 | 0.8% | 2 | 86.3 |
| 20 | Northland | 172.5 | 0.8% | 74.1 | 0.6% | 1 | 172.5 |
| 21 | Craig-Hallum | 108.0 | 0.5% | 30.0 | 0.3% | 1 | 108.0 |
| 22 | Maxim | 103.5 | 0.5% | 90.0 | 0.8% | 2 | 51.8 |
| 23 | BMO | 100.0 | 0.5% | 55.0 | 0.5% | 1 | 100.0 |
| 24 | SVP Leerink Partners | 100.0 | 0.5% | 45.0 | 0.4% | 1 | 100.0 |
Q4 2019
| Rank | Underwriter | Volume ($mm) | Volume % Mkt Share | Volume Sold ($mm) | Volume Sold % Mkt Share | Deal Count | Average Deal Size |
|---|---|---|---|---|---|---|---|
| 1 | Cantor | 1,045.0 | 21.9% | 780.0 | 27.3% | 5 | 209.0 |
| 2 | Credit Suisse | 616.3 | 12.9% | 358.4 | 12.5% | 2 | 308.1 |
| 3 | UBS | 603.8 | 12.7% | 435.0 | 15.2% | 2 | 301.9 |
| 4 | Barclays | 508.8 | 10.7% | 200.0 | 7.0% | 2 | 254.4 |
| 5 | BTIG | 460.0 | 9.7% | 261.3 | 9.1% | 2 | 230.0 |
| 6 | Earlybird | 348.5 | 7.3% | 240.0 | 8.4% | 3 | 116.2 |
| 7 | Morgan Stanley | 300.0 | 6.3% | 91.7 | 3.2% | 1 | 300.0 |
| 8 | J.P. Morgan | 300.0 | 6.3% | 91.7 | 3.2% | 1 | 300.0 |
| 9 | Jefferies | 172.5 | 3.6% | 120.0 | 4.2% | 1 | 172.5 |
| 10 | B. Riley FBR | 149.5 | 3.1% | 130.0 | 4.5% | 1 | 149.5 |
| 11 | Leerink Partners | 100.0 | 2.1% | 45.0 | 1.6% | 1 | 100.0 |
| 12 | BMO | 100.0 | 2.1% | 55.0 | 1.9% | 1 | 100.0 |
| 13 | I-Bankers | 57.5 | 1.2% | 49.5 | 1.7% | 1 | 57.5 |
Q3 2019
| Rank | Underwriter | Volume ($mm) | Volume % Mkt Share | Volume Sold ($mm) | Volume Sold % Mkt Share | Deal Count | Average Deal Size |
|---|---|---|---|---|---|---|---|
| 1 | Credit Suisse | 937.9 | 16.3% | 505.5 | 17.7% | 4 | 234.5 |
| 2 | Deutsche Bank | 926.3 | 16.1% | 387.5 | 13.6% | 3 | 308.8 |
| 3 | Cantor | 925.0 | 16.1% | 539.8 | 18.9% | 3 | 308.3 |
| 4 | Goldman Sachs | 764.1 | 13.3% | 350.0 | 12.2% | 2 | 382.1 |
| 5 | Citigroup | 589.1 | 10.2% | 165.0 | 5.8% | 2 | 294.6 |
| 6 | BTIG | 460.0 | 8.0% | 275.0 | 9.6% | 2 | 230.0 |
| 7 | Morgan Stanley | 345.0 | 6.0% | 150.0 | 5.2% | 1 | 345.0 |
| 8 | J.P. Morgan | 275.0 | 4.8% | 75.0 | 2.6% | 1 | 275.0 |
| 9 | B. Riley FBR | 253.0 | 4.4% | 220.0 | 7.7% | 1 | 253.0 |
| 10 | Earlybird | 172.5 | 3.0% | 100.0 | 3.5% | 1 | 172.5 |
| 11 | Maxim | 57.5 | 1.0% | 50.0 | 1.7% | 1 | 57.5 |
| 12 | Chardan | 44.4 | 0.8% | 40.0 | 1.4% | 1 | 44.4 |
1H 2019
| Rank | Underwriter | Volume ($mm) | Volume % Mkt Share | Volume Sold ($mm) | Volume Sold % Mkt Share | Deal Count | Average Deal Size |
|---|---|---|---|---|---|---|---|
| 1 | Cantor | 1,668.3 | 15.1% | 1246.3 | 21.0% | 6 | 278.1 |
| 2 | Deutsche Bank | 1,615.6 | 14.6% | 882.5 | 14.9% | 5 | 323.1 |
| 3 | Goldman Sachs | 1,338.6 | 12.1% | 514.8 | 8.7% | 4 | 334.6 |
| 4 | Credit Suisse | 937.5 | 8.5% | 422.3 | 7.1% | 3 | 312.5 |
| 5 | Citigroup | 850.0 | 7.7% | 825.0 | 13.9% | 2 | 425.0 |
| 6 | BTIG | 680.8 | 6.1% | 193.6 | 3.3% | 3 | 226.9 |
| 7 | BofA | 537.5 | 4.9% | 194.0 | 3.3% | 2 | 268.8 |
| 8 | Stifel | 530.2 | 4.8% | 111.9 | 1.9% | 2 | 265.1 |
| 9 | Earlybird | 448.5 | 4.1% | 247.0 | 4.2% | 2 | 224.3 |
| 10 | Chardan | 402.5 | 3.6% | 198.1 | 3.3% | 4 | 100.6 |
| 11 | UBS | 348.0 | 3.1% | 63.8 | 1.1% | 2 | 174.0 |
| 12 | Jefferies | 316.3 | 2.9% | 275.0 | 4.6% | 1 | 316.3 |
| 13 | Nomura | 300.2 | 2.7% | 159.5 | 2.7% | 1 | 300.2 |
| 14 | Cowen | 280.5 | 2.5% | 190.0 | 3.2% | 2 | 140.3 |
| 15 | Barclays | 233.0 | 2.1% | 101.3 | 1.7% | 1 | 233.0 |
| 16 | Northland | 172.5 | 1.6% | 74.1 | 1.2% | 1 | 172.5 |
| 17 | B. Riley FBR | 143.8 | 1.3% | 125.0 | 2.1% | 1 | 143.8 |
| 18 | I-bankers | 115.0 | 1.0% | 45.0 | 0.8% | 1 | 115.0 |
| 19 | Craig-Hallum | 108.0 | 1.0% | 30.0 | 0.5% | 1 | 108.0 |
| 20 | Maxim | 46.0 | 0.4% | 40.0 | 0.7% | 1 | 46.0 |
Q2 2019
| Rank | Underwriter | Volume ($mm) | Volume % Mkt Share | Volume Sold ($mm) | Volume Sold % Mkt Share | Deal Count | Average Deal Size |
|---|---|---|---|---|---|---|---|
| 1 | Cantor | 987.5 | 22.4% | 861.0 | 28.7% | 3 | 329.2 |
| 2 | Citigroup | 850.0 | 19.3% | 825.0 | 27.5% | 2 | 425.0 |
| 3 | Deutsche Bank | 400.0 | 9.1% | 169.8 | 5.7% | 1 | 400.0 |
| 4 | Goldman Sachs | 400.0 | 9.1% | 169.8 | 5.7% | 1 | 400.0 |
| 5 | Jefferies | 316.3 | 7.2% | 275.0 | 9.2% | 1 | 316.3 |
| 6 | Credit Suisse | 287.5 | 6.5% | 157.6 | 5.3% | 1 | 287.5 |
| 7 | BofA | 287.5 | 6.5% | 84.9 | 2.8% | 1 | 287.5 |
| 8 | Earlybird | 172.5 | 3.9% | 72.0 | 2.4% | 1 | 172.5 |
| 9 | Northland | 172.5 | 3.9% | 74.1 | 2.5% | 1 | 172.5 |
| 10 | B. Riley FBR | 143.8 | 3.3% | 125.0 | 4.2% | 1 | 143.8 |
| 11 | Chardan | 115.0 | 2.6% | 70.0 | 2.3% | 1 | 115.0 |
| 12 | UBS | 115.0 | 2.6% | 30.0 | 1.0% | 1 | 115.0 |
| 13 | I-bankers | 115.0 | 2.6% | 45.0 | 1.5% | 1 | 115.0 |
| 14 | Maxim | 46.0 | 1.0% | 40.0 | 1.3% | 1 | 46.0 |
Q1 2019
| Rank | Underwriter | Volume ($mm) | Volume % Mkt Share | Volume Sold ($mm) | Volume Sold % Mkt Share | Deal Count | Average Deal Size |
|---|---|---|---|---|---|---|---|
| 1 | Deutsche Bank | 1,210.0 | 19.2% | 712.8 | 25.4% | 4 | 302.5 |
| 2 | Goldman Sachs | 933.0 | 14.8% | 345.0 | 12.3% | 3 | 311.0 |
| 3 | Cantor | 641.7 | 10.2% | 385.3 | 13.7% | 4 | 160.4 |
| 4 | BTIG | 641.7 | 10.2% | 193.6 | 6.9% | 3 | 213.9 |
| 5 | Stifel | 530.2 | 8.4% | 111.9 | 4.0% | 2 | 265.1 |
| 6 | Credit Suisse | 400.0 | 6.3% | 131.3 | 4.7% | 1 | 400.0 |
| 7 | Nomura | 300.2 | 4.8% | 159.5 | 5.7% | 1 | 300.2 |
| 8 | Cowen | 280.5 | 4.4% | 190.0 | 6.8% | 2 | 140.3 |
| 9 | Chardan | 280.0 | 4.4% | 128.1 | 4.6% | 3 | 93.3 |
| 10 | Earlybird | 276.0 | 4.4% | 175.0 | 6.2% | 1 | 276.0 |
| 11 | BofA | 250.0 | 4.0% | 109.1 | 3.9% | 1 | 250.0 |
| 12 | UBS | 233.0 | 3.7% | 33.8 | 1.2% | 1 | 233.0 |
| 13 | Barclays | 233.0 | 3.7% | 101.3 | 3.6% | 1 | 233.0 |
| 14 | Craig-Hallum | 108.0 | 1.7% | 30.0 | 1.1% | 1 | 108.0 |
FY 2018
| Rank | Underwriter | Volume ($mm) | Volume % Mkt Share | Volume Sold ($mm) | Volume Sold % Mkt Share | Deal Count | Average Deal Size |
|---|---|---|---|---|---|---|---|
| 1 | Credit Suisse | 2,212.0 | 12.2% | 913.9 | 10.2% | 5 | 442.4 |
| 2 | Chardan | 2,205.4 | 12.2% | 766.4 | 8.6% | 15 | 147.0 |
| 3 | BofA | 1,897.5 | 10.5% | 643.0 | 7.2% | 5 | 379.5 |
| 4 | Citigroup | 1,882.0 | 10.4% | 1,133.4 | 12.7% | 4 | 470.5 |
| 5 | Cantor | 1,668.0 | 9.2% | 1,204.0 | 13.5% | 8 | 208.5 |
| 6 | Earlybird | 1,527.9 | 8.5% | 843.5 | 9.4% | 9 | 169.8 |
| 7 | Deutsche Bank | 1,250.0 | 6.9% | 751.8 | 8.4% | 4 | 312.5 |
| 8 | Goldman Sachs | 1,215.0 | 6.7% | 711.3 | 8.0% | 3 | 405.0 |
| 9 | Oppenheimer | 657.8 | 3.6% | 235.4 | 2.6% | 2 | 328.9 |
| 10 | B. Riley FBR | 625.3 | 3.5% | 515.5 | 5.8% | 3 | 208.4 |
| 11 | Jefferies | 564.3 | 3.1% | 420.0 | 4.7% | 3 | 188.1 |
| 12 | UBS | 508.0 | 2.8% | 137.5 | 1.5% | 2 | 254.0 |
| 13 | BTIG | 299.3 | 1.7% | 55.0 | 0.6% | 2 | 149.6 |
| 14 | CLSA | 258.0 | 1.4% | 50.0 | 0.6% | 1 | 258.0 |
| 15 | Cowen | 230.0 | 1.3% | 165.0 | 1.8% | 1 | 230.0 |
| 16 | Macquarie | 200.0 | 1.1% | 59.0 | 0.7% | 1 | 200.0 |
| 17 | Morgan Stanley | 200.0 | 1.1% | 67.5 | 0.8% | 1 | 200.0 |
| 18 | Dowling & Partners | 172.5 | 1.0% | 42.0 | 0.5% | 1 | 172.5 |
| 19 | Raymond James | 155.3 | 0.9% | 44.6 | 0.5% | 1 | 155.3 |
| 20 | Ladenburg | 115.0 | 0.6% | 92.5 | 1.0% | 1 | 115.0 |
| 21 | CIM Securities | 115.0 | 0.6% | 0.5 | 0.0% | 1 | 115.0 |
| 22 | Maxim | 63.3 | 0.4% | 55.0 | 0.6% | 1 | 63.3 |
| 23 | I-bankers | 63.3 | 0.4% | 27.5 | 0.3% | 1 | 63.3 |
Q4 2018
| Rank | Underwriter | Volume ($mm) | Volume % Mkt Share | Volume Sold ($mm) | Volume Sold % Mkt Share | Deal Count | Avg. Size ($mm) |
|---|---|---|---|---|---|---|---|
| 1 | Cantor | 840.0 | 18.3% | 660.0 | 31.6% | 3 | 280.0 |
| 2 | BofA Merrill Lynch | 640.0 | 14.1% | 167.5 | 8.0% | 2 | 320.0 |
| 3 | Chardan | 611.9 | 13.4% | 267.2 | 12.8% | 5 | 122.4 |
| 4 | Citigroup | 440.0 | 9.7% | 190.0 | 9.1% | 1 | 440.0 |
| 5 | Credit Suisse | 440.0 | 9.7% | 110.0 | 5.3% | 1 | 440.0 |
| 6 | EarlyBirdCapital | 429.4 | 9.4% | 208.8 | 10.0% | 3 | 143.1 |
| 7 | Jefferies | 364.3 | 8.0% | 260.0 | 12.4% | 2 | 182.1 |
| 8 | UBS | 220.5 | 4.8% | 40.0 | 1.9% | 1 | 220.5 |
| 9 | Macquarie | 200.0 | 4.4% | 59.0 | 2.8% | 1 | 200.0 |
| 10 | Morgan Stanley | 200.0 | 4.4% | 67.5 | 3.2% | 1 | 200.0 |
| 11 | BTIG | 130.0 | 2.9% | 32.5 | 1.6% | 1 | 130.0 |
| 12 | I-Bankers Securities | 63.3 | 1.4% | 27.5 | 1.3% | 1 | 63.3 |
Q3 2018
| Rank | Underwriter | Volume ($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