Underwriting League Tables

UNDERWRITING LEAGUE

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.


1H 2020

RankUnderwriterVolume
($mm)
Volume
% Mkt Share
Volume
Sold
($mm)
Volume
Sold
% Mkt Share
Deal
Count
Average
Deal Size
1Credit Suisse3,990.518.6%2,619.528.2%7570.1
2Goldman Sachs3,264.015.2%1,075.011.6%6544.0
3Citigroup3,204.014.9%1,209.013.0%5640.8
4BofA1,966.59.1%733.57.9%3655.5
5Deutsche Bank1,690.07.9%753.08.1%4422.5
6UBS1,474.06.9%454.04.9%5294.8
7Morgan Stanley1,460.06.8%274.03.0%3486.7
8Jefferies560.02.6%281.03.0%3186.7
9Cantor455.02.1%396.04.3%2227.5
10J.P. Morgan414.01.9%153.01.6%1414.0
11Cowen400.01.9%180.01.9%1400.0
12Earlybird381.51.8%216.02.3%3127.2
13RBC345.01.6%75.00.8%1345.0
14Odeon Capital Group, LLC305.01.4%59.00.6%1305.0
15Chardan266.91.2%243.52.6%466.7
16Stifel200.00.9%50.00.5%1200.0
17Nomura200.00.9%102.01.1%1200.0
18Oppenheimer200.00.9%68.00.7%1200.0
19Baird200.00.9%20.00.2%1200.0
20Imperial172.50.8%120.01.3%1172.5
21I-Bankers138.00.6%56.50.6%1138.0
22Craig-Hallum76.50.4%37.50.4%176.5
23Roth Capital Partners76.50.4%37.50.4%176.5
24Maxim69.00.3%60.00.6%169.0

Q2 2020

RankUnderwriterVolume
($mm)
Volume
% Mkt Share
Volume
Sold
($mm)
Volume
Sold
% Mkt Share
Deal
Count
Average
Deal Size
1Credit Suisse3,484.523.7%2,179.535.7%5696.9
2Citigroup2,104.014.3%579.09.5%4526.0
3BofA1,966.513.4%733.512.0%3655.5
4Goldman Sachs1,244.08.5%191.03.1%3414.7
5Morgan Stanley1,035.07.1%174.02.9%2517.5
6UBS1,014.06.9%373.06.1%3338.0
7Cantor455.03.1%396.06.5%2227.5
8J.P. Morgan414.02.8%153.02.5%1414.0
9Cowen400.02.7%180.03.0%1400.0
10Deutsche Bank345.02.4%150.02.5%1345.0
11RBC345.02.4%150.02.5%1345.0
12Jefferies330.02.2%215.03.5%2165.0
13Odeon Capital Group, LLC305.02.1%59.01.0%1305.0
14Stifel200.01.4%50.00.8%1200.0
15Nomura200.01.4%102.01.7%1200.0
16Oppenheimer200.01.4%68.01.1%1200.0
17Baird200.01.4%20.00.3%1200.0
18Chardan143.71.0%134.02.2%271.9
19Earlybird140.01.0%116.01.9%270.0
20Craig-Hallum76.50.5%37.50.6%176.5
21Roth Capital Partners76.50.5%37.50.6%176.5

Q1 2020

RankUnderwriterVolume
($mm)
Volume
% Mkt Share
Volume
Sold
($mm)
Volume
Sold
% Mkt Share
Deal
Count
Average
Deal Size
1Goldman Sachs2,020.029.6%884.027.2%3673.3
2Deutsche Bank1,345.019.7%603.018.6%3448.3
3Citigroup1,100.016.1%630.019.4%11,100.0
4Credit Suisse506.07.4%440.013.5%2253.0
5UBS460.06.7%81.02.5%2230.0
6Morgan Stanley425.06.2%100.03.1%1425.0
7Earlybird241.53.5%100.03.1%1241.5
8Jefferies230.03.4%66.02.0%1230.0
9Imperial Capital172.52.5%120.03.7%1172.5
10I-Bankers138.02.0%56.51.7%1138.0
11Chardan123.11.8%109.53.4%261.6
12Maxim Group69.01.0%60.01.8%169.0

FY 2019

RankUnderwriterVolume
($mm)
Volume
% Mkt Share
Volume
Sold
($mm)
Volume
Sold
% Mkt Share
Deal
Count
Average
Deal Size
1Cantor3,638.316.8%2,566.122.1%14259.9
2Deutsche Bank2,541.811.7%1,270.010.9%8317.7
3Credit Suisse2,491.611.5%1,286.211.1%9276.8
4Goldman Sachs2,102.79.7%864.87.4%6350.4
5BTIG1,600.87.4%729.96.3%7228.7
6Citigroup1,529.17.1%960.08.3%4382.3
7Earlybird969.54.5%587.05.0%6161.6
8UBS951.84.4%498.84.3%4237.9
9Barclays741.83.4%301.32.6%3247.3
10Morgan Stanley645.03.0%241.72.1%2322.5
11J.P. Morgan575.02.7%166.71.4%2287.5
12B. Riley FBR546.32.5%475.04.1%3182.1
13BofA537.52.5%194.01.7%2268.8
14Stifel530.22.4%111.91.0%2265.1
15Jefferies488.82.3%395.03.4%2244.4
16Chardan446.92.1%238.12.0%589.4
17Nomura300.21.4%159.51.4%1300.2
18Cowen280.51.3%190.01.6%2140.3
19I-bankers172.50.8%94.50.8%286.3
20Northland172.50.8%74.10.6%1172.5
21Craig-Hallum108.00.5%30.00.3%1108.0
22Maxim103.50.5%90.00.8%251.8
23BMO100.00.5%55.00.5%1100.0
24SVP Leerink Partners100.00.5%45.00.4%1100.0

Q4 2019

RankUnderwriterVolume
($mm)
Volume
% Mkt Share
Volume
Sold
($mm)
Volume
Sold
% Mkt Share
Deal
Count
Average
Deal Size
1Cantor1,045.021.9%780.027.3%5209.0
2Credit Suisse616.312.9%358.412.5%2308.1
3UBS603.812.7%435.015.2%2301.9
4Barclays508.810.7%200.07.0%2254.4
5BTIG460.09.7%261.39.1%2230.0
6Earlybird348.57.3%240.08.4%3116.2
7Morgan Stanley300.06.3%91.73.2%1300.0
8J.P. Morgan300.06.3%91.73.2%1300.0
9Jefferies172.53.6%120.04.2%1172.5
10B. Riley FBR149.53.1%130.04.5%1149.5
11Leerink Partners100.02.1%45.01.6%1100.0
12BMO100.02.1%55.01.9%1100.0
13I-Bankers57.51.2%49.51.7%157.5

Q3 2019

RankUnderwriterVolume
($mm)
Volume
% Mkt Share
Volume
Sold
($mm)
Volume
Sold
% Mkt Share
Deal
Count
Average
Deal Size
1Credit Suisse937.916.3%505.517.7%4234.5
2Deutsche Bank926.316.1%387.513.6%3308.8
3Cantor925.016.1%539.818.9%3308.3
4Goldman Sachs764.113.3%350.012.2%2382.1
5Citigroup589.110.2%165.05.8%2294.6
6BTIG460.08.0%275.09.6%2230.0
7Morgan Stanley345.06.0%150.05.2%1345.0
8J.P. Morgan275.04.8%75.02.6%1275.0
9B. Riley FBR253.04.4%220.07.7%1253.0
10Earlybird172.53.0%100.03.5%1172.5
11Maxim57.51.0%50.01.7%157.5
12Chardan44.40.8%40.01.4%144.4

1H 2019

RankUnderwriterVolume
($mm)
Volume
% Mkt Share
Volume
Sold
($mm)
Volume
Sold
% Mkt Share
Deal
Count
Average
Deal Size
1Cantor1,668.315.1%1246.321.0%6278.1
2Deutsche Bank1,615.614.6%882.514.9%5323.1
3Goldman Sachs1,338.612.1%514.88.7%4334.6
4Credit Suisse937.58.5%422.37.1%3312.5
5Citigroup850.07.7%825.013.9%2425.0
6BTIG680.86.1%193.63.3%3226.9
7BofA537.54.9%194.03.3%2268.8
8Stifel530.24.8%111.91.9%2265.1
9Earlybird448.54.1%247.04.2%2224.3
10Chardan402.53.6%198.13.3%4100.6
11UBS348.03.1%63.81.1%2174.0
12Jefferies316.32.9%275.04.6%1316.3
13Nomura300.22.7%159.52.7%1300.2
14Cowen280.52.5%190.03.2%2140.3
15Barclays233.02.1%101.31.7%1233.0
16Northland172.51.6%74.11.2%1172.5
17B. Riley FBR143.81.3%125.02.1%1143.8
18I-bankers115.01.0%45.00.8%1115.0
19Craig-Hallum108.01.0%30.00.5%1108.0
20Maxim46.00.4%40.00.7%146.0

Q2 2019

RankUnderwriterVolume
($mm)
Volume
% Mkt Share
Volume
Sold
($mm)
Volume
Sold
% Mkt Share
Deal
Count
Average
Deal Size
1Cantor987.522.4%861.028.7%3329.2
2Citigroup850.019.3%825.027.5%2425.0
3Deutsche Bank400.09.1%169.85.7%1400.0
4Goldman Sachs400.09.1%169.85.7%1400.0
5Jefferies316.37.2%275.09.2%1316.3
6Credit Suisse287.56.5%157.65.3%1287.5
7BofA287.56.5%84.92.8%1287.5
8Earlybird172.53.9%72.02.4%1172.5
9Northland172.53.9%74.12.5%1172.5
10B. Riley FBR143.83.3%125.04.2%1143.8
11Chardan115.02.6%70.02.3%1115.0
12UBS115.02.6%30.01.0%1115.0
13I-bankers115.02.6%45.01.5%1115.0
14Maxim46.01.0%40.01.3%146.0

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

 

 

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