SPAC Talk
It’s feast... August ended with 19 deal announcements, the most active month of deal activity this year. Total deal value amounted to $9.1 billion, at an average of $481 million per transaction, which is the highest level since the average of $586 million in January 2023, if we were to exclude the $27 billion BSAQ/VinFast transaction anomaly announced in May and de-SPACing in August. September has begun spritely, with four new IBC transactions announced in the first eight days, all of which were valued at below $400 million. ...and famine. The SPAC IPO market continues in its virtually comatose state, with only one IPO priced in August and none so far in September. The total of SPAC IPOs in the first eight months of 2023 stands at just 22, compared with 74 in the corresponding period in 2022. In fact, the market has not seen a month with IPOs in double digits since March of last year. Meanwhile, the backlog of pending SPAC IPOs has shrunk by 35 since the end of 2022, and currently stands 41, compared with its peak of 314 recorded in July 2021. Going public, but how? Our SPAC Talk Focus delves into the drivers of choice in which way private companies choose to go public. While there are several options available, the traditional IPO route has historically been the pathway of choice. That pattern appeared to be broken in on the back of the insatiable appetite for SPACs at the beginning of the decade. However, sound arguments can be made to suggest traditional IPOs will be the default route for a private company to go public.
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