SPAC IPOs break all-time annual volume record 10 weeks into 2021

SPAC IPOs SPAC M&A SPAC IPO Underwriting Through March 11, 258 global special purpose acquisition company Since the beginning of 2020, over 200 SPAC combinations have been Citi leads the year-to-date SPAC IPO underwriting league table with (SPAC) IPOs have been brought to market, surpassing the full year announced, with February 2021 hitting an all-time monthly high with 49 56 offerings, which have raised over US$10 billion in proceeds, annual record of 256 set during 2020 in just 10 weeks. Global SPAC combinations valued at US$117.0 billion. SPAC M&A activity in the followed by Credit Suisse and Goldman Sachs. The top 10 IPO proceeds total US$76.7 billion so far this year, just US$2.5 billion technology, industrials and financials sectors accounts for 49% of the total underwriters of SPAC IPOs account for 74% of overall proceeds behind full year 2020 levels. number of business combinations since the beginning of last year. raised so far this year. US listed SPAC IPO offerings dominate the marketplace, with 250 Based on an analysis of IPOs priced since 2018, approximately 500 Credit Suisse led the full year 2020 SPAC IPO rankings with US$12.2 blank check companies brought to market so far this year, up from special purpose acquisition companies are currently searching for a billion from 40 offerings, followed by Citi and Goldman Sachs. The just 13 at this point last year. business combination. top 10 underwriters accounted for 78% of 2020 SPAC issuance.

$80 300 50 49 Citi 56 $70 45 250 Credit Suisse 33 40 $60 Goldman Sachs 32 200 35 $50 Cantor Fitzgerald 28 30 $40 150 Barclays 26 25 22 22 20 Deutsche Bank 25 $30 20 18 18 18 100 16 Jefferies 15 13 13 24 $20 BofA Securities 23 50 10 $10 5 4 4 4 4 5 Morgan Stanley 21 Number of SPAC IPOs $0 JP Morgan 19 2015 2016 2017 2018 2019 2020 2021 2020 2021 20 40 60 Number of SPAC Combinations US SPAC ($bil) Non-US SPAC ($bil) Number of IPOs

1 An LSEG Business