Back to News
Mergers & Acquisitions

SPAC Offerings, Mergers Hit Fresh Records

Published: April 6th, 2021
Blank check companies raised a total of $87 billion during the first quarter as eager retail investors line up and sponsors get more creative with their offering structures.

The first quarter of 2021 was the busiest ever for special purpose acquisition companies and brought with it some new wrinkles in the white-hot market.

According to PrivateRaise, The Deal’s proprietary data service tracking U.S. SPACs, 296 vehicles went public raising a collective $87 billion. The total surpasses the previous record set in the fourth quarter of 2020, when 136 SPACs went public. The first-quarter total also eclipsed the IPO total for all of 2020 of 235.

All told, there are 552 SPACs that are public and have not yet consummated a business combination, although there are 122 transactions pending, according to PrivateRaise.

While there are 430 public SPACs searching for partners, there are also 256 SPACs that have not yet priced an IPO. In total, as of April 2, there were 686 SPACs in the deal universe.

The largest SPAC IPO, Soaring Eagle Acquisition Corp. (SRNGU) at $1.7 billion, belonged to serial sponsor Eagle Equity Partners LLC. The Los Angeles-based SPAC platform has produced nine SPACs and eight business combinations.

There were 94 SPAC business combinations announced or closed in the first quarter carrying a value of about $227 billion. For comparison, in all of 2020, there were 98 de-SPACs worth a total of $157 billion.

Editor’s note: The original, full version of this article was published earlier on The Deal’s premium subscription website. For access, log in to or use the form below to request a free trial.

This Content is Only for The Deal Subscribers

The Deal provides actionable, intraday coverage of mergers, acquisitions and all other changes in corporate control to institutional investors, private equity, hedge funds and the firms that serve them.

If you’re already a subscriber, log in to view this article here.

More From Mergers & Acquisitions

Mergers & Acquisitions

Can AppLovin Get Some Love From Unity?

By Chris Nolter
Published: August 31st, 2022
AppLovin has scale, but concerns about the split of ownership and the strategic fit could diminish the appeal of its bid for Unity.
Mergers & Acquisitions

Fiber Valuations Skyrocket Amid Infra Fund Frenzy

By Chris Nolter
Published: August 19th, 2022
The race to connect the next 80 million homes to high-speed broadband and increased interest from infrastructure funds in fiber assets has multiples for operators on the rise.