Nasdaq has successfully completed 90 Special Purpose Acquisition Companies (SPACs) initial public offerings (IPOs) raising USD15.3 billion in total.
Since the adoption of new listing rules in 2011, Nasdaq has consistently been the exchange of choice for SPACs, attracting 96 per cent of all SPAC IPOs listing on a national exchange.
Thus far in 2017, Nasdaq has welcomed 18 SPAC IPOs, which eclipses the 13 SPAC IPOs that took place in 2016. The average proceeds raised amongst those deals in 2017 has been USD254 million, which would represent the largest annual average deal size on record. Top listings for 2017 include Silver Run Acquisition II (SRUN) / USD900M, Vantage Energy Acquisition (VEAC) / USD480M, Federal Street Acquisition (FSAC) / USD400M, Gores Holdings II (GRSH) / USD375M and Kayne Anderson Acquisition (KAAC) / USD350M.
“Investors’ ability to create innovative investment vehicles like SPACs spurs economic growth and brings more attention to the US capital markets,” says Nelson Griggs (pictured), President of the Nasdaq Stock Exchange. “SPACs afford private companies a unique way to access growth capital in the public markets. Nasdaq is proud to support SPACs and their advisors as they continue to evolve the public investing landscape.”
In addition to a busy IPO market, the past year has seen several of the most high-profile business combinations in the history of SPACs. Notable companies entering the public markets through mergers with SPACs, each of which chose to list on Nasdaq, include oil and gas producer Centennial Resource Development (CDEV), sweet good manufacturer and marketer Hostess Brands (TWNK), luxury resort operator Playa Hotels & Resorts (PLYA), healthy food producer Simply Good Foods (SMPL), enterprise information management company Exela Technologies (XELA) and global LNG developer NextDecade (NEXT).
