ICR, the Leading SPAC Communications and Advisory Firm, Publishes its SPAC Market Update & Outlook
July 01 2024 - 11:00AM
Business Wire
Serial sponsors continue to price new SPAC
IPOs, providing private companies with a viable alternative to
traditional IPOs
The purchase of existing sponsor economics
by serial sponsors also shows confidence from veteran SPAC teams in
sourcing public-ready targets and closing deals
ICR, a leading strategic communications and advisory firm, today
released its July SPAC Market Update & Outlook report.
The SPAC IPO market raised $1.8 billion through 10 IPOs during
the second quarter of 2024, more proceeds than any quarter over the
last two years. Serial sponsors were the principal force in the
market pricing 8 of the 10 SPAC IPOs. These serial sponsors elected
to raise larger trusts; the average Q2 SPAC IPO increased to $181
million, a 59% jump from last quarter.
Q2 2024 SPAC IPOs
Industry
Share Symbol
Gross Proceeds ($mm)
IPO Date
Graf Global Corp.
General/Broad
GRAF
200
Jun 26, 2024
Melar Acquisition Corp. I
Technology
MACI
150
Jun 18, 2024
Lionheart Holdings
General/Broad
CUB
200
Jun 18, 2024
Flag Ship Acquisition Corporation
General/Broad
FSHP
60
Jun 18, 2024
Perceptive Capital Solutions Corp
Biotech
PCSC
86
Jun 12, 2024
Centurion Acquisition Corp.
Technology
ALF
288
Jun 11, 2024
Chenghe Acquisition II Co.
General/Broad
CHEB
86
Jun 7, 2024
RF Acquisition Corp II
Technology
RFAI
116
May 17, 2024
GP-Act III Acquisition Corp.
General/Broad
GPAT
288
May 9, 2024
Churchill Capital Corp IX
General/Broad
CCIX
288
May 2, 2024
“Veteran sponsors have stabilized blank check issuance, raising
over 2x the proceeds compared to first time sponsors,” said Don
Duffy, President of ICR. “Serial sponsors have made a commitment to
the SPAC market through investments in deal expertise, network and
infrastructure. While the front-end of the SPAC market has
normalized, a resurgence of deal flow into the structure will
likely require an improvement in institutional interest and
post-close trading.”
Serial sponsors have attracted larger and higher-quality
targets, which are more compelling to institutional investors. In
2024 these investors have also re-opened the SPAC PIPE market for
select deals, with ~10% of completed SPAC transactions raising
almost $2 billion of equity capital.
“Repeat sponsor activity is a bellwether for the SPAC market.
Seasoned teams are attracting stronger targets and investors,
therefore bringing more attractive SPAC deals to public investors,”
said Niren Nazareth, Managing Director at ICR Capital. “As other
SPAC market dynamics improve, like PIPE capital availability, we
believe more companies will increasingly see the SPAC market as a
compelling alternative to other go-public routes.”
ICR is the largest communications consultant and advisor to
SPACs, having worked on over 170 transactions since 2021. To obtain
a copy of ICR’s July SPAC Market Update & Outlook
report, please click here.
About ICR
Established in 1998, ICR partners with public and private
companies to execute strategic communications and advisory
programs, and manage complex transactions and corporate events to
enhance long-term enterprise value and corporate reputation. The
firm’s highly-differentiated service model, which pairs capital
markets veterans with senior communications professionals, brings
deep sector knowledge and relationships to hundreds of clients
across more than 20 industry groups. With more than 400 team
members, ICR is one of the largest and most experienced independent
communications and advisory firms, maintaining offices in New York,
Connecticut, Boston, Baltimore, San Jose, London, and Beijing.
Learn more at https://icrinc.com/. Follow us on LinkedIn and on X
at @ICRPR.
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version on businesswire.com: https://www.businesswire.com/news/home/20240701408684/en/
Brian Ruby, ICR, 203-682-8268, Brian.Ruby@icrinc.com