Nearly 600 IPOs rolled out globally in the second quarter, dominated by traditional listings while SPAC activity cooled, says EY
- 597 IPOs came online in the second quarter of 2021, the busiest quarter for that market in 20 years, said
- There were 59 SPAC IPOs during the period, a slowdown from 299 during the first quarter.
SPAC activityis poised to pick up again in the second half of 2021.
The second quarter of 2021 marked the most active for companies entering the public
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SPAC formation slowed in the second quarter in part on accounting guidance from the US Securities and Exchange Commission for SPAC-related companies, said EY."The guidance indicated that in some cases, SPACs should account for the warrants as liabilities rather than as equity. As a result, many SPACs had to restate their financial statements, a process that should have been completed by June," the consultancy said in its report.
But activity in the SPAC IPO space should pick up in the third quarter, with nearly 300 SPACs on file that haven't yet priced, indicating there are SPACs rushing to find suitable targets, said EY. "High-quality target companies could have stronger bargaining power that will enable them to secure more favorable terms," it said.Overall, the
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