Market Overview

Record 8 SPACs Go Public In One Day With $3.25B in Proceeds

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Record 8 SPACs Go Public In One Day With $3.25B in Proceeds

The SPAC market continues to heat up with new names and backers entering the mix every week. A record eight SPACs were expected to price on Friday, raising potentially over $3.25 billion in the process.

The 8 SPACs: All eight SPACs were expected to price at $10. The sale of the SPACs starts as units before separating into common shares and warrants. Some brokers, like Robinhood, do not offer units in the IPO. Investors will then have to wait an estimated 52 days before being able to buy the common shares.

Aavanti Acquisition raised $600 million with the sale of its units. Common shares will trade on the NYSE as AVAN.

Apollo Strategic Growth raised $750 million with the sale of units. Common shares will trade on the NYSE as APSG.

Atlantic Street Acquisition raised $250 million with units. Common shares will trade on the NYSE as ASAQ.

FirstMark Horizon Acquisition raised $300 million with units. Common shares will trade on the NYSE as FMAC.

Ion Acquisition raised $225 million with units. Common shares will trade on the NYSE as IACA. This SPAC is targeting an Israeli technology company.

Sports Entertainment Acquisition raised $400 million with units. Common shares will trade as SEAH on the NYSE.

VG Acquisition raised $480 million with units. Common shares will trade on the NYSE as VGAC. This SPAC is backed by Virgin Group, founded by Richard Branson. The group owns prior SPAC Virgin Galactic (NYSE: SPCE) under its umbrella of brands.

Vy Global Growth raised $500 million with units. Common shares will trade on the NYSE as VYGG.

Record IPO Week: This was a busy week for the NYSE and Nasdaq as a record 29 new listings hit the markets. This included 11 IPOs, 15 SPACs and three direct listings.

The IPOs included Chinese online pet retailer Boqii Holdings (NYSE: BQ) and avocado producer and distributor Mission Produce (NASDAQ: AVO). Direct listings included software platform developer Palantir Technologies (NYSE: PLTR) and worker platform Asana (NYSE: ASAN).

New SPAC ETF Defiance NextGen SPAC IPO ETF (NYSE: SPAK) also began trading on Thursday.

 

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