ICR, the Leading SPAC Communications and Advisory Firm, Publishes its SPAC Market Update & Outlook

Barchart · 07/01 10:00

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.