SPAC Underwriter League Table

Q1 2019 Snapshot

Deutsche Bank led all participants with a 24% market share and $793mm in book-runner volume across 4 deals in Q1 2019 and dominated the field in terms of volume sold with over $710mm. Cantor & Goldman rounded out the top 3 in the rankings, book-running on 3 deals a piece.

Chardan ran 3 deals of their own, and Nomura got in on the action on the cover of their first SPAC.

There's still plenty of time for a wide field of banks to challenge DB for the top spot in 2019!

Rank Underwriter Bookrunner
Volume ($MM)
Bookrunner
Count
% Share Volume
Sold ($MM)
Deal
Count
1 Deutsche Bank Securities Inc. 796.1 4 23.76% 712.8 4
2 Cantor Fitzgerald & Co. 530.7 3 15.84% 385.3 3
3 Goldman, Sachs & Co. 363.8 3 10.86% 345.0 3
4 EarlyBirdCapital, Inc. 276.0 1 8.24% 175.0 1
5 Credit Suisse Securities (USA) LLC 258.3 2 7.71% 264.6 2
6 Chardan Capital Markets, LLC 201.3 3 6.01% 128.1 3
7 BTIG, LLC 150.1 1 4.48% 193.6 3
8 Nomura Securities International, Inc. 150.1 1 4.48% 159.5 1
9 Stifel, Nicolaus & Company, Inc. 150.1 1 4.48% 111.9 2
10 Cowen and Company, LLC 140.3 2 4.19% 190.0 2
11 Merrill Lynch, Pierce, Fenner & Smith Inc. 125.0 1 3.73% 109.1 1
12 Barclays Capital Inc. 77.7 1 2.32% 101.3 1
13 UBS Securities LLC 77.7 1 2.32% 33.8 1
14 Craig-Hallum Capital Group LLC 54.0 1 1.61% 30.0 1
15 I-Bankers Securities, Inc. 0.0 0 0.00% 51.2 4
16 B. Riley FBR, Inc. 0.0 0 0.00% 50.0 1
17 Brookline Capital Markets 0.0 0 0.00% 1.9 2

Credit for Bookrunner Volume ($MM) is based on the total amount of the offering sold, including over-allotment. Full credit is awarded to the sole book-running manager or split equally among joint book-running managers.