Cantor Fitzgerald was the clear leader in Q2 2019, book-running three deals on its own that combined to raise almost $1bn. Cantor, with $1.5bn in total book-runner credit and more than 20% market share for 2019, has opened an impressive lead over Deutsche Bank, the second most-active underwriter.
Citigroup had a strong quarter as well, as sole book-runner on $850mm worth of SPAC IPOs, including the biggest SPAC of 2019 so far, Churchill II. Citigroup now sits in third place overall on the year.
Twelve other banks served as SPAC book-runners during Q2, with Jefferies, B. Riley, I-Bankers & Maxim all book-running solo for the first time this year.
|1||Cantor Fitzgerald & Co.||987.5||3||28.02%||861.0||3|
|2||Citigroup Global Markets Inc.||940.0||2||26.68%||795.0||2|
|4||Deutsche Bank Securities Inc.||200.0||1||5.68%||169.8||1|
|5||Goldman, Sachs & Co.||200.0||1||5.68%||169.8||1|
|6||Credit Suisse Securities (USA) LLC||143.8||1||4.08%||157.6||1|
|7||B. Riley FBR, Inc.||143.8||1||4.08%||155.5||3|
|8||Merrill Lynch, Pierce, Fenner & Smith Inc.||143.8||1||4.08%||84.9||1|
|9||I-Bankers Securities, Inc.||115.0||1||3.26%||52.5||2|
|11||Northland Capital Markets||86.3||1||2.45%||84.6||2|
|12||Chardan Capital Markets, LLC||57.5||1||1.63%||70.0||2|
|13||UBS Securities LLC||57.5||1||1.63%||30.0||1|
|14||Maxim Group LLC||46.0||1||1.31%||40.0||1|
|15||Ingalls & Snyder LLC||0.0||0||0.00%||9.5||1|
|16||Odeon Capital Group LLC||0.0||0||0.00%||3.9||1|
|17||Ladenburg Thalmann & Co. Inc||0.0||0||0.00%||0.0||1|
Credit for Bookrunner Volume ($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.