SPAC Underwriter League Table

Q2 2019 Snapshot

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.

Rank Underwriter Bookrunner
Volume ($MM)
Bookrunner
Count
% Share Volume
Sold ($MM)
Deal
Count
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
3 Jefferies LLC 316.3 1 8.98% 275.0 1
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
10 EarlyBirdCapital, Inc. 86.3 1 2.45% 117.0 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.