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IPOs Return but Falter
After two weeks off with no new IPOs pricing, we finally saw two new deals come to market today:
- Blue Sky Growth Partners (BSKY/U) priced $300M, 1/4W
- TradeUP Global (TUGC/U) priced $40M, 1/2W
Both deals traded down -0.4% and -1.4%, respectively. Those market reactions do not bode well for the 260+ SPACs waiting in the wings to price their IPOs. Long gone are the days of cash grabbing every SPAC IPO allocation one could get their hands on, getting free money on the IPO pop.
With plenty of earlier vintage SPACs already out there trading at or below NAV, it is not surprising that there isn't much demand for new issue SPACs looking to build a book. Unless a sponsor that is highly desirable comes to market, the more prudent play would be to buy a SPAC at $9.80 or $9.90, capture the yield and have potentially more upside than a new issue at $10.
Yet...that didn't stop staff servicing company ShiftPixy ( (PIXY) - Get Report) from filing for 4 new SPACs today, targeting $1B in fresh SPAC capital. Expect a rush of IPOs, quickly, if the IPO market sentiment shifts and shows a window of opening. After all, there are some seasoned SPAC issuers -- True Wind Capital, Apollo, GigCapital, Sternlicht to name a few -- that all have multiple Pre-IPO SPACs waiting.
One of yesterday's M&A Deals, GLEO / Shapeworks got a small jump today rising +1.1%. We wrote this morning how support from Cathie Wood's ARKQ could help support the share price.
Biggest SPAC Gainers
7.65% ~ $ 11.12 | ROCC - Roth CH Acquisition II Co. (Announced)
5.50% ~ $ 12.09 | BOWX - BowX Acquisition Corp (Announced)
3.74% ~ $ 11.92 | THCB - Tuscan Holdings Corp. (Announced)
3.16% ~ $ 13.72 | FSRV - FinServ Acquisition Corp (Announced)
2.97% ~ $ 12.48 | FST - FAST ACQ CP (Announced)
2.83% ~ $ 10.19 | WPCA - Warburg Pincus Capital Corporation I—A (Pre-Deal)
2.82% ~ $ 10.92 | HSAQ - Health Sciences Acquisitions Corporation 2 (Pre-Deal)
2.50% ~ $ 13.94 | CMLF - CM Life Sciences Inc (Announced)
2.24% ~ $ 10.05 | FTAA - FTAC Athena Acquisition Corp. (Pre-Deal)
2.15% ~ $ 9.97 | LIII - Leo Holdings III Corp (Pre-Deal)
Biggest SPAC Decliners
-5.68% ~ $ 39.71 | BRPA - Big Rock Partners Acquisition Corp (Announced)
-5.44% ~ $ 8.87 | GIK - GigCapital3 Inc (Announced)
-4.29% ~ $ 12.73 | SRAC - Stable Road Acquisition Corp. (Announced)
-4.21% ~ $ 22.07 | CCIV - Churchill Capital Corp IV (Announced)
-3.85% ~ $ 12.50 | DFHT - Deerfield Healthcare Technology Acquisitions Corp.(Announced)
-3.80% ~ $ 13.18 | CLII - Climate Change Crisis Real Impact I Acquisition Corp (Announced)
-3.63% ~ $ 17.24 | SSPK - Silver Spike Acquisition Corp. (Announced)
-3.46% ~ $ 13.12 | GHVI - Gores Holdings VI Inc (Announced)
-2.84% ~ $ 12.99 | AGC - ALTIMETER GROWTH CORP (Announced)
More from Boardroom Alpha
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