Asia’s bankers say they expect the hottest trend in global deal-making, IPOs for special-purpose acquisition vehicles (SPAC), to rocket in the region this year from small beginnings, fuelled by well-resourced investors including private equity firms.
Globally, SPACs raised $92 billion from IPOs in first-quarter 2021, according to Refinitiv data, already surpassing all of 2020. SPAC mergers ? when the blank check firm uses IPO funds to merge with a target ? amounted to $210 billion.