FILE PHOTO: The Wall Street sign is pictured at the New York Stock exchange in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo AllegriYet with more than nine months to go until the end of 2021, initial public offerings of U.S. SPACs this week surpassed the US$83.5 billion the sector raised in all of 2020, data from industry tracker SPAC Research showed.This is also more than the US$29.
The US$200 million IPO of Build Acquisition Corp on Tuesday pushed the total raised by U.S. SPACs in IPOs above last year's haul, which was already more than six times the previous all-time record, according to SPAC Research.The value of mergers between SPACs and private companies has also already outpaced last year's total deal volume, even though the sector has not been a one-way bet for investors.
SPACs have gained immense popularity among amateur retail traders as well as Wall Street funds that are hoping to ride the coattails of the prominent investors launching them. Billionaire Bill Ackman, tennis player Serena Williams and former U.S. House speaker Paul Ryan are among those who raised SPACs.SPACs have burnished their appeal by focusing on deals in futuristic industries such as electric vehicles, self-driving cars and space exploration.
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