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Edge tracker

Which banks are underwriting the blank-check market

Syndicates read from the underwriting section of each IPO prospectus. Deal volume is the gross proceeds of every offering a house was named on; allocation is the slice the underwriting agreement actually assigned to it, priced at the $10 unit that is standard for the structure.

Houses on record

142

70 have bookrun a deal

Syndicate seats

1,750

bank-deal pairs indexed

Disclosed allocation

$143.5B

across 139 houses

Most active

Citigroup

123 mandates

Ranked by mandatesAllocation is only shown where the underwriting agreement discloses it. The tick on each bar marks the 13.2% market average.

Reading the league table

Mandates counts every offering a house was named on, in any role. Bookrun counts the subset where the cover page credited it as a book-running manager. The economics and the client relationship sit there, not with the co-managers.

Deal volume is full deal credit: the gross proceeds of every offering the house appeared on, which is how league tables are conventionally kept. Allocation is narrower and more honest: the units the underwriting agreement assigned to that house specifically. Not every prospectus discloses the table, so the column is blank rather than estimated where it does not.

Completion rate is the share of that bank’s already-resolved SPACs that closed a business combination rather than liquidating. It measures the vehicles, not the bank’s execution, since a syndicate has no control over whether a sponsor finds a target, but it is the clearest read available on whose deals tend to finish.