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
- Mandates
- 123
- Bookrun
- 87
- Deal volume
- $45.8B
- Allocation
- $20.2B
- Live
- 10
- Completion rate
- 12.4%
- Latest deal
- Jul 31, 2026
- Mandates
- 114
- Bookrun
- 101
- Deal volume
- $26.7B
- Allocation
- $13.8B
- Live
- 44
- Completion rate
- 21.4%
- Latest deal
- Aug 13, 2026
- Mandates
- 76
- Bookrun
- 57
- Deal volume
- $29.0B
- Allocation
- $15.2B
- Live
- 1
- Completion rate
- 12%
- Latest deal
- Mar 1, 2023
- 4BTIG
- Mandates
- 68
- Bookrun
- 63
- Deal volume
- $14.1B
- Allocation
- $5.2B
- Live
- 39
- Completion rate
- 13.8%
- Latest deal
- Jul 27, 2026
- Mandates
- 63
- Bookrun
- 39
- Deal volume
- $23.2B
- Allocation
- $11.7B
- Live
- 1
- Completion rate
- 4.8%
- Latest deal
- Jan 13, 2022
- Mandates
- 54
- Bookrun
- 20
- Deal volume
- $8.5B
- Allocation
- $1.2B
- Live
- 1
- Completion rate
- 20.8%
- Latest deal
- May 21, 2026
- Mandates
- 52
- Bookrun
- —
- Deal volume
- $6.0B
- Allocation
- $4.1B
- Live
- 13
- Completion rate
- 23.1%
- Latest deal
- Jun 3, 2026
- Mandates
- 49
- Bookrun
- 37
- Deal volume
- $16.3B
- Allocation
- $5.1B
- Live
- —
- Completion rate
- 14.3%
- Latest deal
- Mar 3, 2022
- Mandates
- 47
- Bookrun
- 34
- Deal volume
- $16.7B
- Allocation
- $5.0B
- Live
- 2
- Completion rate
- 13.3%
- Latest deal
- Dec 4, 2025
- Mandates
- 47
- Bookrun
- 46
- Deal volume
- $8.6B
- Allocation
- $2.1B
- Live
- 39
- Completion rate
- 50%
- Latest deal
- Aug 31, 2026
- Mandates
- 46
- Bookrun
- 14
- Deal volume
- $15.9B
- Allocation
- $6.9B
- Live
- 4
- Completion rate
- 11.9%
- Latest deal
- Apr 1, 2026
- Mandates
- 46
- Bookrun
- 44
- Deal volume
- $14.1B
- Allocation
- $5.7B
- Live
- 9
- Completion rate
- 0%
- Latest deal
- Aug 6, 2026
- Mandates
- 41
- Bookrun
- 30
- Deal volume
- $13.5B
- Allocation
- $5.6B
- Live
- 1
- Completion rate
- 2.5%
- Latest deal
- Mar 10, 2022
- Mandates
- 40
- Bookrun
- 22
- Deal volume
- $6.0B
- Allocation
- $2.1B
- Live
- 6
- Completion rate
- 8.8%
- Latest deal
- Sep 12, 2025
- 15Barclays
- Mandates
- 38
- Bookrun
- 31
- Deal volume
- $10.7B
- Allocation
- $3.9B
- Live
- 2
- Completion rate
- 19.4%
- Latest deal
- Feb 5, 2026
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.