BMO Capital Markets

BMO Capital Markets appears on the underwriting syndicate of 7 special purpose acquisition company IPOs in our index, including Kadem Sustainable Impact Corp, G&P Acquisition Corp., SBIG Holdings, Inc. (SBIG) and Fast Radius, Inc.. The full list, with the role credited on each cover page, is in the mandates table on this page.

BMO Capital Markets was credited as a book-running manager on 5 of its 7 SPAC mandates, 71% of them. The remainder are co-manager or syndicate positions, where the economics and the sponsor relationship sit elsewhere.

$1.3B of gross proceeds across every offering BMO Capital Markets was named on. That is the conventional league-table measure, which credits the full deal to each syndicate member. The narrower figure is its own allocation: $580M, being the units the underwriting agreements assigned to BMO Capital Markets specifically, priced at the $10 standard SPAC unit.

Fast Radius, Inc., which raised $338M in Feb 2021. BMO Capital Markets was credited as a syndicate member on that offering.

4 of the SPACs BMO Capital Markets underwrote closed a combination: SBIG Holdings, Inc., Fast Radius, Inc., Jasper Therapeutics, Inc. and Daseke, Inc.. Closing means the vehicle filed a current report reporting completion of the acquisition. That is an outcome, not a return.

BMO Capital Markets has no live SPAC mandates in our index; every vehicle it underwrote has either closed a deal or wound up.

57.1%. Of the 7 vehicles BMO Capital Markets underwrote that have already resolved, 4 closed a business combination and 3 liquidated. The market-wide figure is 59.5%, so BMO Capital Markets sits below it. SPACs still searching are excluded, because an unfinished clock is not a result. The rate measures the vehicles, not the bank: a syndicate has no control over whether a sponsor finds a target.

Measured against the $10.00 the units were sold at, the only baseline every SPAC shares, the strongest of BMO Capital Markets's closed deals currently is Jasper Therapeutics, Inc. (JSPR) at $0 a share, ahead of SBIG Holdings, Inc.. Treat that as a snapshot, not a return: it ignores dividends, splits, warrant exercise and anything that happened in between, because historical price series are not part of our data. For a proper total-return comparison use your market-data provider with the post-merger tickers.

Amplitude Healthcare (1 deal), Authentic Equity (1 deal), ENNV (1 deal), G&P (1 deal) and Hennessy Capital (1 deal). Sponsor franchises are resolved from the sponsor entity named in each prospectus, so repeat issuers group together even though every vehicle is a separate legal entity.

Most often Jefferies (1), Drexel Hamilton (1), SVB Leerink (1), Morgan Stanley (1) and Barclays (1). Syndicate composition is read from the prospectus cover and the underwriting section, so these are co-appearances on the same offering, not a commercial relationship we have any other visibility into.

Its first SPAC IPO in our index priced Jul 23, 2015 and the most recent Mar 18, 2021. It has no live vehicles at present.

2021, with 5 mandates worth $1.1B of gross proceeds. The chart on this page shows the full year-by-year run, which for most houses traces the 2020-21 boom and the retreat that followed.

The average offering it has been named on raised $189M, against a range from $6.6M to $338M. Deal size is a reasonable proxy for where a house sits in the market: the bulge bracket concentrates on larger trusts, the SPAC specialists on smaller ones.

Consumer (3), Technology (2), Energy Transition (2), Transportation & Logistics (1) and Media & Entertainment (1). Mandates are read from charter language in the prospectus and are often deliberately broad. Many SPACs reserve the right to pursue any industry, in which case no sector is tagged at all.

OTC (1) and Nasdaq (1). Listing venue is taken from the exchange record on the registrant's SEC profile.

3. A liquidation means the vehicle reached its combination deadline without closing a deal and returned the trust to public shareholders. That is the mechanism working as designed, not a default. Holders who did not redeem got their pro-rata share of the trust back.

Every figure is read from filings the registrants made with the SEC. Syndicate membership and role come from the prospectus cover and the underwriting section of each IPO prospectus (Form 424B4); outcomes come from the filing record: a current report announcing completion, or a delisting notice ending a liquidation. Nothing here is sourced from press coverage or from BMO Capital Markets itself.