Nomura

Nomura appears on the underwriting syndicate of 12 special purpose acquisition company IPOs in our index, including Generation Asia I Acquisition Ltd, NeuroMind AI Corp., ALSP Orchid Acquisition Corp I and Lionheart III Corp. The full list, with the role credited on each cover page, is in the mandates table on this page.

Nomura was credited as a book-running manager on 10 of its 12 SPAC mandates, 83% of them. The remainder are co-manager or syndicate positions, where the economics and the sponsor relationship sit elsewhere.

$2.6B of gross proceeds across every offering Nomura 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: $1.1B, being the units the underwriting agreements assigned to Nomura specifically, priced at the $10 standard SPAC unit.

E2open Parent Holdings, Inc., which raised $414M in Apr 2020. Nomura was credited as a co-manager on that offering.

8 of the SPACs Nomura underwrote closed a combination: NeuroMind AI Corp., Lionheart III Corp, Jupiter Acquisition Corp, BigBear.ai Holdings, Inc., MSP Recovery, Inc. and Lightning eMotors, Inc.. Closing means the vehicle filed a current report reporting completion of the acquisition. That is an outcome, not a return.

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

66.7%. Of the 12 vehicles Nomura underwrote that have already resolved, 8 closed a business combination and 4 liquidated. The market-wide figure is 59.5%, so Nomura sits above 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 Nomura's closed deals currently is BigBear.ai Holdings, Inc. (BBAI) at $2 a share, ahead of MSP Recovery, 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.

Lionheart Equities (2 deals), CC Neuberger Principal (2 deals), Genesis Growth Tech (1 deal), GigAcquisitions3 (1 deal) and GigAcquisitions4 (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 Stifel (3), Oppenheimer (2), UBS (1), Odeon Capital (1) and Evercore (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 Mar 4, 2019 and the most recent Jan 20, 2022. It has no live vehicles at present.

2021, with 7 mandates worth $1.3B 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 $216M, against a range from $5.8M to $414M. 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.

Technology (6), Consumer (4), Media & Entertainment (3), Business Services (2) and Financial Services (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.

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

4. 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 Nomura itself.