Investors and bankers are lining up to raise billions of dollars for new special purpose acquisition companies, defying predictions the asset class would be wiped out after a series of scandals and a regulatory crackdown.
Spacs, colloquially known as blank cheque companies, raise money in an initial public offering before searching for a company to acquire. New fundraising has been improving slowly this year, rising about 20 per cent over the same period of 2023 to $3.1bn, according to Dealogic, and advisers are expecting activity to pick up pace.
More than 20 Spacs have filed IPO documents since the start of June, targeting a combined $4.3bn in fundraising. That compares with just $1.8bn raised in the entire second half of 2023.
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