The inevitable slowdown to new SPAC funding happened, as just two new IPOs were wrapped up in the holiday-shortened week. The bigger question, say analysts and bankers, is the extent to which issuance will resume in the second quarter amid a heavy backlog of deals in the pipeline and continued signs of investor fatigue. In what might be described as a power play, the Kevin Hartz-led TWO on Monday pushed through a warrantless US$200m IPO after recasting the deal from the original one-share, one-quarter warrant structure. Citigroup acted as sole books on two, supplanting Goldman Sachs that led the float of Hartz's previous SPAC, One. Hartz is a co-founder of events promoter Eventbrite. Two closed its NYSE debut Tuesday at US$9.85, continuing the run of recent offerings to break the US$10 per share offer price.
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