Analysis

Blank-Check IPO Mania May Have Hit Its Peak

Law360 (October 30, 2020, 7:05 PM EDT) -- The boom in blank-check initial public offerings is showing signs of easing as more companies downsize their deals or see diminished returns, indicating the robust market for special purpose acquisition companies could be nearing a saturation point.

According to an analysis published Friday by IPO research firm Renaissance Capital, 13 blank-check companies went public in October after downsizing their IPOs, while four more companies have lowered their offering sizes on upcoming deals. That compares with five downsized blank-check IPOs in the first nine months of 2020, or 13 total between all of 2015 and 2019.

Initial returns are also less promising....

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