All but one of the 15 SPACs that started trading this week closed below their initial public offering (IPO) price of US$10 per unit on their first day of trading, according to financial markets platform Dealogic and market data. Many other deals are also trading below their IPO prices.
NEW YORK: Wall Street's appetite for new special purpose acquisition companies (SPACs) shows signs of waning.
First-day trading pops, or share price rises, for SPACs were commonplace earlier this year with gains rising to over 30% but have faded in March amid a broader selloff in many companies that have agreed to go public through a SPAC merger.
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