ICR, the Leading SPAC Communications and Advisory Firm, Publishes its Yearend 2024 SPAC Market Update & Outlook

The SPAC market had its best quarter since 2022, with serial sponsors driving the bulk of deal pricing and numerous additional filers expected

SPAC mergers are re-emerging as a pathway to the public markets, particularly for those companies that may not be ideal IPO candidates

NEW YORK--(BUSINESS WIRE)--ICR, a leading strategic communications and advisory firm, today released its Yearend 2024 SPAC Market Update & Outlook.

In the fourth quarter of 2024, the SPAC IPO market saw the pricing of 23 IPOs, raising a total of $3.8 billion—the highest quarterly proceeds in the last two years. Approximately 70% of the new SPAC IPOs this quarter were serial SPAC issuers raising $2.8 billion. This surge in proceeds is attributed to an increase in the number of IPOs coupled with higher average deal sizes for serial sponsors, which reached $177 million this quarter.

Q4 2024 SPAC IPOs	Industry	Ticker	Gross Proceeds ($mm)	IPO Date
Translational Development Acq	General/Broad	TDAC	174	Dec 23, 2024
Range Capital Acquisition Corp.	General/Broad	RANG	116	Dec 20, 2024
Roman DBDR Acquisition Corp. II	Technology	DRDB	201	Dec 13, 2024
Mountain Lake Acquisition Corp.	General/Broad	MLAC	231	Dec 13, 2024
Jackson Acquisition Company II	Healthcare	JACS	232	Dec 10, 2024
Shepherd Ave Capital Acq	General/Broad	SPHA	86	Dec 5, 2024
Tavia Acquisition Corp.	Renewable Energy	TAVI	116	Dec 4, 2024
FACT II Acquisition Corp.	General/Broad	FACT	176	Nov 26, 2024
Dynamix Corporation	Renewable Energy	DYNX	166	Nov 21, 2024
CO2 Energy Transition Corp.	Renewable Energy	NOEM	69	Nov 21, 2024
Horizon Space Acquisition II Corp.	General/Broad	HSPT	69	Nov 15, 2024
Willow Lane Acquisition Corp.	General/Broad	WLAC	127	Nov 8, 2024
A SPAC III Acquisition Corp.	Sustainability	ASPC	60	Nov 8, 2024
GSR III Acquisition Corp.	General/Broad	GSRT	230	Nov 7, 2024
Newbury Street II Acquisition Corp	General/Broad	NTWO	173	Nov 1, 2024
Bleichroeder Acquisition Corp. I	TMT	BACQ	250	Nov 1, 2024
Oaktree Acquisition Corp. III Life Sciences	Healthcare	OACC	192	Oct 24, 2024
Charlton Aria Acquisition Corporation	General/Broad	CHAR	85	Oct 24, 2024
Bold Eagle Acquisition Corp.	General/Broad	BEAG	258	Oct 24, 2024
Aldel Financial II Inc.	General/Broad	ALDF	231	Oct 22, 2024
Cohen Circle Acquisition Corp. I	Technology	CCIR	231	Oct 11, 2024
Rising Dragon Acquisition Corp.	General/Broad	RDAC	58	Oct 11, 2024
Launch Two Acquisition Corp.	Technology	LPBB	231	Oct 8, 2024

“As we move into 2025, SPAC mergers are once again emerging as a viable pathway to the public markets, particularly for companies outside the traditional IPO mold,” said Don Duffy, President of ICR. “With the IPO market leaning toward larger issuers, SPACs are uniquely positioned to source deals from an extensive backlog or partner with smaller, growth-oriented companies seeking public market access. Additionally, the serial sponsor activity signals optimism for deal flow, supported by private equity and venture capital firms that will be looking for alternative liquidity options.”

“SPAC mergers still require financing packages that satisfy the capital requirements of the post-merger company,” said Niren Nazareth, Managing Director at ICR Capital. “Redemptions generally remained high in 4Q ‘24, and so structured financing solutions will likely continue as a critical component to bridge potential funding gaps and de-risk transactions.”

ICR is the largest communications consultant and advisor to SPACs, having worked on over 170 transactions since 2021. To obtain a copy of ICR’s Yearend SPAC Market Update & Outlook report, please click here.

About ICR

Established in 1998, ICR partners with public and private companies to execute strategic communications and advisory programs, and manage complex transactions and corporate events to enhance long-term enterprise value and corporate reputation. The firm’s highly-differentiated service model, which pairs capital markets veterans with senior communications professionals, brings deep sector knowledge and relationships to hundreds of clients across more than 20 industry groups. With more than 400 team members, ICR is one of the largest and most experienced independent communications and advisory firms, maintaining offices in New York, Connecticut, Boston, Baltimore, San Jose, London, and Beijing. Learn more at https://icrinc.com/. Follow us on LinkedIn and on X at @ICRPR.