Volume
# of traditional IPOs
# of SPACs
Volatility
Average quarterly VIX
Volume
200
140
120
100
80
60
40
20
0
Volatility (VIX)
40
35
30
25
20
15
10
5
0
Q1 '20
Q2 '20
Q3 '20
Q4 '20
Q1 '21
Q2 '21
Q3 '21
Q4 '21
Q1 '22
Q2 '22
Q3 '22
Q4 '22
Technology/Media/Telecom
Industrial Manufacturing
Healthcare/Life Sciences
Financial Services
Energy/Natural Resources & Chemicals
Consumer & Retail
Consumer & Retail
Consumer & Retail
Technology/Media/Telecom
Industrial Manufacturing
Healthcare/Life Sciences
Financial Services
Energy/Natural Resources & Chemicals
Energy/Natural Resources & Chemicals
Energy/Natural Resources & Chemicals
Consumer & Retail
Technology/Media/Telecom
Industrial Manufacturing
Healthcare/Life Sciences
Financial Services
Financial Services
Financial Services
Energy/Natural Resources & Chemicals
Consumer & Retail
Technology/Media/Telecom
Industrial Manufacturing
Healthcare/Life Sciences
Healthcare/Life Sciences
Healthcare/Life Sciences
Financial Services
Energy/Natural Resources & Chemicals
Consumer & Retail
Technology/Media/Telecom
Industrial Manufacturing
Industrial Manufacturing
Industrial Manufacturing
Healthcare/Life Sciences
Financial Services
Energy/Natural Resources & Chemicals
Consumer & Retail
Technology/Media/Telecom
Technology/Media/Telecom
Note: The sum of sectoral SPAC IPOs might not be equal to the overall SPAC IPOs in the quarter due to double counting in cases where any SPAC would have shown interest in multiple sectors.
0
1
22.7
6
1
37.5
4
1
30.7
5
14
25.7
11
14
27.1
11
69
26.8
18
8
17.1
16
13
19.3
13
30
20.2
3
5
25.2
2
7
29.4
8
0
26.3
1
1
22.7
0
1
37.5
0
0
30.7
0
6
25.7
0
7
27.1
5
29
26.8
3
5
17.1
1
7
19.3
0
31
20.2
0
5
25.2
2
3
29.4
0
0
26.3
1
1
22.7
9
0
37.5
4
1
30.7
12
8
25.7
11
11
27.1
15
51
26.8
7
7
17.1
20
15
19.3
17
19
20.2
7
5
25.2
2
2
29.4
5
1
26.3
5
1
22.7
13
2
37.5
24
4
30.7
35
15
25.7
35
25
27.1
42
70
26.8
47
14
17.1
38
20
19.3
33
35
20.2
12
7
25.2
8
4
29.4
8
1
26.3
4
1
22.7
2
0
37.5
3
30.7
13
8
25.7
6
6
27.1
17
26.8
9
5
17.1
6
9
19.3
11
21
20.2
4
25.2
7
3
29.4
4
1
26.3
1
42
5
2
3
22.7
3
4
37.5
10
10
30.7
18
38
25.7
11
56
27.1
20
187
26.8
34
29
17.1
24
53
19.3
21
83
20.2
7
28
25.2
5
10
29.4
9
2
26.3
160
180