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      "text": "2021 aftermarket IPO performance should be a note of caution... Buoyant markets in H1 lead to strong IPO valuations... Aftermarket IPO performance in 2021 may put pressure on valuations in 2022...",
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      "text": "SPAC issuance boomed in 2021 in the US... SPACs continued to be a significant component... In contrast to the US, regulators elsewhere took steps...",
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