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  "documentTitle": "Global IPO Watch 2022",
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      "text": "The downward trend in SPAC IPOs continued into Q3 2022.",
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      "text": "The downward trend in SPAC IPOs continued into Q3 2022: Q1 2022: 55 IPOs raised $10.1bn; Q2 2022: 15 IPOs raised $2.0bn; Q3 2022: 8 IPOs raised $0.7bn",
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      "text": "In 2022 YTD, 113 de-SPAC transactions had been announced and 75 had been completed. 49 of the 75 completed de-SPACs took place in H1 2022. The deal value of the completed transactions in 2022 YTD was $149bn, this is $11bn higher than total global IPO proceeds in the same period. 39% ($58bn) of the completed de-SPAC deal value was attributable to MSP Recovery LLC ($35bn) and Polestar Performance AB ($23bn).",
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      "text": "It is likely that there will be an increasing proportion of SPACs unable to consummate transactions due to the market conditions which is causing difficulty in arranging PIPE financing. We expect this will lead to increasing SPAC retirements, with funds being returned to shareholders rather than looking to extend the life of the SPAC given the continued challenging near-term outlook for equity markets.",
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      "text": "At 30 September 2022, the deal value of active US SPACs due to expire in 2022 and 2023 was $122bn.",
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      "text": "IPOs proceeds ($bn): $0.7bn",
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      "text": "Source: Dealogic with PwC analysis as of 30 September 2022",
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      "text": "IPOs - Q3 2022 highlights (3 of 3)",
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