{
  "docId": "019dd923-5e88-73ef-bd58-cdc7d10c94d3",
  "docSlug": "73cca169a2dfdd95",
  "documentTitle": "ey global ipo trends 2023 q1 v1",
  "authorId": "MorganStanley",
  "authorName": "EY",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "equity_research",
  "sourceTypeLabel": "Equity research",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.778,
  "pageNumber": 9,
  "pageCount": 12,
  "prevPage": 8,
  "nextPage": 10,
  "slideType": "market_landscape",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 25,
  "notes": "Data as of 21 March 2023. EY branding present.",
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  "components": [
    {
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      "kind": "callout",
      "text": "Q1 2023 SPAC IPO activity hit a six-year low in terms of volume, with proceeds also down to levels not seen since Q2 2016.",
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      "kind": "disclaimer",
      "text": "YTD 2023 data consists of listed SPAC IPOs as of 21 March 2023; YOY% compares the SPAC IPOs listed in YTD 2023 with those listed in Q1 2022 Sources: EY analysis, Dealogic, SPACInsider",
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    {
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      "kind": "metric",
      "text": "SPAC IPO volume: 16",
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      "toolSlug": "quantification",
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      "kind": "quote",
      "text": "Q1 2023 SPAC IPO activity hit a six-year low in terms of volume, with proceeds also down to levels not seen since Q2 2016. While market conditions remain challenging, SPAC IPO activity is likely to be muted in the near term as focus shifts to completing or unwinding those yet to de-SPAC.",
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      "kind": "table",
      "text": "Top announced/completed de-SPAC mergers in YTD 2023 including SPAC name, exchange, target, value, and sector.",
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      },
      "kind": "table",
      "text": "YTD 2023 SPAC IPO activity by region (Global, Americas, EMEIA, Asia-Pacific) showing counts and proceeds with YOY percentage changes.",
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      },
      "kind": "title",
      "text": "High liquidation and poor post-listing performance of de-SPAC mergers put the brakes on investors' demand",
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      "subkind": "headline",
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  "metrics": [],
  "tools": [
    {
      "name": "Contrast Pairs",
      "slug": "contrast-pairs",
      "agent": "Storyteller",
      "layer": "loop",
      "matchId": "019de770-d098-7428-9a14-6be7dfab48c6",
      "evidence": "Loop frames SPAC 2021 peak vs current collapse.",
      "confidence": 80
    },
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      "slug": "action-titles",
      "agent": "Architect",
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      "evidence": "Title states cause: liquidations + post-listing performance brake demand.",
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      "agent": "Designer",
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      "evidence": "Regional table emphasises EMEIA -100% YoY.",
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      "evidence": "Callout flags six-year low for SPAC volume.",
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      "arcName": "The Onion",
      "arcSlug": "onion",
      "beatName": "Implications",
      "beatSlug": null,
      "evidence": "SPAC six-year low and 90% de-SPACs below US$10 = concrete fallout.",
      "position": 5,
      "confidence": 65,
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      "arcSlug": "triple-take",
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      "evidence": "Volatility drivers + SPAC collapse explain the data.",
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  "loops": [
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      "name": "Before After",
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      "bestFor": "Product demos, process improvements, ROI justification",
      "matchId": "019de770-cb67-7418-8b0e-c31a4baea10d",
      "evidence": "Charts show 613 SPAC IPOs in 2021 vs 9 YTD 2023; 90% de-SPACs trade below US$10.",
      "position": 2,
      "objective": "Contrast SPAC 2021 peak with the current six-year-low collapse",
      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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