A prospectus is a disclosure document that describes a financial security for potential buyers.
The underwriter introduces the SPAC and its managment team to institutional investors during a roadshow prior to an IPO.
The main task is of course to raise the targeted IPO funds from institutional investors.
Besides this, the underwriting investment bank
conduct test the waters meetings with key investors
conduct a full roadshow focused on US and European key accounts
structure the order book to ensure the best possible trading outcome for the IPO
help stabilize the stock price after IPO
Since 2010, Nasdaq has been the exchange of choice for SPACs, attracting over 75% of all SPAC IPOs. Its position as the industry leader supports SPACs and target private companies in making a seamless transition to the public markets.
Other SPACs have gone public at NYSE but there where also some European SPAC IPOs at Euronext.
Investors’ ability to create innovative investment vehicles like SPACs spurs economic growth and brings more attention to the U.S. capital markets.