ANALYSIS: SPACs Are Q1 Top Dog But Regular IPOs Still Purring

Driven by the relentless pounding of SPACs racing to go public, the IPO market pulverized any notion that past records hold any sway over the current market zeitgeist. The traditional IPO market posted very strong results while the increase in SPAC IPOs defied gravity—and possibly credulity.

A look back at 30 years of data provides some perspective. The current heady market—reminiscent to some of the dot-com boom years of the late 1990s—is actually a different breed of animal, even if the investor euphoria has felt similar. That earlier bull market was driven by technology stocks; today, it’s blank-check companies ...