Aug 5, 2022 - Economy

SPACs remain hotter than IPOs

Illustration of a hardcover book opened with pages made from personal checks

Illustration: Annelise Capossela/Axios

Seamless, a fintech focused on underserved and unbanked users in Southeast Asia, agreed to go public at an implied $400 million valuation via a SPAC called INFINT Acquisition Corp.

Why it matters: This reflects how the SPAC market, while battered, remains far more active than the traditional IPO market.

The bottom line: Seamless was one of seven new SPAC mergers announced this week, while two previously announced SPAC targets began trading. Meanwhile, only one company has raised more than $100 million via traditional U.S. IPO since the beginning of July.

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