The SPAC Deal for Aimei Health Technology Co., LTD is Spartan’s 12th closed Initial Public Offering in 2023
NEW YORK, Dec. 7, 2023 — Spartan Capital Securities, LLC has defied the current IPO markets again, successfully closing an end of the year Initial Public Offering for Aimei Health Technology Co., LTD, a start-up specializing in the biopharmaceutical, medical technology, medical device, and diagnostics spaces.
Spartan acted as sole book running manager for the offering, pricing Aimei at $10.00 a Unit with a total offering of $69 million on the Nasdaq including the overallotment option of an additional 900,000 Units at the time of closing, which Spartan exercised. As a result, the aggregate gross value of the IPO was $69 million, making it Spartan’s largest IPO of the year.
Aimei’s successful IPO and Spartan’s sole underwriting role are notable not simply because of the deal’s size, but also because it has occurred despite the current IPO market. Raising capital has been extremely difficult for companies across the board this year. As a result, 2023 has been one of the slowest for IPOs in recent memory.
“The global IPO market has been like Game Of Thrones post pandemic: winter is coming, and it’s been long,” says Spartan Capital Securities’ founder and CEO, John Lowry. “There are a lot promises. Banks and Bankers are signing deals. But it’s been really hard for companies to raise money and even when the offering happens many of them haven’t been able to close. We’ve been fortunate at Spartan and have been able to navigate this frozen market, spot the right companies and opportunities, and actually get several deals done. The Aimei IPO allows us to close a good year out on a great note. It’s also a positive indicator for 2024 that the markets are starting to thaw and that we seem to be getting back to business as usual.”
Year to date, Spartan has closed 51 transactions and 12 IPOs for a total value of $679 million in capital raised. While less than a third of the value Spartan would do in a strong market at a similar pace, it’s still far more than most similarly sized investment banks have raised this year.
“There’s also over three weeks remaining until New Year’s Eve,” adds Lowry, “We’re still pushing a few other deals along and hoping to get that number closer to a billion.”
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SOURCE Spartan Capital Securities, LLC
