Social Capital Hedosophia Holdings Corp. III surprised the special purpose acquisition sector April 22 by electing to price its IPO with an oversize offering of $720 million.

The IPO market has been near frozen between the Covid-19 global pandemic and the plunge in oil prices driving a volatile market. Since April 1, there have been just four IPOs, including Social Capital. Since the beginning of 2020, 27 IPOs have taken place according to Renaissance Capital.

But SPACs have dominated the IPO stats thus far in 2020, with 14 SPAC going public, making up a little more than 50% of the deal volume and raising $4.6 billion in proceeds. Investor appetite for SPACs this year has been so strong that every SPAC pricing included over-allotments.

The last time a SPAC priced an IPO before Social Capital, however, was DFP Healthcare Acquisitions Corp. (DFPHU) on March 13, a $230 million offering. According to PrivateRaise, The Deal’s proprietary data service tracking all U.S.-based SPACS, there are currently 11 SPACs that have registered but are in a holding pattern in terms of going public. That group includes a stablemate to Social Capital III, Social Capital Hedosophia Holdings Corp. II.

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