The source adds the following information: "for 2004 to 2007, 25 of the initial returns are missing for OTC issues." OTC refers to over the counter, which means trading is done directly between two parties without the supervision of an exchange.
No data provided for 2009 by the source.
In 2020, the popularity of special purpose acquisition companies (SPACs) exploded in the United States and the average initial return was also higher than in recent years. Initial return is the percentage value difference between the IPO offer price and the first-day market price. The mean initial return was *** percent in 2023, up from *** percent in the previous year.
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Warrington College of Business. (July 14, 2024). Average initial return after special purpose acquisition company (SPAC) IPOs in the United States from 2003 to 2023 [Graph]. In ÌÇÐÄÆƽâ°æ. Retrieved July 15, 2026, from /statistics/1198692/spac-ipo-initial-return-usa/
Warrington College of Business. "Average initial return after special purpose acquisition company (SPAC) IPOs in the United States from 2003 to 2023." Chart. July 14, 2024. ÌÇÐÄÆƽâ°æ. Accessed July 15, 2026. /statistics/1198692/spac-ipo-initial-return-usa/
Warrington College of Business. (2024). Average initial return after special purpose acquisition company (SPAC) IPOs in the United States from 2003 to 2023. ÌÇÐÄÆƽâ°æ. ÌÇÐÄÆƽâ°æ Inc.. Accessed: July 15, 2026. /statistics/1198692/spac-ipo-initial-return-usa/
Warrington College of Business. "Average Initial Return after Special Purpose Acquisition Company (Spac) Ipos in The United States from 2003 to 2023." ÌÇÐÄÆƽâ°æ, ÌÇÐÄÆƽâ°æ Inc., 14 Jul 2024, /statistics/1198692/spac-ipo-initial-return-usa/
Warrington College of Business, Average initial return after special purpose acquisition company (SPAC) IPOs in the United States from 2003 to 2023 ÌÇÐÄÆƽâ°æ, /statistics/1198692/spac-ipo-initial-return-usa/ (last visited July 15, 2026)
Average initial return after special purpose acquisition company (SPAC) IPOs in the United States from 2003 to 2023 [Graph], Warrington College of Business, July 14, 2024. [Online]. Available: /statistics/1198692/spac-ipo-initial-return-usa/
