With the global financial crisis driven by the pandemic of the COVID-19 virus, there has been an intensification of public offerings of stocks, while more conservative investments have dropped sharply.
Due to a greater demand for variable income assets, companies have been seeking new ways to raise funds, and new models are gaining relevance and being evaluated as an alternative.
This is the case of the investment vehicle of North American origin called SPAC – Special Purpose Acquisition Company. SPACs are companies initially formed for the purpose of acquiring and capitalizing another company, which will go public after the operation.
In return, investors can get a return on their investment in the SPACs by buying shares in the new company, usually at a lower price.
In SPACs, there is no portfolio manager or administrator.
In fact, these companies are created and idealized by a sponsor, which can be a company, a reference person in the market, or even an investment fund. The sponsor will be responsible for presenting the project to the market, as well as the destination of the funds raised.
In the United States there has been a boom of these companies in recent years. Since 2003, more than 500 SPACs have been formed, which accounted for more than half of the IPOs (Initial Public Offering) held in the United States in 2020.
SPACs have not yet been regulated, nor have they yet been adopted in Brazil. However, given the successful example of this type of company in the United States, there is great expectation for the use of this new fundraising model in Brazil, especially in view of the country’s need for economic recovery and the increased demand for variable income.
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