Listings of special purpose acquisition companies slowed in the second quarter with traditional initial public offerings booming worldwide, overtaking the Spac craze.

The second quarter was the most active by deals and proceeds in the last 20 years, according to data from EY, while US Spacs “stepped out of the driver's seat” in the second quarter after a high level of activity in the previous 12 months. There were 59 US Spac IPOs raising $12bn in the second quarter.