The Spac mania is gathering pace — having exploded in popularity during the pandemic and reaching record highs last year. In the first two months of the year, $61bn worth of Spac IPOs launched globally, data provider Dealogic found, almost all listing in the US, and follows a record $83bn worth of deals in 2020.

Bankers expect the special purpose acquisition vehicles, or blank cheque companies, to cross the Atlantic, but there has not been a single Spac listed on the London Stock Exchange this year, compared to more than 190 in the US. That may change as the UK seeks to ease rules allowing for Spacs to gain pace here, too.