For DFIN, 2021 was a record-setting year. Our company saw a surge in M&A and IPO activity. We had seven of the top 10 IPOs and more than doubled our 2020 IPO volume. Our support of more than 175 SPACs was over 200 percent greater than last year. Transactions such as the largest SPAC merger in history, Grab; the largest IPO since 2014, Rivian Automotive; and the largest announced M&A deal this year—Kansas City Southern and Canadian Pacific Railway Ltd., were supported by DFIN. In November alone there were 98 issuers who made their public debut via an IPO — raising $28 billion — including DFIN client's Evotec, Braze, and SweetGreen, just to name a few.
Our client base grew throughout the year with brands such as Bumble, Petco, WeWork, Oatly!, and Dole making their public debut.
The blistering pace of the past 12 months has many people asking: what does the New Year hold?
We are optimistic as we head into 2022. With PitchBook reporting over a trillion dollars in Global PE dry powder, on top of a robust SPAC universe including over 580 SPACs searching for a target with close to $142 billion in trust, the momentum of 2021 is expected to continue in the new year.
Resetting and Recharging into 2022
Nevertheless, I believe that 2022 will be a year for the business cycle to normalize and resolve imbalances, as the rapid pace of deals we saw in 2021 will be tempered by a variety of factors. We are monitoring several areas — such as new SPAC regulations, inflation, interest rates, Covid variants, and Environmental, Social, and Corporate Governance (ESG) matters. In addition, we are looking at potential social and educational changes, infrastructure improvements, and foreign relations challenges with China. These factors may cause market fluctuations, but they are reminders that we must remain proactive and think strategically as we enter the new year.
As always, DFIN is uniquely positioned to help businesses achieve their financial goals. Our industry-leading portfolio of solutions helps prepare companies on their path to going public. Our purpose-built solutions to support M&A assist businesses with their corporate strategy as opportunities unfold.
Reflecting on DFIN's performance in 2021, I can only say how honored and humbled I am to work with such a talented and dedicated team, and to support a diverse and robust client portfolio, on both the NYSE and the NASDAQ, and throughout the globe.
I wish you all a wonderful New Year, and I look forward to a prosperous 2022.
