SPAC Introduction

SPACs are operating companies formed for the purpose of consummating a business combination with one or more target companies using a combination of listed stock and cash, raised from an Initial Public Offering plus additional PIPE equity, convertible or senior debt.

Market Share

In 2019, nearly 1 in 4 of US IPOs (by volume and value) were SPACs:

  • US-listed SPACs accounted for 59 SPAC IPOs and $13.6 billion in total proceeds. 
  • Excluding SPACs, Closed End Funds and companies with market cap below $50 million, 159 companies raised $46.3 billion in proceeds from US IPOs.


  • Mr. Rajiv Sarman Shukla created Constellation Alpha as a permanent capital platform for high-growth companies. In June 2017, Mr. Shukla led the IPO of his first SPAC, Constellation Alpha Capital Corp, to raise $144 million in total proceeds. In August 2019, Constellation Alpha Capital merged with DermTech, Inc.
  • Previously, he served as CEO of Pipavav Defense & Offshore Engineering, a 4,000-person listed company with operations in the defense, shipbuilding, and heavy engineering sectors. In this role, he led an operational restructuring that involved re-alignment of key business areas, several senior hires in the management team, submission of over $5 billion in new business bids and structuring of strategic alliances with global leaders in shipbuilding and defense. He also implemented one of India’s largest financial restructuring projects involving more than 25 banks and sold the Company to the Reliance Group through a process that drew 4 competitive bidders. The stock price rose by ~2x from the start of the Restructuring to the Sale closing.
  • Earlier, Mr. Shukla had a long career on the buy-side at Pfizer, Morgan Stanley Investment Management and Citi Venture Capital International. Over his investment career, he was involved with over 40 transactions including the $60 billion acquisition of Pharmacia in 2003, $125 million acquisition of Meridica in 2004, $1.9 billion acquisition of Vicuron Pharmaceuticals in 2005, and acquisitions of Idun Pharmaceuticals in 2005 and Rinat Neuroscience in 2006 as well as private equity transactions in specialty chemicals, pharmaceuticals, animal health, contract research organizations, pharmacies and tertiary hospitals.
  • Mr. Shukla has served as a Director on the Boards of 11 companies.
  • He graduated with a Masters in Healthcare Management & Policy from Harvard University and a Bachelors in Pharmaceutics from the Indian Institute of Technology.