IPOs of Special Purpose Acquisition Companies (SPACs) have boomed in 2020 and Bermuda is ideally placed to provide an offshore domicile for these acquisition vehicles.
For decades Bermuda has been the preferred jurisdiction for many offshore companies listed on the NYSE, NASDAQ, Hong Kong Stock Exchange, Toronto Stock Exchange, and London Stock Exchange. Currently, around 70 Bermuda companies maintain listings on the NYSE or NASDAQ, including companies such as Arch Capital Group Ltd (insurance), Marvell Technology Group Ltd (IT), Nabors Industries Ltd. (oil & gas), Credicorp Ltd. (financial services), and many others across a wide range of industries such as shipping, media, pharmaceuticals, communications, aircraft leasing and biotechnology. In 2019, US$19.5 billion in capital was raised by Bermuda companies listed on the NYSE and NASDAQ, up from US$13.2 billion in 2018. In total, more than 700 Bermuda companies are listed on various stock exchanges around the world.
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Bermuda: an Ideal Domicile for SPACs