Meet the 18 top PR pros that companies like Roblox and 23andMe are turning to in the SPAC IPO craze

2020 was a robust year for companies going public through IPOs and SPACs, and 2021 is already looking to bring more of the same.

SPACs, or special purpose acquisition companies, allow companies to go public outside the traditional IPO process.

The increase in SPACs and traditional IPOs could be lucrative for the PR industry as target companies, which often don’t have their own investors relations division, call on public relations pros to put their business model in the best light.

ICR CEO Tom Ryan said that his firm’s annual revenue increased by 20% year-over-year to $106 million in 2020 due to its work on SPACs. One of the best known IPO players, ICR advised on more than 50 SPAC deals in 2020, equivalent to about 20% of the total market.

Companies going public also have to adhere to financial and information disclosure rules imposed by regulators like the Securities and Exchange Commission. That means PR pros have to vet all information disclosed by a company going public.

The growing popularity of SPACs as a new investment opportunity prompted the SEC to caution investors from jumping on the bandwagon “based solely on a celebrity’s involvement or based solely on other information you receive” through outlets like social media and newspapers.

Insider identified the top 18 PR pros that work in-house or at firms based on original reporting, publicly available information, and nominations.

The list includes well-known figures like Sard Verbinnen’s co-president Paul Kranhold — known for working on Alibaba and Snap’s IPOs — and newcomers like Mustafa Riffat, an Edelman EVP who previously worked on the Alibaba and ARAMCO IPOs.