Yes, the SPACs have their own IPO with underwriters and fees. And then more fees for doing the merger with the target company. It is somewhat more streamlined,

Yes, the SPACs have their own IPO with underwriters and fees. And then more fees for doing the merger with the target company. It is somewhat more streamlined, so fees will be on the low side. Often 2% for the initial IPO, then and other 3.5% for the merger, I think? Although with a ton of flexibility and variability and fees hidden in complex structures. Also note that investors can opt to redeem their investment when a merger target is announced, and statistically most money is redeemed, so 2% of the initial amount raised going to be well over 4% of the amount the company receives. There's a reason banks LOVE SPACs and are promoting them heavily and is sure isn't that they get less money from them than IPOs. :)