There are only a few IPOs in Germany.

For years, more companies have withdrawn from the stock market than new ones.

Those who need growth capital often find financial investors outside the stock market.

It's faster, more discreet and less bureaucratic.

The vehicle of the SPAC is one way of alleviating companies' fear of going public.

The organizers of the SPAC collect money, take care of the stock exchange listing and thus do important preparatory work.

The company can then slip into a finished shell without exposing itself to a lengthy public meat inspection, as is usual with classic IPOs.

After all, IPO stands for Initial Public Offering, i.e. a public process in which the company presents itself with a number of financial indicators and is often badly talked about in the price setting process and occasionally fails.

At SPAC, this happens behind closed doors.

The result doesn't have to be worse.

With the takeover of the audio play figure company Tonies by the SPAC 468, a transaction has just been successful in Germany for the second time.

So far it looks like a win-win situation.

SPACs are not a panacea and are not suitable for all businesses.

But offering this form of the path to the stock exchange as an alternative and filling it with life is an asset for Deutsche Börse and should not only take place in London, Amsterdam or New York.