Initial Public Offering

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The IPO Market In 2014: Are Boom Times Back?

A strong market for initial public offerings has long been seen as a bellwether for good times in the broader market. When companies are going public, the perception is that investors, management teams and bankers have...more

Regulation AB II: Second Time’s the Charm?

On August 27, 2014, following years of preparation, speculation and comment, the Securities and Exchange Commission (SEC) adopted Regulation AB II (Reg AB II). Reg AB II represents a response to requirements of Sections 939A...more

8 Legal To-Dos Before Your First Investment

So, you’re about to raise money for the first time. Good luck! Before you start approaching VC firms for pitch opportunities, though, be aware that investors typically expect a certain amount of organization and structure...more

Trademark Highlights from the IPO’s 2014 IP Record

The Intellectual Property Owners’ Association (IPO) recently released its 2014 IP Record, an annual report detailing global intellectual property trends. Now in its seventh year, the report draws from a range of sources,...more

The Next Big Thing for Companies Outside the US: US IPOs Using a Yield-oriented Structure

Ten practical considerations can help companies around the world tap the significant US capital market with IPOs. Investors in the United States continue the search for yield. Over the past several years, over 60...more

Is Your Baby Your Buyer’s Collateral?

Even before dealing with the intricacies of nondisclosure agreements, employment offer letters, stock restriction agreements, and incentive plans, it is not unusual for founders to have already dreamt of an IPO or sale event....more

The Rise of Foreign Issuer IPOs

Foreign issuer IPOs have been increasing recently as foreign issuer activity continues to improve since a marked decline in 2011 and 2012. This decline resulted in part from market volatility in the aftermath of the financial...more

Using British Virgin Islands Companies for International Listings

The British Virgin Islands’ (BVI) corporate statute is ideally suited for international listings. BVI companies have been used widely for listings on international stock exchanges in New York, London, Singapore and Oslo. They...more

The Return of Biotech IPOs

Biotech IPO market activity has recently returned to levels not seen since before the financial crisis. This has been brought about in part by the accommodations afforded issuers under the Jumpstart Our Business Startup Act...more

The Yield Created by the Yieldco

In our post on August 19, “Yieldcos – The New “Promised Land” of the Renewable Energy Space?”, we explored the Yieldco structure and why some renewable energy companies are considering them. We will now turn our attention to...more

Orrick Technology IPO Insights for Q2 2014

Welcome to the inaugural issue of Orrick Technology IPO Insights, a quarterly publication highlighting trends in U.S. information technology company IPOs. We isolate technology companies in order to analyze and present...more

Overcrowding?

This morning’s IFR US ECM Briefing reported on another significant IPO trend—the fact that over time it has become more common for IPO issuers to appoint several co-managers. ...more

The JOBS Act and IPO Volume

An academic study titled “The JOBS Act and IPO volume: Evidence that disclosure costs affect the IPO decision” (Dambra, Field, and Gustafson, available through SSRN) provides an interesting analysis of the effect of the JOBS...more

Key Metrics for Recent Technology and Life Sciences Initial Public Offerings - H1 2014

In this Survey: - Survey Results - Offerings Completed - Size of Offerings, Red Herring Midpoint - Size of Offerings, Final IPO Price - Aggregate Amount Raised, Red Herring Midpoint...more

Equity capital markets: the pull of the IPO

Set against a favorable backdrop of low interest rates, reduced volatility and increased risk tolerance among investors, 2014 started well for IPOs around the world. Activity in the largest markets returned to levels not seen...more

Silicon Valley Venture Survey - Second Quarter 2014

We analyzed the terms of 174 venture financings closed in the second quarter of 2014 by companies headquartered in Silicon Valley....more

Securities Class Actions and IPOs Increased In The First Half of 2014

The number of securities class actions filed in the first half of this year increased compared to the same period last year. During the same period the number of IPOs increased significantly, suggesting that in the future...more

From Here to Eternity or San Juan! - Transitional Tax Planning with Pre-IPO or Appreciating Closely Held Stock

Speaking of Eternity, I must admit that I am a big fan of gospel music. While I like old school or traditional gospel, I prefer the newer R&B urban sound popularized beginning with Andrew Crouch and later Fred Hammond and...more

Equity Capital Markets: New ABI Transaction Guidelines

The Association of British Insurers (“ABI”) has published guidance on the expectations and views of ABI members on various aspects of equity capital market transactions. The guidance is split into three sections, ‘Initial...more

What 2014’s Continued IPO Surge Means for Clean Tech and Renewable Energy Companies

The year 2014 is on track to be the most active IPO market in the United States since 2000, with the mid-year total number of IPOs topping last year’s mid-year total by more than 60%. There were 222 US IPOs in 2013, with a...more

BIO Industry Group Comments on JOBS Act

The Biotechnology Industry Organization (BIO) issued a press release with the below infographic noted that this week marks a JOBS Act milestone with the 100th company to have gone public since the Act was passed. ...more

Post-JOBS Act IPO Trends

Earlier this month, we commented on some statistics regarding the number of IPOs and the IPO backlog (based on public filings). Here, we offer a few more insights into recent trends in the IPO market based on various...more

IPO Names Top 100 Patenting Universities

The Intellectual Property Owners (IPO) recently published a list of the top 100 universities worldwide granted patents in 2013. As reported in the IP Record, these universities are...more

The Hot IPO Market Continues

The first half of 2014 has seen the hottest IPO market in 14 years – 133 IPOs priced, raising more than $30 billion in proceeds. This is already greater than the total number of IPOs priced during 2011 and 2012. The second...more

7 Tips For Building The Perfect Pitch Deck

Your pitch deck arguably is the single, most important document that you will generate in the life of your company. It is the opening salvo with your potential investors. It is “the hook” by which you will (or will not)...more

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