Viking is the biggest IPO of the year, capping off a huge month for IPOs
CNBC: Investing
MAY 1, 2024
Eighteen IPOs raised a combined $5.3 billion in April, according to Renaissance Capital, the busiest month since November 2021.
Past Event: Behind the Scenes of the 2021 IPO & SPAC Boom
Cooley M&A
APRIL 27, 2021
Cooley, DFIN, PwC, Nasdaq and The Blueshirt Group took part in a two-part webinar series Behind the Scenes of the 2021 IPO & SPAC Boom on May 4 & 11, 2021. Session One – Tuesday, May 4, 2021, 9:00 – 10:30 am PT. Session Two – Tuesday, May 11, 2021, 9:00 – 10:30 am PT.
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The Return of the Exit
JD Supra: Mergers
JANUARY 31, 2024
Exit plans have either swiveled or been put on hold as valuations have remained low, and there has not been a huge market for M&A or IPOs. While we may not see the activity level we experienced in 2021, we could see an increase in deals and more exit options available. By: Foley & Lardner LLP
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Venture Capital: Annual VC Valuations Report
Deal Lawyers
FEBRUARY 16, 2024
VC valuations continued to head south from their 2021-22 levels. IPOs were practical non-existent and the valuations for deals that did get done were pretty dismal, but this excerpt says there’s […] PitchBook recently published its 2023 Venture Capital Valuations Report, and not surprisingly, the news is pretty grim.
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Will There Be an IPO for a Specialty Consulting Company in 2024?
Focus Investment Banking
JANUARY 18, 2024
The S&P 500 has recently traded near 4800, close to its record at the end of 2021. In that environment, very few firms sought IPOs, and there was a major slowdown in overall exits, whether private or public. It would be interesting to see if one of these PE firms decides to launch an IPO in 2024. As 2024 starts, the U.S.
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Cooley’s 2021 Tech M&A Year in Review
Cooley M&A
JANUARY 20, 2022
Despite everyone’s efforts in 2021, including the rollout of vaccines and varying rounds of lockdowns and work-from-home mandates, a true “return to normal” for M&A dealmakers was foiled anew by COVID-19 and its variants. trillion during 2021 – an increase of 71% compared to 2020 – and accounted for 20% of the $5.9 trillion(!)
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Top Tools Investment Bankers Need in 2023
4Degrees
JANUARY 19, 2023
It’s 2023, and the bonanza of M&A deals and IPOs we experienced during the pandemic has dried out. 2022 was a dismal year for IPOs, with a meager 181 US IPOs compared to 1035 in 2021 and 480 the year before. On the M&A side, global market turbulence has affected the number of mergers and […]
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52 Despite Slowdown in SPAC Activity, Opportunities Remain
The Harvard Law School Forum
OCTOBER 12, 2022
SPAC activity continued to slow in the first half of 2022, a sharp decline from the number of deals and IPOs in the same period in 2021. Filings of SPAC-related securities lawsuits through the first half of 2022 are on pace to exceed the total number of SPAC-related lawsuits filed in 2021. Key Points.
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Okay, which analyzes engineers’ productivity, sells to Stripe
TechCrunch: M&A
MAY 31, 2023
They were u sually companies in the pre-IPO phase with hundreds to thousands of engineers where the manager wanted to start tracking what others are doing, and looking for tools to help with decision-making.” And Stripe, which has yet to go public via a long-awaited IPO, earlier this year raised $6.5
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New SEC proposal takes on SPACs
Cooley M&A
APRIL 1, 2022
The proposal arrives in the context of calls from various corners, including from SEC Chair Gary Gensler and former Acting Corp Fin Director John Coates, to treat SPACs as an alternative method of conducting an IPO under the SEC’s policy framework. (See See this PubCo post , this PubCo post and this PubCo post.) See this PubCo post.)
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Considerations for Dual-Class Companies Contemplating M&A Transactions
The Harvard Law School Forum
OCTOBER 19, 2022
There are compelling rationales for adopting a dual-class structure, but even proponents of the structure generally acknowledge that these benefits are significantly mitigated once the dual-class shares are out of the hands of the founders and/or pre-IPO stockholders.
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UK tech investment sees fall of 57 per cent
Growth Business
JUNE 8, 2023
In the UK, a downward trend for tech IPOs continued, with volumes falling to their lowest level last year in a decade. Global tech exits — through both IPOs and M&A — remain stagnant, with $21bn in value so far this year, compared to a peak of $177bn in 2020 and $166bn in 2021.
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HKEX’s chief executive to step down with new succession plans in place
The TRADE
DECEMBER 15, 2023
Having held the role since May 2021, Aguzin will be replaced by Bonnie Yiting Chan, who will assume the role on 24 May 2024 for a term of three years. Prior to that, she served as the head of IPO transactions, listing division, HKEX from 2007 to 2010. “It
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Upgrade acquires travel-focused BNPL startup Uplift for a song
TechCrunch: M&A
JULY 27, 2023
” Laplanche is referring to the BNPL-style product that Upgrade launched in October 2021, which lets users pay down their debt over six to 36 months with a fixed interest rate. million users to the platform, and comes as Upgrade weighs an IPO. The purchase of Uplift effectively doubles Upgrade’s customer base, adding 3.3
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Behind the Buyouts: Solomon’s Leonhardt on Consumer M&A Resurgence
The Deal
OCTOBER 17, 2023
Direct-to-consumer businesses, darlings of the investor community in 2021, saw their techlike valuations plummet. Public markets, however, have been tepid, with the much-awaited IPO of L Catterton Management Ltd. portfolio company Birkenstock GmbH & Co.
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Covid-19 and US Venture Capital in 2020
InvestmentBank.com
JANUARY 14, 2021
Second, the IPO market, a key exit avenue for VC investments, proved increasingly strong and resilient throughout the year. These were just a few of many strong IPOs seen this year. As of December 23rd, 2020, US stock markets saw 477 IPOs, more than doubling the 233 IPOs from 2019, at least 120 of which were venture-backed [14] [11].
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The Lawyer Shortlists Cooley for Transatlantic Corporate Team of the Year
Cooley M&A
SEPTEMBER 30, 2021
Judges selected finalists for the Transatlantic Corporate Team of the Year award based on standout corporate transactions in one of the following fields: IPOs, public M&A, private equity or corporate reorganizations.
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“Dumb Money” Review: A Worthy Addition to the Classic Finance Movie Roster?
Mergers and Inquisitions
OCTOBER 4, 2023
And that is exactly what happened when I watched Dumb Money , the movie about the GameStop short squeeze in 2021 , the other day. Oh, and lots of M&A , IPO , and SPAC deals were happening, so banks made plenty of “COVID hires,” often ignoring qualifications and recruiting norms. I wrote many articles about it.
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Cooley’s 2021 Life Sciences M&A Year in Review
Cooley M&A
JANUARY 20, 2022
Although the COVID-19 pandemic that defined 2020 continued to shape much of the life sciences industry in 2021, the way that it did was markedly different. 2] Examples of this strategy coming to bear in 2021 included Thermo Fisher Scientific’s acquisition of PPD for $17.4 driven assets. term average of approximately 35%.
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LSEG sees double-digit growth across post-trade as exchange continues to reap benefits of acquisition push
The TRADE
FEBRUARY 29, 2024
We are also seeing an encouraging IPO pipeline for the London Stock Exchange. The Quantile transaction, first announced in 2021, was set to help the derivatives offering run more smoothly. He added: “In capital markets, we are collaborating more extensively with Tradeweb, creating new avenues for growth.
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Cooley’s 2022 Life Sciences M&A Year in Review
Cooley M&A
JANUARY 25, 2023
Although 2022 saw a general decline in M&A activity in the life sciences industry compared to 2021’s frenetic pace (when deal volume was up 52% from 2020 ), life sciences deal flow in 2022 on balance remained strong despite the headwinds. Let’s dig in.
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SPAC Trend Gives Rise to Securities Enforcement and Litigation Risks
Cooley M&A
MARCH 2, 2021
According to Nasdaq , in 2015, SPACs made up approximately 12% of the IPO market, but by 2020, that number had risen to approximately 53%. SPACs are predicted to be an even higher percentage of the 2021 market share, with SPACs representing 79% of the January IPOs.
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Cooley’s 2020 Tech M&A Year in Review
Cooley M&A
JANUARY 22, 2021
2020 was also a blockbuster year for special purpose acquisition company (SPAC) activity, as 247 SPAC IPOs raised more than $75 billion (a 525% increase compared to the amount raised by SPAC IPOs in 2019) [3]. Creative deal terms and financing arrangements were also attractive aspects of SPAC deals as compared to their IPO cousin.
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Transfer Traps: Considerations for Dual-Class Companies Contemplating M&A Transactions
Cooley M&A
SEPTEMBER 16, 2022
There are compelling rationales for adopting a dual-class structure, but even proponents of the structure generally acknowledge that these benefits are significantly mitigated once the dual-class shares are out of the hands of the founders and/or pre-IPO stockholders. Potential carve outs for M&A voting agreements.
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Navigating Layoffs in Investment Banking
OfficeHours
JUNE 21, 2023
With M&A deals and IPO activity at their lowest levels since the peak in 2021, the old adage is proving true: “in bull markets, banks tend to over hire, and in bear markets, they over fire.” M&A Deal Volume Fell in Q1 2023 Do not take being laid off as a personal reflection of your ability or worth.
On the Hunt: SymphonyAI’s M&A Algo
The Deal
AUGUST 9, 2023
M&A is a central part of SymphonyAI’s growth strategy as the company prepares for a potential private placement and, eventually, an IPO. “We’re billion valuation in 2021. We’re not looking for technology acquisitions, because we have plenty of technology in my shop,” Dhawan said. raised $300 million at a $6.3
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How Merchant Banks Help Businesses Grow and Succeed
Razorpay
AUGUST 9, 2023
Underwriting Services Merchant banks also provide underwriting services for initial public offerings (IPOs), private placements, follow-on public offerings (FPOs) and rights issues. This service helps companies to raise the required funds from the public.
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52 Cooley’s 2020 Life Sciences M&A Year in Review
Cooley M&A
JANUARY 22, 2021
2020 was also the year of the SPACraze , with SPAC IPOs raising more than $75 billion in gross proceeds, a 525% increase compared to 2019. This may signal a promising development for early-stage life sciences companies seeking to go public in 2021. Looking Ahead to 2021. Governance and Activism.
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Delaware Finds Stockholder Claims Against SPAC Fiduciaries Subject to Entire Fairness Review
Cooley M&A
JANUARY 10, 2022
As SPAC IPOs broke records – in both value and volume – in 2020 (and again in 2021), it was inevitable that stockholder litigation would follow. More than 50% of the SPACs that went public in 2020 and 2021 are incorporated in Delaware, giving particular significance to SPAC litigation filed in Delaware courts.
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Growth Equity Interview Questions: Full List, Answers, and Differences vs. Venture Capital and Private Equity
Mergers and Inquisitions
NOVEMBER 20, 2024
Growth Equity Interview Questions: Markets & Investments These questions could span a huge range because they could ask you about anything from the current fundraising environment to the IPO and M&A markets to specific markets their portfolio companies operate in. Q: Pitch me a growth company that we should invest in.
Growth Equity: The Child Prodigy of Private Equity and Venture Capital, or an Artifact of Easy Money?
Mergers and Inquisitions
MARCH 13, 2024
Others would counter that growth equity’s rapid ascent was mostly due to the easy money that persisted between 2008 and 2021. This style is about purchasing minority stakes in cash-flow-negative-but-high-growth companies that want to scale and eventually go public or sell (think: Uber or Airbnb before their IPOs).
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M&A Heats Up in the Bakery Market
Focus Investment Banking
APRIL 14, 2024
From 2018 to 2021, the total number of bakery workers declined nearly 12%, leaving operators struggling to replace highly experienced talent. Jim has worked on numerous IPOs, sell-side transactions, fairness opinions, and capital raises, mainly for consumer products companies and restaurants.
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IBM acquires Apptio from Vista for $4.6B in cash to double down on hybrid cloud services
TechCrunch: M&A
JUNE 26, 2023
Apptio itself has grown over the last several years with its own acquisitions, specifically buying Cloudability in 2019 , TargetProcess in 2021 and Cloudwiry in 2022. The second is that it’s worth watching to see what happens next across the PE landscape.
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Statement of Cash Flow
Wall Street Mojo
JANUARY 17, 2024
presented the following CFS for the year ending March 31, 2021: Note that we have considered the direct method of preparing the CFS as recommended by IASB and FASB. Thus, we can say that by the end of the accounting year 2020-2021, ABC Inc. In 2015, Box came up with its IPO. Example #1 ABC Inc. from 2014 to 2017.
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Delaware Advance Notice Decisions Highlight Move Toward Enhanced Scrutiny of Board Actions, Even Where Conflicts Exist
Cooley M&A
APRIL 13, 2022
We have reviewed the bylaws of a number of corporations that have gone public through a deSPAC or traditional IPO process. We suggest that companies going public through a traditional IPO or deSPAC transaction draft the advance notice bylaws to account for the first annual meeting. 13, 2021). [4] One final word of caution.
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6 essential tips for aspiring angel investors
Growth Business
JUNE 1, 2023
The vital role of angel investing in growing the start-up ecosystem in the UK was equally recognised in Chancellor Rishi Sunak’s 2021 Autumn Budget with announcements of £150m in further funding for a regional angel investing programme.
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52 Fifteen ways to raise £1 million in business finance
Growth Business
JULY 11, 2023
3) Aquis Stock Exchange Aquis Stock Exchange , run by NEX, allows businesses to raise capital through Initial Public Offerings (IPOs). >See >See also: Here’s how you undertake an IPO in the UK in the best way It’s a stock market which provides primary and secondary markets for equity and debt products.
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24 venture capital firms you need to know about – Growth Business guide
Growth Business
SEPTEMBER 13, 2023
Indeed, tech start-ups in London alone raised a record $26bn (£19bn) in funding in 2021, more than double the total in 2020. The UK runs the risk of choking off future tech giants, Google has warned, as the proportion of VC funding for earliest-stage tech companies fell to 5 per cent in 2021 compared with 15 per cent a decade ago.
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Drinks With The Deal: SPAC Sponsor Sloan Talks DraftKings
The Deal
NOVEMBER 9, 2023
Sloan lamented the run-up in the SPAC market in 2021 and said 2022 included plenty of deals that shouldn’t have been done and plenty of companies not ready for primetime. And while Sloan said he believes deeply in SPACs serving a purpose in bringing companies public, he revealed that for most companies, a traditional IPO is a better fit.
Renewable Energy Investment Banking: How to Make Greens by Going Green
Mergers and Inquisitions
SEPTEMBER 11, 2024
For growth-stage companies, you will see plenty of equity offerings: IPOs , SPACs , PIPEs, and follow-on issuances. A good example is the 2020 – 2021 period, when SPAC activity went vertical, and plenty of renewable energy companies used SPACs to go public.
Cooley’s 2022 Tech M&A Year in Review
Cooley M&A
JANUARY 25, 2023
billion, a 36% decrease from 2021’s record high of $1.1 As was the case in 2021, software deals remained the strongest performer within the tech sector, representing approximately 90% of tech M&A deals. Deal volumes dropped from $531.13 billion [1] during the first half of 2022 to $189.17 trillion. [2]
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Bulge Bracket Banks: 2024 Edition
Mergers and Inquisitions
NOVEMBER 22, 2023
The name “bulge bracket” (BB) comes from the prospectus for an IPO or debt issuance, which lists all the banks underwriting the deal. I’m still listing it because it was #9 by global IB revenue in 2021 and 2022, but I would not be surprised if it fell off this list eventually. This does not mean it’s a bad place to work.
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Sports Private Equity: Bright Spot in a Troubled PE Landscape or an Emerging Bubble?
Mergers and Inquisitions
APRIL 10, 2024
For example, in 2021, the NBA started allowing institutional investors to own up to 20% of single teams, which led Arctos to invest 5% in the Golden State Warriors (they later increased this stake to 13%). The MLB started allowing PE ownership in 2019, and the NHL followed suit in 2021.
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Cooley’s 2023 Tech M&A Year in Review: An AI-Generated Glass Half Full
Cooley M&A
FEBRUARY 1, 2024
However, unlike the go-go era of 2021, tech deals in 2023 tended to be bolt-on rather than transformative, took longer to get done, and required more creativity and bespoke structures. Private equity activity accounted for only 27% of tech M&A in 2023, a six-year low (and a substantial decrease from the 2021 record of 36%).
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