Global REIT IPOs decreased dramatically – down 47 percent – from 49 REIT IPOs in 2017 to 26 REIT IPOs in 2018. This decrease reflects a difficult capital-raising market, with pressures from rising interest rates and a...more
Last week, Intelligize published The Unicorn IPO Report, which analyzes IPOs from 2016 through 2018. In 2016, the report notes that the AppDynamics IPO was days away from completion prior to its acquisition by Cisco for $3.7...more
Not-for-profit Focusing Capital on the Long Term (FCLT) Global is dedicated to encouraging a long-term outlook in business and investment decision-making. FCLTGlobal was founded by BlackRock, CPP Investment Board, Dow,...more
A recent research report published by Goldman Sachs reviews private market value creation compared to public market creation. ...more
The Securities and Exchange Commission took the long-awaited step of proposing rules for comment that would extend the ability to test the waters beyond emerging growth companies, or EGCs. ...more
2/20/2019
/ Accredited Investors ,
Comment Period ,
Corporate Issuers ,
Emerging Growth Companies ,
Initial Public Offering (IPO) ,
JOBS Act ,
Proposed Rules ,
Qualified Institutional Buyers ,
Regulation FD ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
CBInsights recently held a webcast that offered a recap of 2018 events affecting the fintech sector. Global fintech investment reached a record at $39 billion in 2018. Venture-backed fintech deals declined in the fourth...more
In a recent paper, “Scaling Up: the Implementation of Corporate Governance in Pre-IPO Companies,” authors David F. Larcker and Brian Tayan review governance practices and how these evolve in the lead-up to an IPO. ...more
According to statistics from Dealogic and the Citi Capital Markets Review and 2019 Outlook, there was a modest decline in 2018 follow-on offering volume compared to 2017. ...more
CB Insights recently published its seventh annual Tech IPO Pipeline Report. The report notes that in 2013, the median time between first funding and IPO for U.S. VC-backed tech companies was 6.9 years compared to 10.1 years...more
In November 2018, SIFMA published another primer in its recently introduced series on capital formation–this one titled “An exploration of the IPO process and listings exchanges”. The primer provides interesting statistics on...more
A recent E&Y report notes strong IPO activity in the first nine months of 2018, with 166 completed IPOs, which raised $44.4 billion. This compares to 179 for the full year in 2017, which raised $40.4 billion. AXA Equitable...more
In a paper titled “Cashing it In: Private-Company Exchanges and Employee Stock Sales Prior to IPO,” authors David F. Larcker, Brian Tayan, and Edward Watts review the practices of 34 tech and services-related companies as...more
A recent paper titled, “Why do firms go public through debt issuance instead of equity?” reviews the characteristics of companies that choose to access the public market through debt issuance....more
In a recent paper, author Brian Cheffins contends that the concerns about the death of the US public company are overstated....more
In a recent paper titled, “Voluntary Disclosure and Firm Visibility: Evidence from Firms Pursuing an Initial Public Offering,” authors Michael Dambra, Bryce Schonberger, and Charles Wasley review the benefits of pre-IPO press...more
In a paper titled, “IPO Lockup Expirations: A Persistent Anomaly of Scale,” author Kevin Green reviews the decline in stock prices following the expiration of lockup agreements relating to initial public offerings. ...more
A paper titled, “The Impact of Exchange Listing on Corporate Governance Evidence from Direct Listing,” written by Dan French, Andrew Kern, Thibaut Morillon, and Adam Yore, considers the impact on corporate governance policies...more
Although Securities and Exchange Commission Chair Clayton has made clear that the Commission does not intend to focus on addressing mandatory arbitration provisions in the near term, the controversy regarding action in this...more
7/17/2018
/ Arbitration ,
Arbitration Agreements ,
Capital Markets ,
Contract Terms ,
Corporate Issuers ,
Initial Public Offering (IPO) ,
Investment Products ,
Mandatory Arbitration Clauses ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
Securities Violations
A number of capital formation-related bills passed in the House this week with bipartisan support. These include:
H.R. 5877, the “Main Street Growth Act,” sponsored by Rep. Tom Emmer (R-MN), which would amend the...more
In a recently published Practical Law Capital Markets Global Guide 2018 article, “Equity Capital Markets in the United States: Regulatory Overview,” Counsel Brian Hirshberg and Partners Anna Pinedo and Remmelt Reigersman...more
7/12/2018
/ Capital Markets ,
Equity Markets ,
Global Market ,
Initial Public Offering (IPO) ,
Listing Rules ,
Nasdaq ,
NYSE ,
Offerings ,
Regulatory Oversight ,
Regulatory Requirements ,
Taxation ,
Underwriting
Authors Brian Broughman and Jesse Fried study founder control in their paper titled, “Do Founders Control Start-Up Firms that Go Public?” In their paper, the authors observe that many founders of startups lose control...more