It has been a slow start for the U.S. IPO market in 2019.  Citing the effects of the longest U.S. government shutdown ever recorded, EY’s Global IPO Trends report noted that only 20 companies went public on U.S. exchanges, raising approximately $3 billion in proceeds.  This was a 57% drop in number of IPOs, and an 83% drop in proceeds, compared to the first quarter of 2018.  The median IPO deal size was $83 million for…

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 for tech companies that went public in 2018.  As we have noted in previous posts, tech companies continue to raise more significant amounts of funding prior to undertaking their IPOs.  In 2018, tech companies raised, on…

The number of small businesses in the United States continues to climb, according to a recent CB Insights report. In 2015, there were approximately 31.9 million small businesses in the United States. There are now an estimated 39.9 million small businesses, with a projected 2.6 million additional firms expected by 2020. Defined as firms with 0-49 employees, small businesses are active in a wide variety of industries with healthcare, hospitality/food services and retail trade as…

More companies continue to raise large sums of capital through late-stage or pre-IPO private placements as they prepare, or in some cases delay, going public. Tech companies are among the most highly-valued of these private companies. A recent study by CB Insights looked at the capital raised by tech companies that went public in 2018. It was found that, on average, these companies raised over $103.0 million in pre-IPO funding. This is almost 2.5 times…

According to a recent research report by CB Insights, in the third-quarter of 2018, there were 375 VC-backed equity financings that raised over $5.64 billion for fintech companies globally. In total, 1,164 fintech financings have been completed in 2018, through October 31, raising over $32.6 billion in offering proceeds.  Approximately 40% (462) of these deals are from U.S. issuers.  Payments, alternative lending, and capital markets tech companies accounted for the majority of fintech financings, with…

Recently, Nasdaq Private Market published a new white paper covering Restricted Stock Units (RSUs), how they compare and contrast to options, and key considerations for using RSUs in liquidity programs.  To download this white paper, visit: https://goo.gl/Mh3HFH.…

Partner Anna Pinedo joined IFR’s US ECM Roundtable for a panel discussion that assessed the current state of the market, discussed the latest trends and developments, and gave an outlook for the remainder of the year and beyond.  Topics included the state of the IPO market; private capital to public markets; JOBS Act 3.0; SPACs as an alternative to IPO; areas of success; and the convertible bond market renaissance. Read IFR’s special report on the…