Rising Stars

Firms To Watch: Equity capital markets

With the arrival of Joseph Marx und Simon Weiss in June 2022, previously at McDermott Will & Emery Rechtsanwälte Steuerberater LLP, Willkie Farr & Gallagher LLP has visibly bolstered its ECM capacities and assists banks and medium-sized emittents with de-Spac transactions and subscription rights capital increases, among other matters.

Equity capital markets in Germany

Hengeler Mueller

Hengeler Mueller operates primarily on the corporate side and offers clients extensive expertise, including capital increases and IPOs. In addition, the group acts for banking consortia in dual-track procedures and provides comprehensive advice on cross-border transactions. Due to its broad capital market practice, the team is also able to cover corporate- as well as DCM-related issues, such as debt-to-equity swap structures. Key contacts include Reinhold Ernst (IPOs, public takeovers, restructuring) and Alexander Rang (IPOs, capital increases, share placements).

Other key lawyers:

Dirk Busch; Reinhold Ernst; Wolfgang Groß; Alexander Rang

Latham & Watkins LLP

Latham & Watkins LLP covers the full range of ECM matters based on an integrated corporate finance approach that includes transactions in relation to DCM, restructuring as well as banking and finance. The group has particular expertise in advising on alternative forms of equity financing and assisting German issuers with IPOs in the US. Practice head Oliver Seiler is experienced in IPOs, block trades and capital increases. International public takeovers, carve-outs and transactions represent David Rath's mainstays. Associate Camilla Kehler-Weiß is another key contact and covers the ECM area comprehensively.

Practice head(s):

Oliver Seiler

Other key lawyers:

David Rath; Camilla Kehler-Weiß


‘Team with great legal expertise in the ECM/capital markets business, which has built an outstanding track record of high-profile ECM deals in recent years. In addition to its legal skills, the project management skills and high level of commitment are also convincing.’

‘Oliver Seiler is an outstanding lawyer with a wealth of experience. In recent years he and his team have been involved in many high-profile transactions. He impresses not only with his high level of professional competence, but also with his pragmatic approach and his pleasant manner. He has build up David Rath as a younger partner, who had already impressed as a senior associate and now ensures that the team has sufficient resources and appropriate seniority at all times.’

‘Camilla Kehler-Weiß, who leads the overall very strong team of associates, also does excellent work.’

Key clients

Bank of America Merrill Lynch


Cheplapharm AG


Commerzbank AG

Credit Suisse

Deutsche Bank

Goldman Sachs

J.P. Morgan Chase

Morgan Stanley

Work highlights

  • Advising CHEPLAPHARM AG, a leading international platform for established branded medicines, on the agreement for a structured investment with global investment firms Atlantic Park and GIC with a total volume of €550 million.

  • Advising the banking consortium on a cash capital increase of TUI AG with subscription rights from authorized capital, which generated gross proceeds of approximately €1.8 billion.

  • Advising the banking consortium on the planned carve-out and subsequent IPO on the Frankfurt Stock Exchange of thyssenkrupp Nucera (formerly Uhde Chlorine Engineers).


Linklaters' capital markets practice has continued to be involved in the largest transactions of recent times; symbolic of this was its advice to Porsche and Volkswagen on the IPO of Porsche AG. In addition to IPOs, the group also assists with spin-offs, capital increases and block trades, among other matters, and acts on both the bank and issuer side. Practice head Marco Carbonare particularly impresses in international transactions, for instance in relation to Scandinavia, Austria and the US, and is also experienced in corporate and M&A. Alexander Schlee's mainstays include IPOs and subscription rights capital increases.

Practice head(s):

Marco Carbonare

Other key lawyers:

Alexander Schlee; Carsten Rauch


‘Professional interfaces also exist with other areas, such as corporate law and employment law.’

‘Marco Carbonare has extensive and helpful IPO experience. Complete dedication to the project.’

Clifford Chance

Thanks to its integrated approach, Clifford Chance seamlessly advises clients on matters touching on both ECM and DCM and further impresses with close cooperation with its private equity practice. The team acts for both issuers and underwriters across various transactions, such as dual track IPOs, SPACs and capital increases as well as private placements and hybrid bonds. George Hacket has special knowledge of US securities law, which he often applies in the context of international securities transactions, and is an ECM key contact; as is Axel Wittmann, whose range of experience includes IPOs, convertible bonds and compliance issues.

Other key lawyers:

George Hacket; Axel Wittmann


‘One of the market-leading firms, senior statesman George Hacket and Axel Wittmann as the young guard, along with a few other law firms, dominate the ECM market in Germany (and as international counsel also in Austria). Very pragmatic, solution-oriented approach!’

‘George Hacket: outstanding figure in the ECM field for two decades. Very reliable, good handshake quality, level-headed and calm, but always focused.’

‘Unique connection across different disciplines, well-connected teams, smooth execution in all areas.’

‘I particularly appreciate the contribution of George Hacket, who takes responsibility for the end result while benefiting from his vast experience and excellent judgment.’

Skadden, Arps, Slate, Meagher & Flom LLP

Cross-border transactions, especially those with a US connection, represent a central pillar of Skadden, Arps, Slate, Meagher & Flom LLP's capital markets practice, which therefore often cooperates with its US offices, but also houses separate US securities law expertise in Frankfurt. In addition to classic IPOs and secondary placements, the German team's everyday business also includes SPACs and dual track financing. Practice head Stephan Hutter handles capital markets as well as compliance- and M&A-related issues. Counsels Lukas Greilich and Caspar Schmelzer both have extensive ECM expertise and therefore regularly assist with IPOs and capital increases.

Practice head(s):

Stephan Hutter

Other key lawyers:

Lukas Greilich; Caspar Schmelzer


‘Strong team with good culture.’

‘Stephan Hutter is one of the strongest capital market lawyers in the DACH region, who is very practice-oriented and economically aware. Someone you want to have by your side.’

Key clients




SIGNA Sports United N.V.




Razor Group



BNP Paribas

Bank of America


Deutsche Bank

Goldman Sachs


JP Morgan

Morgan Stanley


ONWARD Medical N.V.

R+V Versicherung AG

Work highlights

  • Advising Armira on the €30 million anchor investment as part of a €60 million private placement of new shares in tonies SE.

  • Advising Thai Central Group and Austrian real estate company SIGNA on the joint acquisition of British department store chain Selfridges from its current owners, the Weston family, for around £4 billion.

  • Advising SIGNA Sports United NV on an equity commitment of €130 million concluded with SIGNA Holding GmbH.

A&O Shearman

Recently, A&O Shearman primarily focused on rights issues, convertible bonds and capital increases, and continues to act for both issuers and banks. Knut Sauer leads the team and demonstrates particular expertise in matters touching on both ECM and corporate, while head of the German US corporate finance practice Marc Plepelits places an emphasis on US-related transactions, while his geographical focus also includes the DACH region.

Practice head(s):

Knut Sauer

Other key lawyers:

Marc Plepelits


‘Work results are always perfect, safe, not exaggerated and delivered very quickly.’

Mark Plepelits:  Everything has gone smoothly since he took on the case five years ago.

Key clients

Autodoc AG

Berenberg Bank


CORESTATE Capital Holdings AG

Deutsche Beteiligungs AG

Gerry Weber AG

Hello Fresh SE

IHO Verwaltung

MAX Automation

ProSiebenSat.1 Media SE

Roland Berger

Senvion S.A.

SGL Carbon

tado GmbH


Work highlights

  • Advising a cornerstone investor in connection with the €9.4 billion IPO of Porsche AG.

  • Advising TUI AG in connection with a capital increase with subscription rights intended to generate gross proceeds of approximately €1.8 billion.

  • Advising a banking consortium on the successful placement of convertible bonds from Rheinmetall AG with a total volume of €1 billion.


CMS assists issuers and supporting banks with various capital market transactions, including IPOs, capital increases, takeovers and stock dividends, complemented by expertise in segment changes and capital markets compliance. Due to its strengths in the ​​renewable energy sector, the group also advises on ESG-related transactions and issues. Andreas Zanner is experienced not only in capital markets but also in corporate and takeover law; he jointly heads the practice with Philipp Melzer, whose expertise spans both DCM and ECM.

Practice head(s):

Andreas Zanner; Philipp Melzer


‘Very client-oriented, good cooperation at partner, junior and back office level enables quick reactions, technically experienced AND pragmatic implementation. The impression is that colleagues identify with CMS and enjoy working there – this is for the benefit of the client. Also good experience in cross-border collaboration. (Germany, Italy, France).’

‘Philipp Melzer: Very good specialist knowledge, refers to colleagues in a timely manner if necessary, pleasantly unpretentious, humane and value-based actions, client-oriented (often recognises our needs before they are clear to us), coordinates his (interdisciplinary) team excellently.’

‘Very established ECM team, very good knowledge of the industry. Good access to issuers. Always available. Also active and well positioned in the area of ​​crypto securities.’

Work highlights

  • Advising Porsche AG in advance of and during the IPO with a deal volume of €9.4 billion.

Gleiss Lutz

Gleiss Lutz predominantly focuses on advising issuers in the ECM area, while its client portfolio also includes medium-sized companies as well as large international corporations. The group has expertise in capital increases, stock dividends, IPOs as well as M&A and restructuring issues and is also well equipped to assist with cross-border transactions thanks to its close cooperation with international law firms and the London office, which opened in 2022. Practice head Stephan Aubel possesses comprehensive capital markets and corporate expertise, while Hoimar von Ditfurth (capital markets and corporate law) retired in 2023.

Practice head(s):

Stephan Aubel

Other key lawyers:

Alexander Gebhardt


‘Very partner-driven work. A lot of experience goes into the work. Highest availability even for clients that are not very large.’

‘Stephan Aubel: Very experienced partner, high client commitment.’

Key clients

Volkswagen AG

SLM Solutions

va-Q-tec AG

Schaltbau Holding AG

LEG Immobilien AG

Gané Advisory GmbH

Highlight Communications AG

Delivery Hero



Work highlights

  • Advising the Supervisory Board of Volkswagen AG on the planned IPO of Dr. Ing. HCF Porsche AG.

  • Advising SLM Solutions on Nikon’s public takeover offer, including a 10% capital increase, as well as on the issuance of a further tranche of convertible bonds and accompanying the creditors’ meetings to change bond conditions.

  • Advising SCHMID Group on its IPO on the New York Stock Exchange and on related transactions.

Hogan Lovells International LLP

Hogan Lovells International LLP impresses with its close cooperation between capital markets and corporate practices and also has particular expertise in ​​scrip dividend transactions. Acting on both the bank and issuer side, the team covers matters such as capital increases and IPOs and assists clients with the implementation of stock dividends. Practice head Michael Schlitt is experienced across numerous facets of capital markets law, including block trade transactions and hybrid bonds.

Practice head(s):

Michael Schlitt

Other key lawyers:

Susanne Ries; Mark Devlin; Sebastian Biller


‘Broad team with extensive experience in advising both issuers and banks.’

‘Michael Schlitt: Very experienced and well connected. Sebastian Biller: Excellent team expansion with public M&A expertise.’

‘Very good team, very pleasant to work with, pragmatic and technically very good.’

Key clients


Barclays Bank Ireland PLC

Baader Bank AG

BayWa AG

Bundesrepublik Deutschland – Finanzagentur GmbH (Finanzagentur)

Commerzbank AG

DEMIRE Deutsche Mittelstand Real Estate AG

Deutsche Bank AG

DIC Asset AG

Fresenius SE & Co. KGaA

Hauck Aufhäuser Lampe Privatbank AG

Joh. Berenberg, Gossler & Co. KG




voxeljet AG

Work highlights

  • Advising Barclays Bank Ireland PLC, Joh. Berenberg, Gossler & Co. KG and Deutsche Bank AG on the capital increase of SFC Energy AG.

  • Advising the Federal Republic of Germany – Finanzagentur GmbH on concluding a repatriation agreement with TUI AG.

  • Advising Fresenius SE & Co. KGaA on the implementation of its first stock dividend.


In addition to IPOs, Noerr's capital markets expertise also includes capital increases and subscription rights issues; the practice recently saw an increase in instructions on the banking side, but nonetheless still has numerous companies among its clients. Holger Alfes is experienced in ECM as well as in M&A and financing transactions and jointly leads the practice with Julian Schulze De la Cruz, who advises shareholders, banks and listed companies. Philip Schmoll is another key contact, particularly for corporate- and compliance-related matters.

Practice head(s):

Holger Alfres; Julian Schulze De la Cruz

Other key lawyers:

Laurenz Wieneke; Stephan Schulz; Philip Schmoll


‘Very strong combination of broad experience in capital markets and corporate law, both on the issuer side and (especially) on the bank side.’

‘Julian Schulze De la Cruz: Very experienced, balanced and pragmatic.’

‘The team is very practical, including BaFin’s administrative practice, and can therefore provide very tailored advice. It also understands the practical difficulties faced by companies and can therefore offer very pragmatic solutions and go along with them.’

Key clients

B. Metzler seel. Sohn & Co. Aktiengesellschaft


Daimler Truck AG



Hypoport SE


Quirin Privatbank

SML Group

Stifel Europe Bank AG

TAG Immobilien AG

The Social Chain AG

Work highlights

  • Advising TAG Immobilien AG on a €202 million subscription rights capital increase.

  • Advising H&K AG on a debt-to-equity swap and a rights issue to implement a debt-to-equity swap.

  • Advising syndicate banks B. Metzler seel. Sohn & Co. Aktiengesellschaft and Stifel Europe Bank AG on the postponed IPO of energy storage specialist INITILION AG.

Norton Rose Fulbright

Norton Rose Fulbright advises on both sides of the capital market and has expertise in IPOs and capital increases as well as in stock corporation law and public M&A-related matters. The practice acts for issuers and banks in ongoing corporate and securities law issues and can also seamlessly handle cross-border matters involving its offices in London and the US. Practice heads Frank Regelin and Benedikt Gillessen both have extensive experience in stock corporation and capital markets law.

Practice head(s):

Frank Regelin; Benedikt Gillessen

Key clients


DZ BANK Deutsche Zentral-Genossenschaftsbank


Hauck Aufhäuser Lampe Privatbank AG

Deutsche EuroShop AG

ERWE Immobilien AG

Voltabox AG

Unicredit Bank AG

Quirin Privatbank AG

White & Case LLP

White & Case LLP covers the entire ECM spectrum and can draw on additional expertise in related areas such as DCM and restructuring if necessary. The firm's wide global network also enables it to seamlessly advise on cross-border transactions, even though its German teams handle transactions in accordance with English and US law as well; key contacts for US-related matters include Rebecca Emory and Gernot Wagner, both of whom are admitted in New York and comprehensively assist with ECM and DCM matters, including high yield bonds.

Other key lawyers:

Rebecca Emory; Gernot Wagner; Thilo Diehl


‘The team’s unique selling points are its size and broad professional base. The team is always available and moves transactions forward.’

‘Gernot Wagner and Rebecca Emory are extremely strong partners. They have outstanding legal expertise. But what sets them apart is their drive to get transactions across the finish line as a whole, both legally and commercially.’

‘Very good practice, quick handling, very professional.’

‘Unique team size and team experience, powerful, hands-on, creative.’

‘Gernot Wagner: Strong persuasion and assertiveness, great team leader.’

‘Very close, trusting cooperation. Small teams, quick response times, all members are always fully coordinated with one another.’

Key clients

Qatar Investment Authority (QIA)

GIC Private


Deutsch Bank

Citigroup / Société Générale

Work highlights

  • Advised Qatar Investment Authority (QIA) as cornerstone investor in Porsche Aktiengesellschaft’s €9.1 billion IPO, valuing Porsche at €75 billion.

  • Advising the banking consortium led by Citigroup and Société Générale on the €1.3 billion capital increase of Siemens Energy AG.

  • Advising GIC Private Limited as co-investor on the issuance of a €550 million pre-IPO mandatory convertible bond by Cheplapharm.

Ashurst LLP

Under the leadership of Matthias von Oppen, who excels in corporate and capital markets law as well as in China-related matters, Ashurst LLP advises shareholders, issuers and banks on all domestic and cross-border transactions. Its legal expertise is complemented with competencies in the real estate, technology, digital economy and renewable energy sectors.

Practice head(s):

Matthias von Oppen

Other key lawyers:

Gerrit Clasen


‘The team is very well coordinated and very understanding. Very thoughtful and pleasant manner.’

‘Great attentiveness from the partner and very pragmatic approach.’

‘Goal-oriented approaches and they always bring in new concepts and ideas, which we greatly value.’

Key clients

IBU-tec advanced materials AG

Vulcan Energy Resources Limited

hGears AG

Domicil Real Estate AG

Noratis AG


Berenberg Bank



Hauck & Aufhäuser



Work highlights

  • Advising Vulcan Energy Resources Ltd. on a global Rule 144A offering subject to a prospectus and an equity investment by Stellantis.

  • Advising Vulcan Energy Resources Ltd. on a dual listing on the regulated market of the Frankfurt Stock Exchange.

  • Advising a consortium of seven banks on the €375 million IPO of Mister Spex.

DLA Piper

In close cooperation with its US teams, DLA Piper covers a wide range of ECM matters and is therefore a popular address for both German and international clients. Roland Maaß is a key contact and advises on IPOs, capital increases and SPACs, among other matters. Kerstin Schnabel complements this with expertise in capital market compliance.

Other key lawyers:

Roland Maaß; Kerstin Schnabel


‘Roland Maaß’s team has extensive transaction experience on both the banking and issuer sides, which makes working with the team incredibly pleasant.’

‘The team controls its workstreams completely independently and proactively, so clients can almost sit back. The consulting approach is always goal-oriented and hands-on. This experience and project management clearly distinguish the team and set Roland Maaß and his team apart from other law firms.’

‘Roland Maaß: Comprehensive transaction experience, proactive and goal-oriented advisory approach, also very pragmatic in contentious issues.’

‘Meticulous preparation, absolute top-notch content and expertise, efficient and understandable.’

‘Roland Maaß: Absolutely top professional, creative and solution-oriented, pleasant and efficient, needs little guidance.’

‘Roland Maaß is an outstanding capital market lawyer and always impresses with his pragmatic, solution-oriented approaches.’

Key clients

exceet Group S.C.A.

Anzu Capital

Work highlights

  • Advising except Group SCA on the merger of exceet Group SCA, which is listed on the regulated market of the Frankfurt Stock Exchange (Prime Standard), and APEX Group.

  • Advising US investor Anzu Capital on an investment in the German Voxeljet AG, which is listed on the US NASDAQ, by way of a capital increase.

  • Advising VARTA AG on the capital increase (private placement) against the background of an ongoing restructuring of VARTA AG.


Heuking primarily focuses on assisting medium-sized companies with various capital market transactions, including routine capital increases and IPOs. Mirko Sickinger (corporate law, IPOs, compliance) and Anne de Boer (IPOs, financing) jointly head the practice.

Practice head(s):

Mirko Sickinger; Anna de Boer

Other key lawyers:

Thorsten Kuthe

Taylor Wessing

Based on its combined capital market and corporate skills, Taylor Wessing assists clients across a broad ECM spectrum, which includes ongoing advice on stock corporation law as well as the preparation of IPOs. This also mirrors practice head Marc-Oliver Kurth's expertise, which includes public takeovers, bond issues and capital increases.

Practice head(s):

Marc-Oliver Kurth

Other key lawyers:

Oliver Rothley; Sebastian Beyer


‘Very homogeneous; good cooperation and coverage of matters. Reliable, fast, high quality, diverse.’

‘Fast, resilient, hard-working, technically very good, creative.’

Key clients

Aap Implantate AG

Aroundtown SA

FSA e.V.

Grand City Properties SA

The New Meat Company

M1 Kliniken AG

Bundesministerium der Verteidigung


Quirin Privatbank AG

Allane SE (vormals Sixt Leasing)

Secunet Security Networks AG

Work highlights

  • Advising FSA eV and its committees on the restructuring of its subsidiary Noventi Health SE and the provision of an equity financing contribution (including the issuance of a convertible loan for the company).

  • Advice on Aroundtown SA’s €1 billion share buyback program.

  • Advising Triathlon Holding GmbH on the mandatory offer for shares of Voltabox AG.