Capital markets: equity offerings in United States

Baker Botts L.L.P.

Baker Botts L.L.P. specializes in energy-related offerings, where it enjoys strong relationships with both issuers and underwriters. In particular, the group’s niche strength in master limited partnerships (MLPs) makes it a popular choice for MLP-related transactions. In Houston, department head Joshua Davidson is widely regarded as an authority on MLPs and brings to bear a strong track record in MLP IPOs. In Washington DC, Catherine Gallagher advises on public and private offerings, with notable experience in representing foreign private issuers, MLPs and REITs. Austin-based Mollie Duckworth is deputy chair of the firm’s corporate department and handles a mix of transactional and regulatory securities matters. New York-based Mike Bengtson chairs the corporate department and has strong skill sets in the energy, life sciences and fintech industries.

Practice head(s):

Mike Bengtson; Joshua Davidson

Testimonials

Great responsiveness and practical, real-world advice.

Depth of knowledge of their subject and experience.’

Key clients

Goldman Sachs & Co. LLC

DNB Markets Inc.

Citigroup Global Markets Inc.

Danske Markets Inc.

Sunnova Energy Corporation

BofA Securities, Inc.

Work highlights

  • Acted for Sunnova Energy International on its $168m IPO.
  • Represented the underwriters (Goldman Sachs, DNB Markets, BTIG, Citigroup Global Markets, Danske Markets, Evercore Group and Fearnley Securities) on Borr Drilling Limited’s $53.4m IPO.  
  • Represented the underwriters on Foundation Building Materials’ $80.7m secondary offering.

Cahill Gordon & Reindel LLP

The capital markets practice at Cahill Gordon & Reindel LLP may be synonymous with high-yield debt work but it also secures a significant share of equity offerings, consistently ranking just outside the top ten firms for manager-side deals by value. The underwriter-focused group enjoys close relationships with all the leading New York and global investment banks and routinely operates across all industry sectors. The New York-based team includes corporate specialist Jonathan Schaffzin, who brings to bear a strong background in capital markets, finance and regulatory issues. Daniel Zubkoff is also a key contact and regularly advises on debt and equity transactions. Seasoned expert James Clark maintains a broad practice, which spans debt and equity offerings, bank financings and debt restructurings. Additional contacts include Marc Lashbrook, William Miller and Douglas Horowitz.

Key clients

BMO Capital Markets Corp

Citigroup Global Markets Inc.

J.P. Morgan Securities LLC

Jefferies LLC

Cantor Fitzgerald & Co.

Morgan Stanley & Co. LLC

SunTrust Robinson Humphrey, Inc.

Work highlights

  • Represented the agent in Gaming & Leisure Properties’ $600m common stock offering.
  • Advised the agents on VEREIT’s continuous equity offering program, worth up to $750m.
  • Acted for the underwriter on a $953m secondary public offering of ordinary shares by Norwegian Cruise Line Holdings.
  • Represented the underwriters on Amarin Corporation’s $400m public offering of American depositary shares.
  • Advised the underwriter on Mercury System’s $414m equity offering.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton’s stand-out reputation for capital markets globally ensures that it is a top choice for international offerings, particularly involving Latin American issuers. The group’s diverse experience is another big draw and it routinely advises issuers, underwriters and selling shareholders across the full range of equity transactions, including IPOs, follow-ons, spin-offs, and block trades. The New York-based team also stands out for its regulatory ability, with three former general counsel of the SEC among its ranks. Jeffrey Karpf is widely acknowledged as a market leader and focuses on corporate finance transactions and governance matters; he notably led the firm’s representation of Pinterest on its $1.6bn IPO. David Lopez is another key figure and is best known for his track record on IPOs for both domestic and foreign issuers. Craig Brod handles a mix of securities, corporate governance and corporate matters and is also recommended. Additional contacts include Sandra Flow, Adam Fleisher and impressive associate, Katherine Clemens.

Key clients

Pinterest

TPG

Shareholders of Levi Strauss & Co. (Levi Strauss), who consist primarily of the descendants of the family of Levi Strauss and their relatives

GrafTech International

MercadoLibre

Sabre Corporation

The Hartford

Genting / Norwegian Cruise Lines

International Flavors & Fragrances

Voya Financial

Petróleo Brasileiro S.A. (Petrobras)

Bank of America

Citigroup

Credit Suisse

Deutsche Bank

Goldman Sachs

JPMorgan

Morgan Stanley

UBS

Warburg Pincus

Work highlights

  • Represented Pinterest on its $1.6bn IPO and dual-class recapitalization.
  • Acted for the shareholders of Levi Strauss on the company’s $623m IPO.
  • Acted as selling shareholders’ counsel to a consortium of banks holding a minority interest in Tradeweb, in connection with the latter’s $1.1bn IPO.
  • Represented the underwriters on the $350m carve-out IPO of SciPlay.
  • Acted for JP Morgan, Barclays, Morgan Stanley, Citigroup and Wells Fargo, as the underwriters, on a $2bn common stock offering by Edison International.

Clifford Chance

Clifford Chance’s New York-based team is distinguished by its ability to link up with its premier US REITs practice to specialize in advising on REIT-related equity offerings, with a strong record in innovative deal structuring. Among its other key attributes, the firm’s ability to draw on its comprehensive global network also positions it as a key contender for cross-border transactions. Kathleen Werner co-heads the group and focuses on advising listed and non-listed REITs and underwriters on public and private securities offerings. Group co-lead, Jonathan Zonis, is noted for his strong record in Latin America-related offerings, especially deals involving Brazilian issuers. Jay Bernstein leads the REITs practice and is recognized for his experience in representing REITs and specialty finance companies on equity transactions. Andrew Epstein is also recommended for his specialist REIT expertise.

Practice head(s):

Jonathan Zonis; Kathleen Werner

Testimonials

Very creative, efficient and practical.

The team knows the market well, particularly Jay Bernstein and Andrew Epstein.

Key clients

Alexandria Real Estate Equities

Ready Capital Corporation

Empresas Públicas de Medellín E.S.P.

Corporación Andina de Fomento

Goldman Sachs International

iStar, Inc.

J.P. Morgan Securities LLC

Klabin Finance S.A.

Wells Fargo Securities

Work highlights

  • Advised the joint global coordinators, joint bookrunners and co-lead managers on SIG Combibloc Group’s CHF1.5bn IPO on the SIX Swiss Exchange.
  • Represented Watford Holdings on its $1.1bn direct listing on the Nasdaq Global Select Market.
  • Advised REIT, Equity Lifestyle Properties, on its $200m at-the-market offering of common stock.
  • Represented Goldman Sachs and other sales agents on Alexandria Real Estate Equities’s $750m at-the-market program.
  • Advised the sales agents on Duke Realty’s $400m at-the-market program.

Cooley LLP

Cooley LLP’s phenomenal run on the equity side continues apace as the Palo Alto-headquartered firm continues to ride the technology and life sciences IPO wave. The firm ranked first by both deal value and deal count for issuer-side US IPOs during 2019, demonstrating its stronghold on the most active sectors coming to market. In a highlight example of its sweet spot, the firm advised longstanding client Uber on its $8.1bn IPO, which represented the third-largest tech IPO of all time. Significantly, it also continues to make inroads into underwriter-side work. San Francisco-based global co-chair David Peinsipp is an ‘amazing lawyer and client manager’; he regularly ranks among the most active lawyers in the country for technology offerings and was at the helm for several of the firm’s recent IPOs, including Uber. San Diego-based Charlie Kim co-chairs the global department and handles a good balance of issuer and underwriter-side matters. New York-based Div Gupta co-leads the East Coast practice and is a leader in healthcare-related offerings. Up-and-coming San Francisco-based partner Siana Lowrey is ‘practical, smart and well-organized’ and co-led the Uber deal.

Practice head(s):

Charlie Kim; David Peinsipp

Other key lawyers:

Div Gupta; Eric Jensen; Siana Lowrey

Testimonials

Super strong and broad corporate practice.’

Very strong gender diversity and excellent commercial advice.

Outstanding teamwork and collaboration.’

David Peinsipp is an amazing lawyer and client manager. Extremely good at collaborating and working with clients.

Charlie Kim is an extremely strong capital markets lawyer.

Siana Lowrey is fantastic; practical, smart, kind, well-organized and stays on top of things.’

Key clients

Uber

Levi’s

Zoom

Goldman Sachs

Morgan Stanley

J.P. Morgan

Bank of America Merrill Lynch

Citigroup

Allogene Therapeutics

Tilray

Datadog

Splunk

AssetMark Financial Holdings

Fastly

Seattle Genetics

Work highlights

  • Advised Uber on its $8.1bn IPO.
  • Advised Zoom Video Communications on its $864m IPO.
  • Represented Levi Strauss on its $716.8m IPO.
  • Acted for the underwriters on Gossamer Bio’s $317.4m IPO.
  • Represented the underwriters on four consecutive follow-on offerings by AGNC Investment Corp, totaling over $1.2bn.

Covington & Burling LLP

Regulatory heavyweight Covington & Burling LLP is valued by sources for its ‘ability to have senior partners involved throughout execution’. The group handles a significant volume of offerings in the life sciences and technology areas and in a major headline, the firm won a key role advising Uber on its long-awaited $8.1bn IPO. A regular fixture on both issuer and underwriter-side mandates, the team also enjoys close relationships with leading investment banks. Donald Murray chairs the department from New York and routinely advises issuers and underwriters on public and private offerings, principally in the life sciences sector. New York-based Eric Blanchard is a vice chair of the capital markets group and also has an emphasis on offerings in the pharmaceutical and life sciences spheres. Additional contacts include Brian Rosenzweig and Kerry Burke , who are based in New York and Washington DC respectively.

Practice head(s):

Eric Blanchard; Donald Murray

Other key lawyers:

Kerry Burke; Brian Rosenzweig

Testimonials

Great partnership; seem invested in getting to know the team and the business.’

Extremely responsive.’

‘Good ability to have senior partners involved throughout execution.

I appreciate that the team is not spread thin and hence can really focus on clients and be available.

Really good legal judgement and advice on critical topics.

Demonstrates a willingness to provide independent perspective notwithstanding pressure from members of Board and management team.

Strong securities regulation experience and Kerry Burke, Eric Blanchard, Brian Rosenzweig are great partners and are very dialled-in.

Key clients

The Goodyear Tire & Rubber Company

Zoetis Inc.

Avnet, Inc.

Eli Lilly and Company

Uber Technologies Inc.

Republic Services

Illumina Inc.

REGENXBIO Inc.

Leerink Partners LLC

Bristol-Myers Squibb Company

Work highlights

  • Acted as special counsel to Uber Technologies on its $8.1bn IPO.
  • Advised Insmed Incorporated on its $250m follow-on offering of common stock.
  • Represented MacroGenics on its $126.5m offering of common stock.
  • Advised Goldman Sachs, JP Morgan and Jefferies, as underwriters, on UroGen Pharma’s $172.5m follow-on public offering.
  • Represented SVB Leerink, Stifel and BMO, as underwriters, on Trevi Therapeutics’ $70m IPO.

Cravath, Swaine & Moore LLP

Cravath, Swaine & Moore LLP houses a full-service capital markets group, which leverages the wider firm’s premier finance and corporate practices to advise on a broad range of IPOs, secondary offerings and equity-linked offerings. The New York-based group routinely advises both issuers and underwriters, with its close banking relationships a particularly prominent feature of the practice. William Fogg co-heads the financing practice and regularly advises companies and investment banks on public and private offerings. Andrew Pitts heads the capital markets practice for North America and brings to bear strong experience in the financial institutions, insurance, natural resources and transportation spheres. Scott Bennett continues to strengthen his profile in the capital markets area and is also recommended. Additional contacts include financing co-heads Stephen Burns and Craig Arcella.

Testimonials

Excellent knowledge of capital markets.

Able to provide specific and detailed guidance taking into account current interpretation/implementation of regulations which comes close to being a regulator’s view of the rules.’

The team provides high-quality work and is always available.’

Key clients

BofA Securities

Citi

Credit Suisse

Goldman Sachs

JPMorgan Chase

Morgan Stanley

Wells Fargo

CyrusOne

Evolent Health

Fortress Transportation and Infrastructure Investors

GasLog

Hasbro

Novartis

Occidental Petroleum

Scientific Games

Work highlights

  • Represented the underwriters on two secondary offerings of common stock by Baker Hughes, totaling $5.1bn.
  • Represented the underwriters, led by JP Morgan, on three offerings of depositary shares of JPMorgan, worth a combined $5bn.
  • Represented Scientific Games on the $363.5m carve-out IPO of SciPlay.
  • Acted for Hasbro on its $875m equity offering.
  • Represented the underwriters on Aqua America’s $1.3bn common stock offering and also on its concurrent $690m offering of tangible equity units.

Davis Polk & Wardwell LLP

One of the top two capital markets practices in the US’, Davis Polk & Wardwell LLP’s eminent global reputation also marks it as a top choice for cross-border offerings. The firm’s broad sector focus and wide geographical coverage is reflected in its diverse deal list, which spans flagship IPOs and secondary offerings across a wide range of sectors, including life sciences, financial services, technology and media and entertainment. The firm handles a significant volume of high-profile issuer-side mandates but is best-known for its premier underwriter-side practice, which consistently ranks first by deal value and deal count year after year. Group co-head Richard Truesdell ‘knows the market inside out’ and has acted for all of the major bulge bracket banks, as well as a string of corporate clients. Michael Kaplan is another high-profile figure and represents issuers and underwriters on a mix of capital markets and leveraged finance deals. On the West Coast, Menlo Park-based Alan Denenberg is noted for his strong skill sets in technology, healthcare and cross-border transactions. Other senior names include group co-head Maurice Blanco, who splits his time between Sao Paulo and New York, and Deanna Kirkpatrick, who advises on public equity, equity-linked debt and other securities offerings. Derek Dostal and Byron Rooney are impressive up-and-coming capital markets specialists.

Testimonials

One of the top two capital markets practices in the US right now.’

Davis Polk is pulling away from the other key players on the underwriter side.

Richard Truesdell is a stand-out leader. He knows the market inside-out.

Work highlights

  • Advised the underwriters on the $8.1bn IPO of Uber Technologies.
  • Represented Sao Paulo-based StoneCo on three equity offerings totaling $2.3bn, including on its $1.4bn SEC-registered IPO.
  • Advised the underwriters on the $1.1bn IPO of Tradeweb Markets.
  • Represented CrowdStrike Holdings on its $703.8m IPO.
  • Advised FMC Corporation on the separation of its lithium division into new publicly traded company, Livent Corporation, and subsequently advised Livent on its $340m IPO.

Debevoise & Plimpton LLP

Debevoise & Plimpton LLP’s capital markets practice handles a mix of transactional and regulatory matters, with experience in IPOs, secondary offerings and private placements. In addition, the team draws on the wider firm’s robust private equity offering to specialize in advising private equity funds, and their portfolio companies, on capital raising and exit transactions, with Clayton, Dubilier & Rice a key client in this field. The New York-based team also sets itself apart through its generous international network and it links up with capital markets lawyers in Asia and Europe for support on cross-border offerings. Matthew Kaplan co-heads the group and has a strong background in private equity and Europe-related transactions. Peter Loughran sits in both the private equity and capital markets teams and advises issuers and underwriters in US and international securities offerings. Steven Slutzky co-leads the department and is also noted for his extensive private equity expertise.

Practice head(s):

Matthew Kaplan; Steven Slutzky

Other key lawyers:

Peter Loughran; Paul Rodel

Testimonials

The team has invested the time to know our company, putting them in an excellent position to efficiently service our needs as our PE sponsor exited their position.’

Paul Rodel leads our team of dedicated experts ready to assist with any equity issue we may have.’

Key clients

AIA Group Limited

Ambac Assurance Corporation

Antares Holdings, LP

Atkore International  Group Inc.

AXA and AXA Equitable Holdings

Booz Allen Hamilton

Brand Energy & Infrastructure Services, Inc.

Brighthouse Financial, Inc.

The Carlyle Group

Clayton, Dubilier & Rice

D.E. Shaw

Discovery Communications, Inc.

Fidelity & Guaranty Life Insurance Co.

Gogo Inc.

International Paper Company

Pacific Life Insurance Company

Principal Financial Group

Teachers Insurance and Annuity Association of America

Warner Music Group Corp.

Westpac Banking Corporation

Work highlights

  • Represented AXA S.A. and AXA Equitable Holdings on a $3.1bn offering of AXA Equitable Holdings’ common stock.
  • Represented Univar and Clayton, Dubilier & Rice in Univar’s $245.8m SEC-registered secondary offering.
  • Advised FGL Holdings on its $128.4m tender offer.  
  • Advised Brighthouse Financial on a series of capital markets transactions, including on its $425m offering of depositary shares.
  • Represented AXA S.A. and AXA Equitable Holdings in a series of equity transactions totaling $4.1bn in which AXA sold down its ownership of AXA Equitable Holdings and AXA Equitable Holdings diversified its shareholder base.

Dechert LLP

The ‘very friendly and available’ team at Dechert LLP secures a significant volume of mid-market equity transactions, particularly offerings involving permanent capital vehicles and life sciences companies. The practice also stands out for its relatively even balance of issuer and underwriter representations, including major New York investment banks. Boston-based department co-chair Thomas Friedmann also co-heads the firm’s permanent capital practice and is recognized for his expertise in advising business development company clients; he acts as a lead relationship partner for issuers such as Eagle Point, Golub Capital BDC and PennantPark. In New York, Howard Kleinman is highlighted for his ability to make a ‘complicated deal seem very simple’ and handles a wide range of public and private offerings. New York-based life sciences specialist David Rosenthal co-chairs the group and is also recommended.

Other key lawyers:

Howard Kleinman; Harry Pangas

Testimonials

Very friendly and available most of the time.

The team identified the relevant issues and worked in an efficient manner preventing unnecessary work and costs.

The team showed depth and they also had good chemistry with our inside general counsel.’

Howard Kleinman stood out by showing lots of interest in the transaction from the beginning and following up when needed. He made a complicated deal seem very simple and was very pragmatic.’

Key clients

Alcentra Capital Corporation

Amkor Technology

Aquestive Therapeutics

B&G Foods

Bain Capital Specialty Finance

Diffusion Pharmaceuticals

Eagle Point Credit Company

FS Investment Corporation

Golub Capital BDC, Inc.

Hercules Capital

Horizon Technology Finance

Janney Montgomery Scott

Jefferies

Ladenburg Thalmann

LandBridge Capital

Main Street Capital Corporation

Morgan Stanley (as issuer)

PennantPark Investment Corporation/PennantPark Floating Rate Capital

Piper Jaffray

Raymond James

Stifel Nicolaus

TriplePoint Capital

UBS

WhiteHorse Finance

Work highlights

  • Represented Bain Capital Specialty Finance on its $151.9m IPO
  • Advised Main Street Capital Corporation on the launch of a common stock at-the-market program for up to $386.1m.
  • Represented Ladenburg Thalmann & Co, B. Riley FBR and National Securities Corporation, as the joint bookrunning managers, on the $50m IPO of OFS Credit Company.
  • Advised the sales agents on Capital Southwest Corporation’s $50m at-the-market program.
  • Acted for Eagle Point Income Company on its $23.9m IPO.

DLA Piper LLP (US)

Practical and solution-focused’, DLA Piper LLP (US) finds favour for its ability to act as ‘an extension of the client’s in-house legal team’. The national group benefits from coast-to-coast on-the-ground coverage, while its ability to plug into one of the world’s largest law firm networks is a key asset on cross-border deals. It also stands out for its broad industry focus, with its recent activity particularly concentrated in the technology, REIT and life sciences sectors. New York-based capital markets chair Christopher Paci is ‘really smart and client-driven’ and advises investment banks and US and foreign issuers on equity offerings. Global corporate co-chair John Gilluly splits his time between Austin, Dallas and Houston and regularly advises on transactional and regulatory securities issues. New York-based finance practice chair Jamie Knox is also noted for his experience in IPOs.

Practice head(s):

Christopher Paci; Jamie Knox

Other key lawyers:

John Gilluly

Testimonials

Extensive experience in equity offerings with deep technology industry expertise.

Unique in their ability to act as an extension of the client’s in-house legal team.’

The team is pretty practical and solution-focused — they don’t take rigid positions.

Christopher Paci is a really smart and client-driven lawyer. He seems to want to get to a solution quickly and doesn’t engage in grandstanding.’

Key clients

Cowen and Company

Equity Residential

Globant

Immunomedics

Laureate Education

PROS

Q2 Holdings

SolarWinds

STAG Industrial

STORE Capital

Work highlights

  • Represented STORE Capital Corporation on its $750m at-the-market equity offering.
  • Advised SolarWinds Corporation on its $375m IPO and its subsequent $270m follow-on equity offering.
  • Represented Adaptive Biotechnologies Corporation on its $300m IPO.
  • Acted for Credit Suisse, as lead underwriter, on Upland Software’s $138.6m follow-on public offering of equity.
  • Advised Cowen & Company and Canaccord Genuity, as underwriters, on Greenlane Holdings’ $92m IPO.

Fenwick & West LLP

The strongest capital markets practice in the Pacific Northwest’, Fenwick & West LLP’s firm-wide strengths in the technology and life sciences sectors ensures that it punches above its weight in the IPO sphere. The firm advised both issuers and underwriters on a clutch of high-profile offerings over the past year, and it regularly ranks among the market leaders nationally for technology-related IPOs. Seattle-based James Evans co-heads the group and is highlighted for his incredibly deep technical expertise’; notably, he has led or co-led offerings that have raised over $40bn worth of combined proceeds. Robert Freedman co-chairs the practice from San Francisco and routinely advises technology and life sciences companies on transactional and regulatory matters, with a strong recent run in IPOs. Seattle-based Alan Smith chairs the corporate group and specializes in advising emerging companies on the full range of corporate and securities issues. Seasoned corporate veteran Gordon Davidson is also a key contact.

Practice head(s):

Robert Freedman; James Evans

Testimonials

I believe Fenwick & West has the strongest capital markets practice in the Pacific Northwest, and among the best on the West Coast.

They’re responsive, wise, technically excellent, and business-minded above all else. They are best-in-class at what they do.

Very knowledgeable, reliable and take a practical approach.’

Very organized and always deliver a great outcome.

Work product is of a very high quality and it takes a tailored approach to fit the client’s company and management style.

James Evans has incredibly deep technical expertise as well as a practical touch. He’s great at advising lawyers on highly technical issues, as well as non-legal executives on key decisions or components of a transaction.’

Amanda Rose, Stephen Graham, and Robert Freedman are excellent. Technically sharp and very good at taking a practical approach to achieve a successful outcome while minimizing risk.

Key clients

Peloton

Underwriters to Cloudflare IPO

Stoke Therapeutics

Morphic Holding

Underwriters to Adaptive Biotechnologies IPO

Smartsheet

Veracyte

Bill.com

Sierra Oncology

Work highlights

  • Represented Peloton on its $1.2bn IPO.
  • Acted for the underwriters on Cloudflare’s $525m IPO.
  • Acted for Stoke Therapeutics on its $163m IPO.
  • Advised Morphic Holding on its $103.5m IPO.
  • Advised the underwriters on Adaptive Biotechnologies’ $348.5m IPO.

Freshfields Bruckhaus Deringer LLP

Freshfields Bruckhaus Deringer LLP’s New York-based team may be smaller than many of its competitors but its ability to leverage its global finance firepower marks it as a safe choice for major underwriters. Valerie Ford Jacob co-heads the global capital markets practice and regularly advises underwriters, issuers and selling stockholders on equity transactions. The group was recently boosted by the arrival of Pamela Marcogliese from Cleary Gottlieb Steen & Hamilton, who brings strong experience in high-profile IPOs.

Practice head(s):

Valerie Ford Jacob

Fried, Frank, Harris, Shriver & Jacobson LLP

Fried, Frank, Harris, Shriver & Jacobson LLP’s premier leveraged finance practice is a significant boon on the equity capital markets side. The team frequently represents private equity sponsors, and their portfolio companies, on equity offerings, with AEA Investors, Goldman Sachs and Permira all on the firm’s books. On the manager front, the firm acts as designated underwriters’ counsel to a raft of corporate clients, including Athene. The largely New York-based department is led by senior specialist Daniel Bursky, who consistently represents both issuers and underwriters in public and private equity offerings. Up-and-coming partner Andrew Barkan had a banner year, which included leading the firm’s advice to Blackstone-backed Tradeweb Markets on its $1.1bn IPO. Mark Hayek is also a key contact and his practice has an emphasis on private equity-related securities offerings. REITs IPO specialist Stuart Barr recently joined in Washington DC from Hogan Lovells US LLP.

Practice head(s):

Daniel Bursky

Key clients

AEA Investors

Bank of America Merrill Lynch

Catalent

Citi

Credit Suisse

Extended Stay

Estée Lauder

Goldman Sachs

Harsco

Humana

LivePerson

Merck

Morgan Stanley

Navios

ONEOK

Onex

Procter & Gamble

Sinclair Broadcast Group

Tradeweb Markets

Work highlights

  • Represented Tradeweb Markets on its $1.1bn IPO and also on its $725m follow-on public offering.
  • Represented certain affiliates of the Goldman Sachs Group, as selling shareholders, in Americold Realty Trust’s $1.3bn registered secondary offering.
  • Advised the underwriters (including Morgan Stanley, BofA Securities, UBS Securities and Wells Fargo Securities) on Athene Holding’s $863m offering of depositary shares.
  • Advised Sinclair Broadcast Group on Diamond Sports Group’s issuance of perpetual preferred equity to JPMorgan Chase Funding for $1bn.
  • Advised JP Morgan Securities, as sales agent, on the launch of Extra Space Storage’s $500m common stock at-the-market program.

Gibson, Dunn & Crutcher LLP

Gibson, Dunn & Crutcher LLP’s sizeable capital markets practice is distinguished by its broad national scope, with significant platforms in New York, Texas, California and Colorado. The diverse group strikes a balance between issuer and underwriter representations and brings to bear strong sector experience across a mix of energy, technology, retail and construction-related offerings. In New York, group co-chair Andrew Fabens is noted for his record in IPOs, follow-on equity offerings and regulatory matters. Peter Wardle co-chairs the group from Los Angeles and has an emphasis on issuer-side representations, including private equity sponsors. San Francisco-based co-chair Stewart McDowell maintains a broad capital markets practice and routinely advises on both debt and equity transactions. Hillary Holmes co-chairs the practice from Houston and is recognized for her strength in energy and private equity-related matters. Denver-based Robyn Zolman is also a key contact.

Other key lawyers:

Robyn Zolman

Key clients

Fox Corporation

Schlumberger

Williams and Williams Partners L.P. including wholly owned subsidiaries

Concho Resources

Welltower

Marriott International

Tenet Healthcare

Atmos Energy

Colfax

Lazard

Capital One Financial

Citigroup Global Markets

Credit Suisse

Goldman Sachs

J.P. Morgan Securities

Morgan Stanley

Wells Fargo Securities

Work highlights

  • Represented the underwriters on Parson Corporation’s $500m IPO.
  • Advised Atmos Energy Corporation on the establishment of a $500m at-the-market equity program with a forward overlay.
  • Advised Colfax Corporation on its $460m offering of tangible equity units.
  • Advised Forestar Group on its $100m SEC-registered common stock offering.
  • Represented D.R. Horton on an equity offering.

Goodwin

Extraordinarily strong on emerging trends’, Goodwin’s specialist expertise in the technology and life sciences spheres continue to pay dividends in the current market and its share of US equity offerings has grown accordingly. Traditionally weighted towards issuer mandates, the firm’s increasing profile in the equity space has seen its underwriter practice flourish in recent years and it is becoming  a regular fixture on high-profile bank-side mandates. Among its recent headlines, the firm advised Slack on its direct listing, becoming only the second firm to advise on a direct listing for a large technology company. Silicon Valley-based technology specialist Richard Kline led the Slack deal and is highlighted by sources as a ‘rock star’. Boston-based Daniel Adams co-heads the group alongside Kline and has a strong emphasis on real estate and REIT-related transactions. Boston-based life sciences chair Mitchell Bloom is ‘respected across the entire industry’ and specializes in representing emerging life science companies, venture capital firms and investment banks. The group also includes the ‘committed, hard-working and drivenSiavosh Salimi in New York and An-Yen Hu, who splits his time between Silicon Valley and San Francisco.

Practice head(s):

Daniel Adams; Richard Kline

Testimonials

The team at Goodwin is extraordinarily strong on emerging trends and complex issues.’

The breadth and depth of experience at Goodwin is unique. Almost all firms have a couple good attorneys across the organization, while Goodwin has good team members within each of their multiple practice groups.’

Their biopharma industry knowledge is unique and a key reason to work with them.

Richard Kline is a rock star. He constantly impressed.’

Mitchell Bloom is well-known and respected across the entire industry, including competitor firms. His thoughtful approach to addressing objectives and the breadth of experience he brings to decision processes is unparalleled.’

Siavosh Salimi is committed, hard-working and driven; his ability to manage across his team, both up and down, as well as his interactions with counsel from the other party makes Siavosh invaluable.’

Key clients

Moderna Therapeutics

BridgeBio Pharma

Orchard Therapeutics plc

Gaming & Leisure Properties

VEREIT

Slack

Medical Properties Trust, Inc.

Health Catalyst, Inc.

Vereit

HubSpot, Inc.

Work highlights

  • Represented Slack on its direct public listing on the NYSE.
  • Acted for Twilio on its $1bn public follow-on offering.
  • Represented Dynatrace on its $625m IPO.
  • Advised Health Catalyst on its $209.3m IPO.
  • Represented a group of multinational investment banks, as underwriters’ counsel, on a $1.2bn secondary offering of shares of common stock of Invitation Homes by entities affiliated with Blackstone.

Hogan Lovells US LLP

Hogan Lovells US LLP’s top-ranked REITs practice supplies a steady stream of mandates to the capital markets team. In a recent example, the group advised VICI Properties on its $2.4bn equity offering, which represented the largest REIT follow-on offering in history. The issuer-focused practice also draws on the firm’s expertise in the regulated industries to advise companies in the life sciences, healthcare and TMT sectors on equity transactions. Washington DC-based David Bonser heads the group and is widely recognized for his strength in REIT-related work — he led on the VICI Properties deal. In Philadelphia, Steve Abrams is well versed in life sciences-related issuances, including IPOs, follow-on offerings and private placements. Washington DC’s Richard Parrino handles a mix of transactional and regulatory securities matters.

Practice head(s):

David Bonser

Other key lawyers:

Steve Abrams; Richard Parrino

Testimonials

The Hogan Lovells team provides outstanding service reflecting the significant experience and capabilities of their firm.’

The Hogan Lovells team is clearly current on all issues related to capital markets and they are consistently incorporating new information from the field into their recommendations.’

Hogan’s drive to constantly improve is clearly evident as we look back on numerous transactions that they have worked with them on.’

Most importantly, they think strategically. All of the advice we receive from them considers strategic and practical real-world considerations while addressing the fundamental legal and regulatory issues we face.

Key clients

Arbutus Biopharma

Dell Technologies Inc.

EyePoint Pharmaceuticals

JBG Smith Properties

LabCorp

Lightbridge Corporation

McEwen Mining

NextCure

NextEra Energy, Inc.

Papa John’s International

Public Storage

QTS Realty Trust

Rexahn Pharmaceuticals

Sesen Bio

VICI Properties

Work highlights

  • Advised VICI Properties on its $2.4bn equity offering.
  • Advised NextCure on its $86.2m IPO.
  • Advised Papa John’s International on the private placement of newly designated convertible preferred stock to affiliates of Starboard Value.
  • Represented JBG SMITH Properties on its $473m follow-on equity offering.
  • Advised QTS Realty Trust on a sizeable share offering.

Hunton Andrews Kurth LLP

Hunton Andrews Kurth LLP’s clear sector focus pays dividends and the firm has established itself as a key player in offerings involving the REIT, energy, power, energy, retail and financial services spheres. In particular, the power and utilities capital markets team secures a significant share of that market segment and acts as either issuer’s or underwriters’ counsel for over 60 utilities industry clients. Among the names to note, Houston-based Michael O’Leary is recognized for his strong profile in energy-related offerings. Houston-based group co-head Courtney Cochran Butler is also noted for her deep experience in energy transactions. In New York, department co-head Peter O’Brien has a broad capital markets practice, with a focus on the power industry. New York-based Susan Failla and Richmond-based David Wright also co-lead the group.

Other key lawyers:

Michael O’Leary; Christina Kwon

Key clients

AG Mortgage Investment Trust, Inc.

American Electric Power Company, Inc.

Annaly Capital Management, Inc.

Ashford Hospitality Prime, Inc.

Avangrid, Inc.

Barclays Capital Inc.

BNY Capital Markets, LLC

CenterPoint Energy Inc.

Chatham Lodging Trust

Chimera Investment Corporation

City Office REIT, Inc.

Credit Suisse Securities (USA) LLC

Consolidated Edison, Inc.

Duke Energy Corp

Enterprise Products Partners L.P.

Evergy, Inc.

Goldman Sachs & Co. LLC

Great Plains Energy Incorporated

Hersha Hospitality Trust

J.P. Morgan Securities LLC

Just Energy Group Inc.

Merrill Lynch, Pierce, Fenner & Smith Incorporated

MFA Financial, Inc.

Morgan Stanley & Co. LLC

MUFG Securities Americas Inc.

National Fuel Gas Company

NextEra Energy, Inc.

NGL Energy Partners LP

NuStar Energy L.P.

NiSource, Inc.

Oncor Electric Delivery Company LLC

Pebblebrook Hotel Trust

PG&E Corporation

Puget Sound Energy, Inc.

Sanchez Midstream Partners LP

The Southern Company

Summit Hotel Properties, Inc.

SunTrust Robinson Humphrey, Inc.

Sunoco LP

TETRA Technologies, Inc.

UBS Investment Bank

Westar Energy, Inc.

WEC Energy Group, Inc.

Xcel Energy Inc.

Xenia Hotels & Resorts, Inc.

Work highlights

  • Advised the underwriters on CenterPoint Energy’s concurrent offerings of $1.9bn of common stock and $977.5m of depositary shares.
  • Advised the underwriters on The Southern Company’s $1.7bn SEC-registered offering
  • Represented the underwriters, forward sellers and forward purchasers on two SEC-registered equity offerings by Consolidated Edison, totalling $1.6bn.
  • Advised Duke Energy Corporation on its $1bn offering of depositary shares.
  • Represented Annaly Capital Management on its $866.8m follow-on offering.

King & Spalding LLP

King & Spalding LLP houses a comprehensive capital markets practice, which routinely advises on initial and follow-on public offerings, private placements and equity-linked securities. The team also draws on the firm’s full-service offering to provide supplementary support in corporate, private equity and regulatory issues. The group mainly acts for issuers on equity transactions, with notable skill sets in REIT and financial services-related offerings. Atlanta-based Keith Townsend heads the department and brings to bear broad industry sector expertise, with his recent experience spanning REITs, energy and financial services-related offerings. Spencer Johnson, also in Atlanta, leads the firm’s REIT practice and has an emphasis on representing REITs and financial institutions. Atlanta’s Zachary Cochran acts for a diverse mix of private and public companies on capital markets transactions and is also recommend.

Practice head(s):

Keith Townsend

Other key lawyers:

Zachary Cochran; Spencer Johnson

Key clients

Americold Realty Trust

EVO Payments, Inc.

Babcock & Wilcox Enterprises, Inc.

Piedmont Office Realty Trust

Work highlights

  • Represented Americold Realty Trust on its $1.5bn follow-on offering.
  • Acted for EVO Payments on its $145m underwritten public offering and also on its its $113m underwritten block trade of common stock.
  • Advised Piedmont Office Realty Trust on the establishment of a $250m at-the-market offering program.
  • Acted for Americold Realty Trust on its $1.1bn secondary offering.
  • Represented Babcock & Wilcox Enterprises on a series of transactions to equitize portions of B&W’s outstanding indebtedness, including a $50m rights offering.

Kirkland & Ellis LLP

Complemented by its premier private equity offering, Kirkland & Ellis LLP’s capital markets group is a popular choice for exit IPOs. The firm’s private equity expertise also ensures it maintains a strong presence in the SPAC IPO market, with SPACs often backed by private equity funds. The comprehensive national practice is particularly prominent on the issuer side but it also consistently secures high-profile manager-side mandates. Group head Joshua Korff represents private equity sponsors and public companies on equity transactions, with a strong record in IPOs. Christian Nagler advises issuers, private equity sponsors and underwriters on the full scope of public and private offerings. Up-and-coming partner Sophia Hudson handles a mix of transactional and corporate governance matters. Additional contacts include Richard Aftanas and Chicago-based Robert Hayward. All named partners are based in New York, unless otherwise stated.

Practice head(s):

Joshua Korff

Key clients

A Wilhelmsen AS

AbbVie Inc.

Ares Capital Corporation

Bristol-Myers Squibb Company

BTIG LLC

Cantor Fitzgerald & Co.

Carvana Co.

Chewy, Inc.

Citigroup Global Markets

Clear Channel Outdoor Holdings, Inc.

Cushman & Wakefield, Inc.

Deere & Company

Juniper Industrial Holdings Inc.

New Providence Acquisition Corp.

Oaktree Capital Management

Simply Good Foods Co.

The Boeing Company

Work highlights

  • Represented Chewy on its $1bn IPO.
  • Advised A Wilhelmsen AS on its $550m Rule 144A equity offering.
  • Represented Simply Good Foods on its $352.5m follow-on offering.
  • Acted for Clear Channel Outdoor Holdings on its $350m follow-on offering.
  • Acted for Juniper Industrial Holdings on its $345m IPO.

Latham & Watkins LLP

Satisfied clients of Latham & Watkins LLP’s dominant capital markets group assert it provides ‘best-in-class advice’. Equally adept on the issuer and underwriter side of deals, the comprehensive practice secures strong praise for its deep bench and extensive industry knowledge, with its expertise across a broad mix of industry sectors a significant plus point. Sources also highlight its ability to remain at ‘the forefront of technology’, with its recent experience of the novel direct-listing structure distinguishing it as one of a small band of elite firms in this area. Global corporate chair Marc Jaffe is widely recognized as a ‘go-to expert’ for capital markets and represents issuers, investment banks and investors on private and public equity offerings. Global capital markets chair Ian Schuman is another prominent name and brings to bear an impressive track record in complex equity transactions. Gregory Rodgers had a banner year, which included acting alongside Benjamin Cohen to advise Slack on its landmark direct listing. Nathan Ajiashvili is a very talented lawyer’ and is particularly active in the life sciences sphere. Boston-based Peter Handrinos is also noted for his strong experience in the pharmaceutical, biotechnology, and medical devices’ areas. Named partners are based in New York, unless otherwise stated

Practice head(s):

Ian Schuman

Testimonials

Latham, across the board, is as top notch of a firm as you can find.

A very deep bench with partners who really understand the market and provide concise, best-in-class advice.’

At the forefront of technology — they helped develop the direct-listing product and are always willing to think outside the box.’

We value their responsiveness, market judgement and ability to differentiate and understand the most innovative and market-leading structures, particularly Michael Benjamin and Ian Schuman.’

Marc Jaffe is an institution! He is a go-to expert in the capital markets space.’

Nathan Ajiashvili from Latham & Watkins is also a very talented lawyer with great content and phenomenal communication and people skills.

Key clients

SciPlay Corporation

Gossamer Bio, Inc.

Bandwidth

Precision BioSciences, Inc.

Broadcom Corporation

Precision Biosciences

BJ’s Wholesale Club, Inc.

Parsons Corporation

J.P. Morgan

Goldman Sachs

Work highlights

  • Represented the financial advisers to Slack Technologies on its $4.5bn direct listing on the NYSE.
  • Advised SciPlay on its IPO.
  • Represented JP Morgan, as underwriter, on the $1.1bn IPO of Peloton Interactive.
  • Acted for Parsons Corporation on its $574.9m IPO.
  • Advised Morgan Stanley, as underwriter, on BellRing Brands’ $551.9m IPO.

Mayer Brown

Although Mayer Brown advises both issuers and underwriters, the group is particularly prominent on the bank side and acts as designated underwriters’ counsel to a raft of public companies. Among the ‘very experienced’ team’s industry strong suits, it is arguably most recognized for its experience in financial services, energy, REITs and life sciences. It is also distinguished by its robust cross-border practice, which handles a significant volume of Israel-related transactions. Chicago-based Edward Best co-leads the capital markets team and has a focus on offerings by financial institutions. Anna Pinedo co-leads the group from New York and brings a significant structured finance dimension to her practice. Additional contacts include David Bakst and Phyllis Korff in New York and Palo Alto-based Jennifer Carlson.

Practice head(s):

Edward Best; Anna Pinedo

Testimonials

This is a very experienced legal team.

Actual market experience is extremely important in making decisions today and this team’s deep experience has been invaluable to me.

I have taken multiple issues to Anna Pinedo, from capital markets transactions and M&A strategy through to corporate board room challenges. Because of her experience, she is able to advise me on a broad range of legal and strategic issues — she is invaluable.’

Key clients

Adaptimmune Therapeutics plc

AltaGas Ltd.

Anchiano Therapeutics Ltd.

Barclays Capital

BiomX Inc.

BMO Capital Markets

BNP Paribas

BofA Securities, Inc.

Brickell Biotech

Citigroup Global Markets, Inc.

Credit Suisse

Deutsche Bank

FBR Capital Markets

Goldman Sachs & Co. LLC

Great Ajax Corp.

GW Pharmaceuticals

Halcon Resources Corporation

HSBC

Hyundai Capital America

InMode Ltd.

J.P. Morgan Securities LLC

JMP Securities

Keefe, Bruyette & Woods

Lloyds Securities

Mizuho Securities

Morgan Stanley & Co. LLC

National Bank of Canada

Natixis

Nomura

PNC Capital Markets

Raymond James & Associates, Inc.

RBC Capital Markets

Scotia Capital / Bank of Nova Scotia

Stifel

TransCanada Corporation

Triton International Limited

UBS Securities LLC

US Bancorp (and affiliates)

Wells Fargo Securities, LLC

Work highlights

  • Advised the underwriters on Mesa Air Group’s $116m IPO.
  • Represented the underwriters, led by Bradesco BBI, on Banco Inter’s R1.3bn follow-on offering.
  • Acted for AltaGas, as selling shareholder, on AltaGas Canada’s C$239.2m IPO.
  • Advised Triton International Limited on various issuances of equity during 2019 totaling $628m.
  • Represented InMode Ltd., an Israeli-based foreign private issuer, on its $77m IPO.

Milbank

Although not as high-profile as its debt capital markets practice, Milbank’s equity group handles a significant volume of transactions, particularly in the aviation sphere. The team also represents issuers, underwriters and investors in a broad mix of infrastructure, energy and gaming-related offerings. Latin America deals are a notable sweet spot and the New York-based team is a solid choice for global underwriters looking for counsel on cross-border offerings. Marcelo Mottesi heads the global capital markets practice and also co-heads the Latin America group; he routinely represents Latin America and US-based corporates, private equity funds and underwriters. Rod Miller leads the US securities practice and is recognized for his broad industry experience; he acts for both issuers and underwriters.

Practice head(s):

Marcelo Mottesi

Other key lawyers:

Rod Miller; Brett Nadritch

Key clients

Goldman Sachs

Credit Suisse

Bank of America Merrill Lynch

Barclays Capital

Citigroup

Deutsche Bank

MGM Resorts International

Red Rock Resorts, Inc.

JP Morgan

Nabors Industries, Inc.

Work highlights

  • Represented MGM Growth Properties on its $497m equity offering.
  • Advised the initial purchasers on Horizon I Limited’s $139.5m offering of equity certificates.
  • Represented Castlelake on a 144A/Regulation S equity offering by CLAS 2018-1 Limited, totaling $119.2m.
  • Advised Pioneer Aircraft Finance on its $115m equity offering.
  • Advised MGM Growth Properties on its $300m equity offering.

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. continues to raise its game in the equity capital markets space, with an impressive recent spate of smaller-sized IPOs. The group is primarily focused on life sciences offerings, in line with its signature strength, and it consistently represents both issuers and underwriters. Boston-based Capital markets chair Jonathan Kravetz also co-chairs the life sciences group and has emphasis on advising high-tech, biotech and medical device companies on equity offerings. Boston-based Megan Gates co-chairs the department and maintains a diverse practice, which takes in regulatory and transactional matters. The group also includes Boston-based co-chair William Hicks and New York-based Ivan Blumenthal, who focuses on representing life sciences and technology companies

Key clients

QIAGEN NV

Pieris Pharmaceuticals

Albireo Pharmaceuticals

G1 Therapeutics

Nucana plc

ImmunoGen

Intra-Cellular Therapies

Molecular Templates

Myriad Genetics

Quanterix

Work highlights

  • Advised MedImmune spin-off, Viela Bio, on its $150m IPO.
  • Acted as underwriters’ counsel on GW Pharmaceuticals’ $345m follow-on offering of American depositary shares.
  • Represented the underwriters on uniQure’s $225m public offering.
  • Advised Wave Life Sciences on its $150m public offering.
  • Assisted G1 Therapeutics with its $180m follow-on offering.

Morgan, Lewis & Bockius LLP

A frequent advisor to both issuers and underwriters, Morgan, Lewis & Bockius LLP houses a sizeable coast-to-coast capital markets practice. The group handles the full range of industry offerings, with a particular focus on the energy, financial services, technology and life sciences sectors. The team also distinguishes itself through its ability to draw on the wider international firm’s extensive non-US client base to advise on US-registered offerings for foreign private issuers, as well as global offerings with Rule 144A or Regulation S elements. Justin Chairman steers the department from Philadelphia and has a strong emphasis on REIT-related transactions. Philadelphia-based Joanne Soslow is deputy leader of the corporate practice and is well versed across a range of energy, life sciences, technology and financial services-related offerings. In New York, Thomas Giblin is noted for his expertise in energy and utility-related capital markets transactions.

Practice head(s):

Justin Chairman

Other key lawyers:

Thomas Giblin; Joanne Soslow

Key clients

Cimpress N.V.

Ameren Corporation

American Eagale

American Water Works Company

AmeriGas Partners, L.P.

Amerisource Bergen

Axsome Therapeutics

BGC Partners

Cargurus Inc.

Cowen Group Inc.

Denny’s

Delcath Systems Inc.

Deutsche Bank Securities Inc.

Entergy Corporation

Gramercy Property Trust

MeetMe Inc.

NextEra Energy

Onconova Therapeutics

OM Asset Management

Repros Therapeutics

SPAY, Inc.

Tempur Sealy

UGI Utilities

Valeritas

Wells Fargo Securities LLC

Rexnord Corp

Work highlights

  • Represented Liberty Property Trust on its $465m public offering.
  • Acted as US counsel to Descartes Systems Group on its $245m public offering of common shares in the US and Canada.
  • Advised Rhythm Pharmaceuticals on its $172.5m public offering.
  • Represented Hostess Brands in an underwritten secondary offering by certain stockholders of approximately $100m of common stock.
  • Advised B. Riley FBR, as sales agent, in $100m worth of at-the-market public offerings of Landmark Infrastructure Partners.

Orrick, Herrington & Sutcliffe LLP

Orrick, Herrington & Sutcliffe LLP strikes a balance between issuer and underwriter-side representations, with technology and life sciences-related offerings forming the backbone of the practice. The firm continues to broaden its national footprint, with its 2019 Boston office launch cementing its East Coast presence, and it also remains a key player in California. Christopher Austin co-leads the global capital markets group from New York and brings to bear specialist skill sets in technology, private equity and blockchain and cryptocurrency. In San Francisco, department co-lead William Hughes focuses on advising public and late-stage private companies on IPOs and follow-on equity offerings. Peter Lamb splits his time between Silicon Valley and Portland and specializes in advising private equity funds and their portfolio companies on equity transactions.

Key clients

Beyond Meat, Inc.

Twist Biosciences Corporation

Cortexyme, Inc.

Morgan Stanley

Barclays Capital

Central Garden and Pet Company

Juniper Networks

Life360, Inc.

RBC Capital Markets, LLC

Citigroup Global Markets Inc.

J.P. Morgan Securities LLC

Warburg Pincus

DURECT Corporation

Silvair, Inc.

Vanda Pharmaceuticals Inc.

Work highlights

  • Advised Beyond Meat on its $240.6m IPO on the Nasdaq Global Select Market and also on its $598m follow-on offering.
  • Acted for the underwriters on PagerDuty’s $250.3m IPO.
  • Advised Cortexyme on its IPO on the Nasdaq Global Market
  • Represented Life360 on its IPO, which raised a combined A$145.4m.
  • Advised Twist Bioscience on its $70m IPO.

Paul Hastings LLP

The ‘decisive and action-oriented’ group at Paul Hastings LLP represents a diverse mix of corporate issuers, private equity funds, selling shareholders and underwriters in US and cross-border offerings. Best known for its prominent record in Latin America-related deals, the group had a particularly impressive showing in the region’s REIT space of late. Practice co-chair Michael Zuppone is ‘creative and solution-oriented’ and is well versed in both transactional and regulatory securities matters. Yariv Katz advises both issuers and underwriters on equity offerings and is highlighted for his background as a general counsel, which ensures he ‘understands needs from an in-house perspective’. Michael Fitzgerald heads the Latin America practice group and is recommended for his track record in cross-border transactions. The firm sent out a strong statement of intent during 2019, with the hire of several high-profile names into its capital markets group. Among the key arrivals, new group co-head Frank Lopez arrived from Proskauer Rose LLP, Jonathan Ko joined in Los Angeles from Skadden, Arps, Slate, Meagher & Flom LLP, while New York and Sao Paulo-based David Flechner joined from Shearman & Sterling LLP. Named partners are based in New York, unless otherwise stated.

Testimonials

Paul Hasting’s team has a proven track record of being the best in the industry, while also helping clients to capitalize on new opportunities.’

Provides practical and pragmatic advice at all times.

Decisive and action-oriented. Solution-oriented and creative.’

Michael Zuppone is practical, decisive, and brings great depth of experience. Creative and solution-oriented.’

Yariv Katz is incredibly responsive, quick-thinking, decisive and practical. He has spent time in-house as a GC, so he understands needs from an in-house perspective as well as a service provider. He is the person I call in a crisis.

‘Partners Michael Fitzgerald and Arturo Carrillo clearly know the industry better than the rest. From the beginning of any deal, and through it, their counsel and expertise simplifies things.

Key clients

Barclays

BofA Merrill Lynch

Citigroup Global Markets Inc.

Credit Suisse

Deutsche Bank Securities

Goldman, Sachs & Co.

J.P. Morgan

Kayne Anderson Income Strategies Fund

Mohawk Group Holdings, Inc.,

Morgan Stanley

Sorrento Therapeutics, Inc.

Stifel

Raymond James

RBC Capital Markets

Work highlights

  • Acted for Crescent Acquisition Corporation on its $250m IPO.
  • Advised Brazilian fintech company PagSeguro on its $653m SEC-registered follow-on equity offering.
  • Represented Mohawk Group Holdings on its $36m IPO on the Nasdaq Capital Market.
  • Acted for Citigroup, Bank of America Merrill Lynch, BMO Capital Markets and RBC Capital Markets, as joint bookrunning managers, on Sun Communities’ $452m follow-on public offering.
  • Represented Raymond James, Stifel and UBS, as underwriters, on Casella Waste Systems’ $105m public offering of shares.

Paul, Weiss, Rifkind, Wharton & Garrison LLP

Paul, Weiss, Rifkind, Wharton & Garrison LLP fields a full-service capital markets practice from its New York office, which is best known for its strong private equity dimension. Issuer-side representations remain the mainstay of the practice and it specialises in advising issuers, private equity firms and portfolio companies on a mix of acquisition financings, IPOs and other private and public offerings. In addition, the group houses strong skill sets in corporate governance and regulatory securities matters. John Kennedy co-heads the North American capital markets group and brings to bear a strong track record across the full range of debt and equity matters, particularly private equity-related offerings. Gregory Ezring co-heads the department and has a focus on advising private equity funds, including Apollo, on corporate and finance transactions. Deputy chair of the corporate department Monica Thurmond routinely advises issuers, including private equity sponsors and their portfolio companies, on equity offerings. Tracey Zaccone is also recommended for her combination of corporate, securities and private equity expertise.

Practice head(s):

John Kennedy; Gregory Ezring

Other key lawyers:

Monica Thurmond; Tracey Zaccone

Testimonials

The team is outstanding and very responsive.’

Good relationships with the SEC help when clarifications are necessary.’

Top-notch and readily available. No wasted hours. Focused and clear answers to questions.’

Key clients

AGS

South Mountain Merger Corp.

Churchill Capital Corp II

Wanda Sports Group Company Limited

The Medicine Company

The Watches of Switzerland Group Ltd.

Osisko Gold Royalties Limited

Virtu Financial, Inc.

Underwriters of Shopify

Work highlights

  • Represented Churchill Capital Corp II on its $690m IPO.
  • Advised AGS on its $102m equity offering.
  • Acted for The Medicines Company on its $150m common stock offering.
  • Advised Osisko Gold Royalties on its C$110.6m secondary offering.
  • Advised Morgan Stanley and Credit Suisse, as lead underwriters, on Shopify’s $400m equity offering.

Ropes & Gray LLP

Ropes & Gray LLP continues to impress on the underwriter front, with the firm ranking among the top two firms by value for manager-side US IPOs during 2019. Life sciences are a particular sweet spot and the team also has a strong footprint in the technology and financial services spheres. On the company side, the firm’s premier private equity client base translates into a significant volume of work for selling shareholders, while its robust life sciences practice also supplies a steady stream of issuer-side deals. Patrick O’Brien co-heads the capital markets practice from Boston and has an emphasis on the life sciences, healthcare and technology areas. In New York, group co-lead Paul Tropp has a focus on specialty finance enterprises, including SPACs, business development companies and REITs. Boston-based Craig Marcus also co-leads the team and regularly represents issuers, private equity portfolio companies and underwriters on debt and equity transactions.

Key clients

SC Health Corporation

Vapotherm Inc.

Skyline Champion Corporation

TransMedics Inc.

Bain Capital LP

LogicBio Therapeutics

Sarepta Therapeutics

Work highlights

  • Represented the lead underwriters on Avantor’s $3.3bn IPO.
  • Advised the lead underwriters on Moderna’s $604m IPO.
  • Represented Bain Capital, as a selling shareholder, in three separate follow-on offerings totaling $1.2bn for Genpact.
  • Acted for TransMedics Group on its $105m IPO and related corporate reorganization.
  • Acted for Sarepta Therapeutics on two follow-on offerings worth a combined $913m.

Shearman & Sterling LLP

Committed, responsive and effective’, Shearman & Sterling LLP is best known for its reputation on the underwriter side, where it leverages the firm’s institutional banking relationships to advise on a steady stream of IPOs, equity offerings and regulatory issues. While not as prolific on the company side, the New York-based group does also act for corporate issuers, particularly in relation to cross-border offerings. Healthcare specialist Ilir Mujalovic is recommended for equity deals and stands out for his ‘second-to-none work ethic’. Harald Halbhuber is another key contact and regularly advises both issuers and managers on equity offerings. Merritt Johnson continues to raise his profile in the capital markets arena and has built up a solid record in IPOs and secondary offerings. Jonathan DeSantis leads the capital markets group for the Americas and is noted for his experience in IPOs.

Practice head(s):

Jonathan DeSantis

Testimonials

Very strong team that is fully committed to serve its clients.’

Flawless deal execution, always very responsive and effective.’

Ilir Mujalovic is a phenomenal professional with a second-to-none work ethic. He is very diligent and detailed-oriented, but at the same time never loses sight of the big picture.’

Key clients

Altice USA Inc.

Bank of America Merrill Lynch

Credit Suisse

Citigroup

CVS Health Corporation

The Dow Chemical Company

Goldman Sachs

J.P. Morgan

Morgan Stanley

Sundial Growers

Work highlights

  • Advised the underwriters (BofA Securities, Citigroup and Credit Suisse) on Galera Therapeutics’ $60m IPO.
  • Advised Jefferies, as sole bookrunning manager, on the $316m IPO of SPAC, Landcadia Holdings II.
  • Acted for Credit Suisse and Bank of America Merrill Lynch, as joint bookrunning managers, on the $250m IPO of SPAC, Crescent Acquisition Corp.
  • Represented Genmab on its $506m IPO and listing of American depositary shares on the Nasdaq.
  • Advised the joint bookrunning managers (BofA Merrill Lynch and Morgan Stanley) on Axonics Modulation Technologies’ $120m IPO.

Sidley Austin LLP

Sidley Austin LLP houses a full-service equity capital markets practice, which is particularly weighted towards manager-side work. Led from New York by Edward Petrosky, the group is also well represented nationally through its platforms in Illinois, Texas and California, and internationally through its offices in Asia and Europe.

Practice head(s):

Edward Petrosky

Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP’s national practice impresses on the issuer side, where it consistently ranks among the top two firms by deal value for equity offerings, including flagship IPOs. The team also secures a sizeable share of underwriter-side mandates and it acts for all the leading investment banks, including recent work for Citigroup Global Markets, Goldman Sachs and JP Morgan Securities. Its broad industry focus spans all key market segments, with recent strong showings in the life sciences, healthcare, technology and real estate spheres. In addition, the firm routinely plugs into its significant international network to advise on headline global IPOs. On the East Coast, New York-based Joseph Kaufman has an enviable record in healthcare, REIT and private equity-related offerings. New York is also the seat of global capital markets head Arthur Robinson, who is well versed across a wide range of transactional and corporate governance matters. In Washington DC, Joshua Ford Bonnie is widely regarded as a leading equity lawyer, with extensive experience in IPOs, secondary offerings and spin-offs. On the West Coast, Palo Alto-based Kevin Kennedy is recognized for his involvement in major technology IPOs. Palo Alto office head William Brentani is also a key contact.

Practice head(s):

Arthur Robinson

Key clients

10x Genomics, Inc.

Allakos Inc.

American Electric Power Company, Inc.

Aqua America, Inc.

Avantor, Inc.

Barclays

Blackstone Mortgage Trust, Inc.

BMO Capital Markets

BofA Merrill Lynch

Change Healthcare Inc.

Citigroup

frontdoor Inc.

GDS Holdings Limited

Goldman Sachs & Co. LLC

Grocery Outlet Holding Corp.

Invitation Homes

ITC Holdings

Jefferies

J.P. Morgan

KKR & Co. Inc.

Morgan Stanley & Co. LLC

National Vision Holdings, Inc.

RBC Capital Markets

Wells Fargo Securities

Work highlights

  • Represented Grocery Outlet Holding Corporation on its IPO and subsequent follow-on offering, worth a combined $838.8m.
  • Acted for 10x Genomics on its $448.5m IPO.
  • Advised Invitation Homes on multiple equity offerings totaling over $5bn.
  • Represented the underwriters (JP Morgan Securities, BofA Securities and Itau BBA USA Securities) on the $468m IPO of Intercorp Financial Services.
  • Advised the underwriters, led by Goldman Sachs and Citigroup Global Markets, on Tesla’s $862.5m public equity offering.

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP impresses with its strong market share of headline IPOs. Notably, the firm secured a clutch of flagship listings worth over $1bn during 2019, including advising SmileDirectClub on its $1.3bn IPO and representing the underwriters on the $1.4bn IPO of Pinterest. The group also shines in cross-border transactions, particularly Asia-related work where it can lean on its first-class Hong Kong capital markets practice to advise on international offerings. Historically best known for its premier issuer practice, the group also continues to raise its game on the underwriter side and acted on a slew of high-profile mandates for managers over the past year. David Goldschmidt heads the global capital markets practice and remains a prolific deal-maker; he recently led on the SmileDirectClub IPO. Michael Zeidel heads the capital markets group for the Americas and maintains a broad practice, which spans equity offerings, liability management transactions and tender offers. In Palo Alto, Gregg Noel is a popular choice for healthcare and technology offerings and recently led the Pinterest work. Increasingly prominent partner Ryan Dzierniejko is also recommended and advises US and international issuers and investment banks on a wide range of capital markets transactions, with a solid record in technology-related offerings.

Work highlights

  • Represented SmileDirectClub on its $1.3bn IPO.
  • Advised Envista Holdings Corporation on its IPO.
  • Represented Goldman Sachs and JP Morgan Securities, as lead underwriters, on the $1.4bn IPO of Pinterest.
  • Advised JP Morgan Securities and Citigroup Global Markets, as joint bookrunning managers, on the $127m IPO of Fiverr International.
  • Acted for the joint bookrunning managers (Morgan Stanley, Barclays Capital, Citigroup Global Markets and Credit Suisse Securities) on the $291.7m IPO of New Fortress Energy LLC.

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP’s national capital markets practice is best known for representing underwriters on US and cross-border offerings, while it does also advise underwriters and selling shareholders. New York-based Robert Buckholz is a high-profile specialist and is routinely sought after to advise on public and private offerings. The department is led jointly by New York-based partners Robert Downes and Catherine Clarkin, together with Palo Alto-based Sarah Payne.

Other key lawyers:

Robert Buckholz 

Vinson & Elkins LLP

Texas-headquartered Vinson & Elkins LLP is distinguished by its firepower in energy-related capital market transactions, in line with the wider firm’s premier oil and gas practice. The increasingly diverse group also shines in offerings by REITs and financial institutions. Equally adept in issuer and manager-side work, the largely Houston-based team counts public and private companies, investment banks and private equity funds among its key clients. David Oelman co-heads the M&A and capital markets teams and draws on a strong record in advising issuers and underwriters on IPOs. Firm chairman Mark Kelly maintains an active equity capital markets practice, with his recent experience spanning IPOs and other high-profile public offerings. Additional contacts include up-and-coming partner Ramey Layne and department co-head Matthew Strock, who is noted for private equity-related matters.

Practice head(s):

David Oelman; Matthew Strock

Other key lawyers:

Mark Kelly; Ramey Layne

Testimonials

Vinson & Elkins has more experience in connection with public offerings of companies in the oil and gas industry than any other firm. As a result, their depth of experience leads directly to positive results for their clients, including their ability to spot and solve issues, reduce delays and achieve the best results.’

Key clients

ACRE Realty Investors, Inc.

Alliance Holdings GP, LP

Alon USA Energy, Inc.//Alon USA Partners, LP

Alpine Income Property Trust, Inc.

American Housing REIT Inc.

Antero Midstream Partners LP

Antero Resources Corporation

Approach Resources, Inc.

Arc Logistics Partners LP

ArcBest Corporation

Archrock Partners, L.P.

Asta Funding, Inc.

Belden Inc.

Berry Petroleum Corporation

Bimini Capital Management Inc.

Black Stone Minerals, L.P.

Blue Racer Midstream, LLC

Boardwalk Pipeline Partners, LP

Bonanza Creek Energy Inc.

BP Midstream Partners LP

Breitburn Energy Partners L.P.

Brigham Minerals, Inc.

Buckeye Partners, L.P.

California Resources Corporation

Calumet Specialty Products Partners, L.P.

Carriage Services, Inc.

Carvana, LLC (private company)

Cherry Hill Mortgage Investment Corporation

Chevron Phillips Chemical Company LLC

Cirrus Logic, Inc.

Clayton Williams Energy, Inc.

Cloud Peak Energy, Inc. / Cloud Peak Resources LLC

Columbia Pipeline Group, Inc.

Concho Resources Inc.

Contango Oil & Gas Company

Continental Resources, Inc.

Core Laboratories, N.V.

Covey Park Energy LLC

Crestwood Equity Partners LP

CryoLife, Inc.

CSI Compressco LP

CVR Partners, LP

CVR Refining, LP

CYS Investments, Inc.

Daseke, Inc.

Devon Energy Corporation

Dominion Energy, Inc.

Dominion Resources, Inc.

New Fortress Energy LLC

New York Mortgage Trust, Inc.

Newfield Exploration Company

Nexeo Solutions, Inc.

Nine Energy Service, Inc.

Noble Midstream Partners LP

Oasis Midstream Partners LP

Southwest Airlines Co.

Spark Energy, Inc.

Spartan Energy Acquisition Corp

B. Riley FBR

Bank of America Merrill Lynch

Bank of America Securities, LLC

Bank of American Corporation

Barclays Capital Inc.

BMO Capital Markets

Citibank, N.A.

Citigroup Global Markets, Inc.

Compass Point Research & Trading LLC

Credit Agricole

Credit Suisse

Deutsche Bank

Goldman Sachs & Company

J.P. MorganJ

MP Securities, LLC

JonesTrading

Ladenburg Thalmann

Merrill Lynch, Pierce, Fenner & Smith Incorporated

Morgan Stanley

MUFG

Raymond James & Associates, Inc.

RBC Capital Markets, LLC

Stifel

US Bancorp

Wells Fargo Securities, LLC

Work highlights

  • Acted for Focus Financial Partners on its $615m IPO.
  • Advised Switchback Energy Acquisition Corporation on its $300m IPO.
  • Represented Alpine Income Property Trust on its $143m IPO.
  • Advised Bank of America Merrill Lynch, as lead underwriter, on Sunnova Energy International’s $168m IPO.
  • Represented Wells Fargo, as lead underwriter, on Urstadt Biddle Properties’ $110m public equity offering.

Weil, Gotshal & Manges LLP

Weil, Gotshal & Manges LLP’s prominent private equity practice positions it as a popular choice to advise portfolio companies on their IPOs and follow-on offerings, with its recent experience covering issuers backed by Advent International and Thomas H. Lee Partners, among others. The group also routinely acts for corporate issuers and, less frequently, underwriters, including Citigroup, Goldman Sachs and JP Morgan. The firm’s generous international network further ensures it is a key contender for cross-border transactions, particularly involving Europe and Asia. Alexander Lynch heads the New York-based team and advises both issuers and underwriters on equity offerings, with an emphasis on private equity-backed companies. Faiza Rahman also has a significant private equity component to her practice, and Corey Chivers has an impressive track record in IPOs.

Practice head(s):

Alexander Lynch

Key clients

Advent International

AMC Entertainment

AK Steel

Black Knight, Inc.

Ceridian Corporation

Citi

Ditech Holding Corporation (f/k/a Walter Investment Management Corp.)

Eli Lilly and Company/ Elanco Animal Health

Goldman Sachs

Johnson & Johnson

Thomas H. Lee Partners

Work highlights

  • Advised Advent International on both its $818m Rule 144 sale of shares of lululemon athletica and its $465m Rule 144 sale of shares of lululemon athletica.
  • Represented Gores Metropoulos, a SPAC sponsored by Gores Metropoulos Sponsor LLC, on its $400m IPO.
  • Advised Ceridian HCM Holding on multiple transactions, including on its $716m secondary offering.
  • Represented Deutsche Bank Securities, as lead bookrunner, and Stifel, as lead manager, on the $200m IPO of RMG Acquisition Corp.
  • Acted for the underwriters on the $300 million IPO of Switchback Energy Acquisition Corporation.

White & Case LLP

The ‘knowledgeable and professional team’ at White & Case LLP is recognized for its strength global equity offerings, where it leans on its generous international network to shine in deals involving Latin America and the Middle East. In a landmark example of its global credentials, the New York-based group advised longstanding client Saudi Aramco on its $25.6bn IPO, which set a new record for the world’s largest-ever IPO. The firm acts for a sizeable share of both issuers and underwriters, while its diverse sector expertise spans energy, technology, financial services and life sciences, among other areas. Colin Diamond stands out as a leader in US and international equity deals and his recent IPO experience includes co-leading the Saudi Aramco deal alongside Gary Kashar. Global capital markets John Vetterli is another key contact and advises issuers, underwriters and other market participants on the full range of debt and equity transactions. Stuart Bressman recently joined from Proskauer Rose LLP and is noted for his experience in alternative financing techniques, including bought deals and registered direct offerings. Talented associate Taryn Zucker is also recommended. Joel Rubinstein joined the team from Winston & Strawn LLP in June 2020.

Practice head(s):

David Thatch

Testimonials

Availability 24/ 7. A very knowledgeable and professional team with amazing response times.’

Very professional and personal treatment, the team provides the best service.’

Colin Diamond is very knowledgeable on both the US legal system and the Israel legal system. He is familiar in both markets and can lead a dual IPO.

Key clients

Cowen

Goldman Sachs

Hertz Global Holdings, Inc.

Jefferies

JP Morgan

Kansas City Southern

Kornit Digital Ltd.

Morgan Stanley

ReWalk Robotics Ltd.

Saudi Aramco

Tel Aviv Stock Exchange Ltd.

Tufin Software Technologies Ltd.

Work highlights

  • Represented Saudi Aramco on its $25.6bn IPO.
  • Advised the Tel-Aviv Stock Exchange (TASE) on the Rule 144A/Regulation S component of its NIS225m IPO and listing on the TASE.
  • Represented the initial purchasers on the $1.4 billion IPO and follow-on offering of StoneCo Ltd.
  • Advised Caixa Econômica Federal, UBS Securities, Morgan Stanley and BofA Securities, as global coordinators and joint bookrunners, and XP Securities, as joint bookrunner, on Caixa Econômica Federal’s $1.9bn secondary global offering of its stake in Petrobras.
  • Acted for the placement agents on approximately $1.3bn worth of equity offerings by Notre Dame Intermédica, a healthcare services provider in Brazil.

WilmerHale

WilmerHale’s capital markets practice is particularly prolific in life sciences and technology-related issuances. The group also acts for private and public companies in the financial services and communications spheres. Historically stronger on the issuer side, the group continues to broaden its work for underwriters, with recent mandates for Jefferies, Goldman Sachs and JP Morgan. New York-based Brian Johnson co-heads the national group and has a focus on advising life sciences and emerging growth companies on IPOs and follow-on offerings. Erika Robinson co-chairs the department from Washington DC and represents both issuers and underwriters on public and private equity transactions. Additional contacts include life sciences specialist Stuart Falber and technology-focused partner David Westenberg — both are based in Boston.

Practice head(s):

Brian Johnson; Erika Robinson

Other key lawyers:

Stuart Falber; David Westenberg

Key clients

Apellis Pharmaceuticals

Arvinas, Inc.

Casella Waste Systems, Inc.

Catabasis Pharmaceuticals, Inc.

Constellation Pharmaceuticals, Inc.

Credit Suisse (USA), Inc.

Danaher Corporation

EverQuote, Inc.

Fulcrum Therapeutics

Goldman Sachs & Co

Jefferies LLC

Nabriva Therapeutics AG

Nightstar Therapeutics plc

PTC Therapeutics, Inc.

State Street Corporation

Stealth BioTherapeutics

SVB Leerink LLC

Translate Bio, Inc.

Trevi Therapeutics, Inc.

Work highlights

  • Advised Apellis Pharmaceuticals on its $117.3m public offering of common stock.
  • Acted for Danaher Corporation on several registered public offerings, including on a $1.6bn public offering of common stock.
  • Represented Goldman Sachs, JP Morgan Securities, Citigroup Global Markets and other underwriters in Dynatrace’s $655m IPO.
  • Acted for Arvinas on its $123m IPO.
  • Assisted Casella Waste Systems with its $105.2m public offering.

Winston & Strawn LLP

Historically stronger on the underwriter side, Winston & Strawn LLP handled a steady stream of issuer-side work during 2019, with a particularly good showing in SPAC-related transactions. On the bank side, the firm routinely represents major underwriters and it also serves as designated underwriters’ counsel to a string of public companies. In Dallas, Charles Haag is recommended for his track record in real estate and energy offerings. Chicago-based Christina Roupas also has an active equity capital markets practice, with notable expertise in REIT-related issuances. Former practice chair Joel Rubinstein joined White & Case LLP in June 2020.

Key clients

U.S. Well Services, LLC

New Frontier Capital Management Ltd.

Mind Gym Limited

Enel Chile S.A.

FTS International, Inc.

FBR Capital Markets & Co.

Heritage Insurance Holdings, Inc.

Work highlights

  • Advised Enel Americas on its $3bn capital increase, which included two rounds of rights offerings.
  • Represented Chart Industries on its $295.8m public offering.  
  • Acted for Landcadia Holdings II on its $316m IPO.
  • Represented B. Riley Principal Merger Corporation, a special purpose acquisition company, on its $143.7m IPO.  
  • Advised the underwriters, led by Citigroup Global Markets, on the $690m IPO of Churchill Capital Corporation.