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Capital markets: equity offerings in United States

Baker Botts L.L.P.

Baker Botts L.L.P. is primarily known for its work in the energy sector, where it handles offerings by oil and gas businesses and MLPs. The firm is more prominent on the issuer-side, though it also has good connections to a number of investment banks, including Wells Fargo Securities and Merrill Lynch, Pierce, Fenner & Smith. Houston partner Joshua Davidson has a solid record in equity and debt offerings by MLPs. Catherine Gallagher is a key figure in the Washington DC office.

Practice head(s):

Mike Bengtson; Joshua Davidson

Other key lawyers:

Catherine Gallagher

Cahill Gordon & Reindel LLP

Cahill Gordon & Reindel LLP has grabbed a considerable market share of US equity offerings. Much of this stems from its excellent underwriter relationships, garnered from its dominant position in the high-yield debt space. The firm has built on these relationships to become a go-to name for a wide range of equity and debt offerings. While remaining firmly on the underwriter side, the firm frequently advises on equity deals for issuers that have previously tapped the debt markets. Douglas Horowitz and William Miller are two of several partners with experience advising on a variety of debt and equity products. James Clark is a key senior figure with an established record in both debt and equity offerings.

Other key lawyers:

Douglas Horowitz; William Miller; Corey Wright; Marc Lashbrook; James Clark 

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton frequently lands big-ticket and headline deals, notably tech-sector and Latin America offerings, including those by sovereign issuers. The firm is also active in issuances by private equity portfolio companies; it represented Sotera Health Company and one of its principal shareholders, Warburg Pincus, in its $1.1bn SEC-registered IPO. The firm benefits from the presence of a number of former SEC officials within its ranks, including three former general counsel of the SEC. Jeffrey Karpf is an experienced and well-rounded capital markets specialist with close links to prominent issuers, bulge-bracket underwriters and private equity sponsors. David Lopez is recommended for major SEC-registered equity offerings and PIPE investments, and has an impressive record in representing private equity sponsors. Adam Fleisher is noted for his expertise in securities regulation, and Francesca Odell has experience of equity offerings by Latin America and US issuers. All named individuals are based in New York.

Other key lawyers:

Jeffrey Karpf; David Lopez; Adam Fleisher; Francesca Odell

Key clients

OneConnect Financial Technology

Artius Acquisition Inc.

TPG

The Resource Group (TRG)

Ontario Teachers’ Pension Plan

Petrobras

Citigroup

Goldman Sachs

J.P. Morgan

Morgan Stanley

Sotera

Work highlights

  • Represented Sotera Health Company and one of its principal shareholders, Warburg Pincus, in its $1.1bn SEC-registered IPO.
  • Represented Artius Acquisition in its $630m SEC-registered IPO.
  • Represented the placement agents in Edison International’s $800m common stock offering through a registered direct structure.

Clifford Chance

Clifford Chance's US capital markets team has a notably strong record in real estate (including REITs) and international offerings, particularly those originating from Latin America. Fund offerings are another forte for the US-based team. The firm has gained a strong foothold in emerging markets and has gathered a sizeable market share of a resurgent equity capital markets activity in Brazil. It has gained further traction with major sovereign and quasi-sovereign issuers in Latin America. The group is slightly more weighted towards issuers, though still has excellent connections to underwriters thanks to the firm's global standing and the prominence of the New York and Washington DC offices. Andrew Epstein is a senior figure in equity REIT and mortgage REIT offerings, other real estate transactions and specialty finance. Kathleen Werner is another key partner in REIT deals and Jonathan Zonis has noted experience in Latin America offerings, including those by sovereign issuers. Hugo Triaca is also developing a strong reputation in Latin America equity deals. All named individuals are based in New York.

Practice head(s):

Jonathan Zonis; Kathleen Werner

Other key lawyers:

Andrew Epstein; Hugo Triaca

Testimonials

‘Excellent knowledge, dedication, and quality of work.’

Key clients

Alexandria Real Estate Equities

Ready Capital Corporation

Empresas Públicas de Medellín E.S.P. (EPM)

AES Panama Generation Holdings S.R.L.

Goldman Sachs International

iStar, Inc.

Government of Costa Rica

Argentine Creditor Committee

Wells Fargo Securities

HSBC Securities (USA) Inc.

Work highlights

  • Represented the underwriters, led by BofA Securities, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC, in a closed-end fund offering for AllianzGI Artificial Intelligence & Technology Opportunities Fund.
  • Advised Wells Fargo Securities, Citigroup, JMP Securities and Raymond James, as underwriters, on the IPO of Velocity Financial Inc.
  • Advised the underwriters Credit Suisse, China International Capital Corporation, BTIG and Canaccord Genuity on Genetron Holdings’ $256m SEC-registered IPO of American Depositary Shares and listing on Nasdaq.

Cooley LLP

Cooley LLP cemented its standing at the forefront of the equity market in 2020, thanks in no small part to the buoyancy of the life sciences and tech sectors, a focus area for the Silicon Valley-headquartered firm. The capital markets team has an impressive geographic spread with senior team members in San Diego, San Francisco, Palo Alto, New York and Boston. Often recognized for its strong record with issuer clientss, it has also developed a fine standing among key banks; it advised the underwriters on Livongo’s $408m IPO and subsequent $550m convertible note offering and $75m follow-on offering. On the tech side, it represented Snowflake in its $3.4bn offering—the largest software IPO ever. San Diego partner Charlie Kim and San Francisco's David Peinsipp are co-chairs of the global capital markets practice. It further enhanced its New York standing with the hire of Eric Blanchard, a leader in pharmaceuticals and life sciences offerings, from Covington & Burling LLP in March 2020, though Alison Haggerty left the firm for Latham & Watkins LLP in December 2020.

Practice head(s):

Charlie Kim; Dave Peinsipp

Other key lawyers:

Eric Jensen; Eric Blanchard; Div Gupta; Nicole Brookshire; Richard Segal

Key clients

Uber

Snap

Vir Biotechnology

NVIDIA

Datadog

Inventiva SA

Splunk

Legend Biotech

Jazz Pharmaceuticals

Hyliion

Etsy

Morgan Stanley

Shenzen Fangdd

Goldman Sachs

Bank of America

J.P. Morgan Securities

Vital Farms

Zoetis

Alarm.com

Repare Therapeutics

Unity Software

Asana

Snowflake

Work highlights

  • Advised Snowflake on its $3.4bn IPO, the largest ever software IPO.
  • Advised the underwriters on Dutch company argenX SE’s $862m  follow-on offering.
  • Advised Vital Farms, a certified B Corporation and Delaware public benefit company, on its $235m IPO.

Covington & Burling LLP

Covington & Burling LLP has a very strong track record in the areas of life sciences and technology. Moreover, the firm's leading regulatory credentials make it especially well-suited for deals involving life sciences companies, fintechs and financial institutions. The firm is equally prominent in issuer and underwriter engagements. Brian Rosenzweig co-chairs the capital markets group and is experienced in IPOs and follow-on offerings; he recently advised BioNTech on its $150m IPO on Nasdaq. Chris Decresce jointly chairs the group with Rosenzweig and Kerry Burke is a key figure in Washington DC. The firm lost life sciences specialist Eric Blanchard to Cooley LLP in March 2020. All named individuals are based in New York unless stated.

Practice head(s):

Brian Rosenzweig; Chris DeCresce

Other key lawyers:

Kerry Burke

Key clients

BioNTech SE

Horizon Discovery plc

Avnet, Inc.

Eli Lilly and Company

Uber Technologies Inc.

Republic Services

Piper Sandler & Co

REGENXBIO Inc.

SVB Leerink LLC

Cantor Fitzgerald & Co.

Cravath, Swaine & Moore LLP

Cravath, Swaine & Moore LLP has an established track record with mature issuers and underwriters, and has continued to achieve greater prominence in tech and growth-company transactions. Of recent note, the team advised the founders of Palantir Technologies on the company's $21bn direct listing on the New York Stock Exchange in September 2020. It also represented the underwriters in TG Therapeutics' $316m registered primary common stock offering. The firm also continues to stand out in offerings by mature businesses, most notably in the financial services sector. William Fogg and Andrew Pitts are key members of the team; Scott Bennett and Johnny Skumpija are emerging talents, as is Nicholas Dorsey.

Practice head(s):

Stephen Burns; William Fogg; Craig Arcella; Andrew Pitts

Other key lawyers:

Scott Bennett; Johnny Skumpija; Nicholas Dorsey; Joseph Zavaglia  

Key clients

Bank of America

Credit Suisse

Goldman Sachs

Morgan Stanley

JPMorgan

Hasbro

Founders of Palantir

PG&E

Radius Global

ViewRay

Work highlights

  • Represented the Founders of Palantir Technologies in connection with Palantir’s direct listing and the structuring and negotiation of the governance structure.
  • Represented PG&E in its $8.72bn tri‑tranche equity offering, to effectuate its emergence from Chapter 11 proceedings.
  • Represented the underwriters in the $1.41bn IPO by Reynolds Consumer Products.

Davis Polk & Wardwell LLP

Davis Polk & Wardwell LLP consistently dominates the global capital markets segment with a rich and impressive record in throughout North America, Latin America, Europe, Israel and Asia offerings, where it is especially strong on the underwriter side. Recent highlights included advising several underwriters on a $16bn registered offering by T-Mobile US, and also representing the underwriters in a $13.3bn secondary offering by BlackRock. Its wide industry experience attracts a consistent flow of deals in the biotech, financial services, media and entertainment, pharmaceuticals and software sectors. Michael Kaplan and Richard Truesdell are giants of the capital markets space. Alan Denenberg is a key figure in Silicon Valley, where he leads many of the firm's engagements in the technology and healthcare segments; he recently acted for the financial advisers to Palantir Technologies in Palantir’s direct listing on NYSE. Derek Dostal and Byron Rooney are also recommended.

Other key lawyers:

Michael Kaplan; Richard Truesdell; Alan Denenberg; Derek Dostal; Byron Rooney; Shane Tintle; Deanna Kirkpatrick; Maurice Blanco   

Debevoise & Plimpton LLP

Debevoise & Plimpton LLP is noted for its record in the media and entertainment, and financial services sectors, but also stands out for its experience of private equity-related exits and fund raisings. The Carlyle Group, Clayton Dubilier & Rice and HarbourVest Partners are among its regular private equity clients. Team members are highly-rated for their versatility, with many advising on capital markets offerings as part of their wider focus on private equity, M&A and other corporate and financing transactions. Matthew Kaplan, for example, co-heads the capital markets group, and is also a key name in the private equity and banking teams. Steven Slutzky co-heads the capital markets group and is also part of the private equity department. Peter Loughran and Paul Rodel are also recommended for capital markets work.

Practice head(s):

Matthew Kaplan; Steven Slutzky

Other key lawyers:

Peter Loughran; Paul Rodel 

Key clients

Warner Music Group Corp.

Alaska Air Group, Inc.

AXA, SA

Bank of America

Brighthouse Financial, Inc.

Global Atlantic Financial Group, Ltd.

Globo Comunicação e Participações S.A.

Goldman Sachs & Co

Morgan Stanley & Co, LLC

Spirit Airlines

Booz Allen Hamilton

The Carlyle Group

Westpac Banking Corp

Principal Financial Group

JetBlue Airways

Clayton Dubilier & Rice, LLC

Gogo Inc.

Core & Main LP

HarbourVest Partners

The Guardian Life Insurance Company of America

Work highlights

  • Represented Warner Music Group and Access Industries in WMG’s $1.85bn IPO.
  • Represented The Carlyle Group as a primary shareholder in the $1.07bn IPO by ZoomInfo Technologies
  • Represented Morgan Stanley and Goldman Sachs, as representatives of the underwriters, in the registered public offering by RenaissanceRe Holdings.

Dechert LLP

Dechert LLP maintains notable strengths in key areas such as life sciences and permanent capital vehicles, including business development companies. The team also has additional focus on cross-border offerings. Thomas Friedmann in Boston co-heads the capital markets team and specializes in permanent capital vehicles and business development company transactions, while New York-based practice co-head David Rosenthal is recommended for equity offerings in the life sciences sector. New York partner Howard Kleinman is noted for cross-border offerings, including those originating out of Latin America.

Practice head(s):

Thomas Friedmann; David Rosenthal

Other key lawyers:

Howard Kleinman

Key clients

Aquestive Therapeutics

B&G Foods

Bain Capital Specialty Finance

BC Partners

BioAtla

Blackstone

Business Development Company of America

Diffusion Therapeutics

EaglePoint Credit Company

FS Investment Corporation

Golub Capital BDC, Inc.

Griffon Corporation

Hercules Capital

Horizon Technology Finance

Main Street Capital Corporation

PennantPark Investment Corporation/PennantPark Floating Rate Capital

Piper Sandler

Raymond James

Stifel

TriplePoint Capital

Via Optronics

WhiteHorse Finance

Work highlights

  • Advised VIA optronics on its cross-border IPO.
  • Represented Golub Capital BDC in its transferable rights offering to purchase shares of its common stock
  • Counseled Diffusion Pharmaceuticals on multiple registered direct offerings.

DLA Piper LLP (US)

A well-known name for mid-cap deals, DLA Piper LLP (US) had an impressive 2020 for equity offerings, both in issuer and underwriter engagements. Technology, REITS and life sciences are particular areas of strength for the team, and equity offerings originating out of Latin America are also a growth area. A recent highlight on the issuer side was its advice on Adaptive Biotechnologies' $300m IPO. The group also remains close to a number of key investment banks and is designated underwriter's counsel for a series of major corporates. The immensely experienced New York partner Christopher Paci leads a team, which is spread across multiple US offices.

Practice head(s):

Christopher Paci

Key clients

ACT II Global Acquisition Corp / Whole Earth Brands, Inc

Adaptive Biotechnologies Corporation

BigCommerce, Inc.

Halozyme Therapeutics, Inc.

IBEX Ltd.

Immunomedics, Inc.

Iovance Biotherapeutics, Inc.

Needham & Company, LLC

NuVasive, Inc.

Ross Stores, Inc.

Work highlights

  • Advised Adaptive Biotechnologies on its $300m IPO
  • Advised BigCommerce, a leading provider of e-commerce services to online merchants, on its $216m initial public offering.
  • Advised Ibex, a leading end-to-end provider of technology-enabled customer lifecycle experience solutions on its $90m IPO.

Fenwick & West LLP

Headquartered in Silicon Valley, Fenwick & West LLP has focused principally on the tech sector over the years, but continues to build out its life sciences presence and its geographical coverage across the West Coast and in New York. In addition to landing numerous headline IPO engagements, the firm regularly represents clients in follow-on offerings, reverse mergers and other equity-related deals. The group operates almost exclusively on the issuer side in the life sciences sector, but is more evenly balanced between issuers and underwriters in the tech segment. San Francisco's Robert Freedman  and Seattle partner James Evans  are the firm's senior securities specialists, operating in the tech and life sciences sectors, respectively. Seattle's Amanda Rose  and Santa Monica partner Ran Ben-Tzur  are also recommended, as are Gordon Davidson  in Silicon Valley and Seattle-based Alan Smith , who are both experienced in big-ticket IPOs.

Practice head(s):

Robert Freedman; James Evans

Other key lawyers:

Amanda Rose; Ran Ben-Tzur; Gordon Davidson; Alan Smith; Effie Toshav

Testimonials

‘Effie Toshav and Rob Freedman bring a combination that provides both technical legal insights, as well as valued strategic thought partnership.’

‘Effie Toshav is an extremely strategic thinker who has advised us on multiple decisions that has helped shaped the path for our company for the better. Rob Freedman is extremely responsive and has a tremendous technical understanding for the law. The combination of these two partners have provided us incredible legal support.’

‘Great collaborators, very deep industry specific knowledge, practical approach which fits with in-house thinking. Always deliver high quality product and never miss deadlines. Extremely knowledgeable in the life sciences space; can readily handle complex financial transactions.’

‘Excellent group of partners including; Amanda Rose, Stephen Graham, and Robert Freedman. Able to handle all responsibilities that would typically be handled by in-house counsel. Very creative on Finance Structuring and have great relationships within the Life Sciences industry and as a result can provide tailored advice.’

Key clients

Aeglea BioTherapeutics, Inc.

Alteryx, Inc.

Arcutis Biotherapeutics, Inc.

Bill.com

Cloudflare

Dexcom, Inc.

Glu Mobile, Inc.

Morphic Holding, Inc.

Neoleukin Therapeutics

Nurix Therapeutics, Inc.

Passage Bio, Inc.

Peloton Interactive, Inc.

Prelude Therapeutics, Inc.

Stoke Therapeutics, Inc.

Sutro Biopharma, Inc.

Work highlights

  • Represented Peloton Interactive in its $1.2bn IPO.
  • Represented Dexcom in its private offering of $1.05bn of convertible senior notes.
  • Represented Alteryx in its private offering of $800m convertible senior notes.

Freshfields Bruckhaus Deringer LLP

Freshfields Bruckhaus Deringer LLP has made a series of bold strategic moves in several practice areas in the US market, which has recently included strengthening its already solid capital markets practice. In July 2020, it launched a Silicon Valley office with the hire of Sarah Solum  from Davis Polk & Wardwell LLP , who now acts as managing partner of the office and head of US capital markets; she is an experienced tech and life sciences sector specialist. Solum has been joined there by Pamela Marcogliese , who now splits her time between the East and West coast, having joined the firm from Cleary Gottlieb Steen & Hamilton  toward the end of 2019. The US team remains active in Nasdaq listings, capital markets offerings connected to SPAC mergers, and global offerings by big-name Asian issuers. New York-based Valerie Ford Jacob  co-heads the global capital markets practice.

Practice head(s):

Valerie Ford Jacob; Sarah Solum

Other key lawyers:

Pamela Marcogliese; Michael Levitt 

Testimonials

‘Freshfields has a deep bench of talent and a global reputation for quality legal representation. The firm is well known and has added a number of high profile partners who specialize in tech IPOs and in complicated equity transactions.’

‘Sarah Solum is top notch. She is practical yet thorough, collaborative and is able to focus on what is important. She represented the underwriters in an IPO that I was part of and she showed great judgment and the ability to deliver value to her client.’

Key clients

Penske Automotive

International General Insurance

Bank of America

Credit Suisse

Morgan Stanley

JP Morgan

KLX Energy Services

Goldman Sachs

Barings Funds

Clever Leaves

CarLotz

Work highlights

  • Advised CarLotz, a leading business-to-business consignment-to-retail used vehicle marketplace, on its $827m business combination with Acamar Partners Acquisition Corp, a SPAC.
  • Advised the underwriters, led by Credit Suisse and CICC, on Alibaba’s SEC-registered global offering and Hong Kong IPO.

Fried, Frank, Harris, Shriver & Jacobson LLP

Fried, Frank, Harris, Shriver & Jacobson LLP has an outstanding record in equity offerings. While it continues to land an impressive share of headline IPO engagements, the team also impresses in complex rights offerings, follow-on offerings and other esoteric deals. In a recent example of it's headline work, the acted for T-Mobile in synthetic secondary transactions enabling SoftBank to monetize a portion of its $21bn stockholding in the company; this was the largest non-governmental secondary transaction of all time. The firm has strong links to corporate issuers, private equity sponsors and underwriters. Daniel Bursky is a well-known figure in big-ticket equity and debt offerings, while Andrew Barkan and Mark Hayek have emerged as top talents in the market.

Practice head(s):

Daniel Bursky

Other key lawyers:

Andrew Barkan; Mark Hayek; Joshua Coleman

Testimonials

‘Excellent execution, thorough knowledge of the process, excellent working relationships with underwriters, their counsel, and specialists. Excellent at walking the client through the mysteries of the process.’

‘I would single out Daniel Bursky and Joshua Coleman for their business-savvy, comprehensive knowledge of the field, responsiveness, diligence, and positive attitude.’

Key clients

Issuers

Aerie Pharmaceuticals

At Home

Catalent

Emerald

Evoqua Water Technologies

Extended Stay

GMS

Goldman Sachs BDC

Harsco

Humana

Lithia Motors

LivePerson

Merck

The Navios Group (and related entities)

Perrigo

RedBall Acquisition Corp.

Tapestry (f/k/a Coach)

T-Mobile

Tradeweb Markets

Under Armour

Private Equity Sponsors

AEA Investors

Cranemere

Goldman Sachs

OMERS

Onex

Permira

Investment Banks

Barclays

BofA Securities

Citi

Credit Suisse

Deutsche Bank

HSBC

Jefferies

JP Morgan

KeyBank

Morgan Stanley

Royal Bank of Canada

Wells Fargo

Underwriters’ Counsel Clients

Allison Transmission

Athene

Carrier Global

Clarivate

Estée Lauder

Ladder Capital

OneWater Marine

Procter & Gamble

Quest Diagnostics

USAA Capital Corporation

Warrior Met Coal

W.R. Grace

Gibson, Dunn & Crutcher LLP

Gibson, Dunn & Crutcher LLP is primarily focused on debt capital markets deals, though as part of a wider workload, it handles a steady pipeline of equity offerings, convertible stock offerings and private placements. The firm covers a broad range of industries, thanks in part to its extensive presence across the US, with key offices in New York, Texas, California and Colorado. Key figures in the team include New York-based Andrew Fabens and Hillary Holmes in Houston, both of whom have deep experience in large capital markets transactions.

Practice head(s):

Andrew Fabens; Hillary Holmes; Stewart McDowell; Peter Wardle

Key clients

General Electric

Amazon.com

HP

Wells Fargo

VMWare

Marriott International

CoStar Group

Barclays Capital

Mondelēz International / Mondelez International Holdings Netherlands B.V.

The Williams Companies / Transcontinental Gas Pipe Line Company, LLC (Transco)

Goodwin

Goodwin had yet another impressive 2020 with a sizeable market share of life sciences, healthcare, technology and real estate deals. Given its recent performance trend, the team has become a highly regarded player in both issuer- and underwriter-side mandates. Beyond its core sectors, the team has also gained ground in industries such as renewables, cleantech and natural resources, thanks in part to relationships built by its solid private equity group. Life sciences remains its primary forte with the firm advising on major equity offerings for BeiGene, CRISPR Therapeutics, Black Diamond Therapeutics and many other notable businesses in 2020. Although Richard Kline joined Latham & Watkins LLP towards the end of 2020 and up-and-coming name An-Yen Hu left to become general counsel at Benchmark, the firm retains a sizeable team including New York-based life sciences specialist Edwin O’Connor, New York tech and life sciences expert Siavosh Salimi, Silicon Valley partner Bradley Weber and Boston-based Mitchell Bloom, who stands out for transactions in the biotech sector.

Practice head(s):

Daniel Adams; Mitchell Bloom; Bradley Weber

Other key lawyers:

Edwin O’Connor; Siavosh Salimi; Joseph Theis

Key clients

Atlassian Corporation PLC (NASDAQ: TEAM)

Twilio, Inc. (NYSE: TWLO)

Okta, Inc. (NASDAQ: OKTA)

Slack Technologies, Inc. (NYSE: WORK)

Zendesk, Inc. (NYSE: ZEN)

BeiGene, Ltd. (NASDAQ: BGNE; HKEX: 06160)

CRISPR Therapeutics AG (NASDAQ: CRSP)

Fusion Pharmaceuticals Inc. (NASDAQ: FUSN)

Karuna Therapeutics, Inc. (NASDAQ: KRTX)

Black Diamond Therapeutics, Inc. (NASDAQ: BDTX)

Immatics N.V. (NASDAQ: IMTX)

Work highlights

  • Represented BeiGene, a global commercial-stage biotechnology company, in its $2.08bn registered direct offering, $800m, $201m and $200m follow-on offerings, and a $158m IPO.
  • Represented CRISPR Therapeutics, a leading gene editing company focused on developing transformative gene-based medicines for serious diseases, in its $315.2m and $517.5m follow-on offerings.

Hogan Lovells US LLP

Hogan Lovells US LLP is best known for its advice to businesses operating in in highly regulated industries and for its public company advisory practice. Much of the team’s deal flow comes from existing public company clients, most notably in the life sciences, healthcare and real estate sectors. The firm also attracts a steady pipeline of IPO engagements including those originating from Latin America, especially Brazil. Philadelphia partner Steve Abrams acts as global co-head of life sciences and healthcare, and has a strong focus on equity capital markets offerings. Richard Aftanas brings significant additional credibility to the capital markets team in New York, having joined from Kirkland & Ellis LLP in September 2020. Washington DC’s David Bonser is an experienced figure in real estate and REIT transactions.

Other key lawyers:

Steve Abrams: Richard Aftanas; David Bonser; Sina Hekmat

Hunton Andrews Kurth LLP

Hunton Andrews Kurth LLP‘s sizeable capital markets practice is highly specialized, with designated teams for real estate (including property and mortgage REITs), power and utilities, energy, and retail and consumer products. It has an equally impressive client base and standing in both issuer and underwriter engagements. Richmond-based partner David Wright is a frequent advisor to issuers and underwriters in real estate offerings. Michael Fitzpatrick is an experienced figure in energy transactions and Peter O’Brien is recommended for power-sector deals.

Practice head(s):

Courtney Cochran Butler; Susan Failla; Peter O’Brien; David Wright

Key clients

PG&E Corporation

Duke Energy Corporation

Philip Morris International Inc.

Citigroup Global Markets Inc.

Raymond James & Associates, Inc.

BMO Capital Markets

DTE Energy Company

Consolidated Edison Company

Mizuho Securities USA LLC

NextEra Energy, Inc.

Wells Fargo Securities, LLC

Barclays Capital Inc.

U.S. Bancorp Investments, Inc.

Credit Suisse Securities (USA)

J.P. Morgan Securities LLC

Morgan Stanley & Co. LLC

Goldman Sachs & Co. LLC

Banc of America Securities

BofA Securities, Inc.

Darden Restaurants, Inc.

Banc of America Securities LLC

MFA Financial, Inc.

City Office REIT, Inc.

Magnetar Capital LLC

Jefferies, LLC

Postal Realty Trust, Inc.

Ladenburg Thalman

Ahold Delhaize NV

Work highlights

  • Represented Pacific Gas & Electric Corporation in connection with its $4.02bn public offering.
  • Represented JP Morgan Securities in NextEra Energy’s $2.5bn issuance of 50 million equity units.
  • Represented the underwriters in a $1.6bn preferred unit offering by Energy Transfer Operating.

King & Spalding LLP

King & Spalding LLP is active in a number of key industries, including life sciences, technology, real estate and financial services. Primarily focused on issuer-side work, the capital markets practice group is spread across several key offices throughout the US, most notably in Atlanta, Houston, Silicon Valley and New York. Keith Townsend heads the practice group from the Atlanta office. Also recommended in Atlanta is Spencer Johnson, who focuses on REIT offerings. New York's Elizabeth Morgan is another key figure and Silicon Valley partner Laura Bushnell takes the lead on life sciences and tech-sector transactions.

Practice head(s):

Keith Townsend

Other key lawyers:

Spencer Johnson; Elizabeth Morgan; Laura Bushnell 

Key clients

Americold Realty Trust (NYSE: COLD)

Piedmont Office Realty Trust (NYSE:PDM)

EVO Payments, Inc. (NASDAQ: EVOP)

PolarityTE, Inc. (NASDAQ: PTE)

Raymond James & Associates, Inc.

SiteOne Landscape Supply, Inc. (NYSE: SITE)

Kirkland & Ellis LLP

Kirkland & Ellis LLP's capital markets group works hand-in-hand with the firm's market-leading private equity and restructuring teams; indeed, much of the work in this space is driven by private equity houses and their portfolio companies, along with businesses in financial distress. While the firm is better known for debt offerings, especially high-yield debt for issuers, it does also maintain a steady pipeline of equity deals. The firm is also noted for equity offerings by SPACs, a recent example of which was its advice to Equity Distribution Acquisition Corp on its IPO in 2020. New York partner Joshua Korff is active in equity and debt offerings, including hybrid products; he led the team that advised PetSmart on a rare mandatory exchangeable trust, involving a series of liability management transactions and an IPO of Chewy, its previously wholly-owned subsidiary. Sophia Hudson is an emerging talent with a solid record in bulge-bracket offerings. Richard Aftanas left for Hogan Lovells US LLP.

Other key lawyers:

Joshua Korff; Christian Nagler; Sophia Hudson; Robert Hayward

Latham & Watkins LLP

Latham & Watkins LLP had a blockbuster 2020, earning a market leading position in both issuer and underwriter engagements, including many of the most significant deals in the market. As a top national and international firm, it operates in every industry, but its emphasis on building its presence in the life sciences and tech sectors has contributed to its leading position in the equity market, more generally. This was further cemented in 2020 with the hire of tech sector capital markets leader Richard Kline and Sarah Axtell from Goodwin's Silicon Valley office. Alison Haggerty, a life sciences and tech capital markets specialist, also joined the New York office from Cooley LLP in December 2020. Special purpose acquisition company (SPAC) offerings is another area of particular expertise. The senior team, features a number of top practitioners, including Ian Schuman, who leads the global capital markets practice; outstanding practitioner Gregory Rodgers, who is a leader in direct listings; life sciences expert Nathan Ajiashvili; and global corporate chair Marc Jaffe. Named lawyers are based in New York unless specified otherwise.

Practice head(s):

Ian Schuman; Ryan Maierson; Rüdiger Malaun; Cathy Yeung

Other key lawyers:

Richard Kline; Brian Cuneo; Rachel Sheridan; Sarah Axtell; Alison Haggerty; Marc Jaffe; Peter Handrinos; Michael Benjamin

Testimonials

‘Michael Benjamin is an outstanding partner in all securities related fields.’

Key clients

American Airlines Group Inc.

Bank of America

Barclays

Casper Sleep Inc.

Goldman Sachs

GoodRx

J.P. Morgan

Nevro Corp.

Shift4 Payments, Inc.

Zentalis Pharmaceuticals, Inc.

Work highlights

  • Advised Zentalis Pharmaceuticals on its $190m IPO, which was the first IPO to utilize a virtual roadshow.
  • Represented Lemonade, the insurance company powered by artificial intelligence and behavioural economics, in its upsized $315m IPO, the second-ever public benefit corporation IPO.
  • Represented Morgan Stanley as financial advisors to Asana, in its $630m direct listing on the NYSE.

Mayer Brown

Mayer Brown has made impressive progress in diversifying its capital markets practice from one which was largely focused on investment grade debt to one of much wider scope. It is now a real player in equity transactions, from late-stage private placement deals, to traditional IPOs, PIPE transactions and follow-on equity offerings. The group also benefits from longstanding relationships with key investment banks, though is building an even balance of issuer and underwriter engagements. 144A offerings by Brazilian issuers is another key strength, notably for partner David Bakst. The firm reinforced its standing in the REIT segment with the hire of David Freed from Vinson & Elkins LLP in January 2021. Anna Pinedo is also active in the equity space. Phyllis Korff has significantly expanded the firm's work with Israeli issuers since joining from Skadden, Arps, Slate, Meagher & Flom LLP in 2018. Chicago based Edward Best is a name to note for financial institution clients. Named partners are based in New York unless stated otherwise.

Practice head(s):

Edward Best; Anna Pinedo

Other key lawyers:

Phyllis Korff; Jennifer Carlson; David Bakst; Brian Hirshberg

Testimonials

‘Mayer Brown’s capital markets practice is broad and deep, with up to date thinking (and involvement in shaping) policy changes impacting market regulation.’

‘Mayer Brown’s client focus is superior. Anna Pinedo is a font of practical wisdom, clear communication and a focus on what is most important to the client. ’

‘Very proactive, extremely knowledgeable around private placement transactions including pipes, pre-IPO rounds, VC funding documentation and acquisition related financing. You name it they have done it! Very proactive with my team, helpful and always making sure we are up to speed on the latest SEC developments regarding primary and secondary equity issuance. Incredible team and super experienced.’

‘Anna Pinedo and Brian Hirshberg are excellent. They are responsive, inclusive, very helpful and always have a constructive answer or solution. Anna in particular is a market leader in anything private on the street and should be the go to person for every bank or client when it comes to the legal advice around these transactions.’

‘Responsive and commercial without being overly aggressive or conservative.’

‘Anna Pinedo and Brian Hirshberg are exceptional. Always reachable, always responsive and always willing to go the extra mile to accomplish tasks within requested time frame.’

Key clients

Adaptimmune Therapeutics plc

AltaGas Ltd

Banco Inter S.A.

Barclays Capital

BMO Capital Markets

BofA Securities, Inc.

Citigroup Global Markets, Inc.

Goldman Sachs & Co. LLC

Great Ajax Corp.

GW Pharmaceuticals, plc

Halcón Resources Corporation

J.P. Morgan Securities LLC

MereoBioPharma Group

Morgan Stanley & Co. LLC

Raymond James & Associates, Inc.

TransCanada Corporation

Triton International Limited

U.S. Bancorp

UBS Securities LLC

Wells Fargo Securities, LLC

Milbank

Milbank's steady pipeline of engagements in 2020 was in part driven by fund raisings linked to the Covid-19 crisis, most notably in the aviation industry. This included a number of fund raisings featuring both equity and debt offerings. Power and renewables, and gaming and hospitality are also strong fields for the capital markets team, which is most active for underwriters in this space. Marcelo Mottesi is global head of the capital markets practice and is best known for Latin America offerings, while Rod Miller leads the US securities practice. Paul Denaro and Brett Nadritch are prolific capital markets specialists in both debt and equity deals.

Practice head(s):

Marcelo Mottesi; Rod Miler

Other key lawyers:

Paul Denaro; 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.

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

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. has benefitted from the heavy flow of life sciences businesses accessing the capital markets in 2020. The firm has an equally strong record on both the issuer and underwriter sides of transactions. Boston is the group's principal office, where Jonathan Kravetz leads the securities and capital markets practice, along with the life sciences group. Fellow Boston partners Megan Gates and William Hicks (who co-chair the securities and capital markets department) are also prolific advisers to both issuers and underwriters. Andrew Thorpe has joined the San Francisco office from Orrick, Herrington & Sutcliffe.

Practice head(s):

Jonathan Kravetz; William Hicks; Megan Gates

Other key lawyers:

Andrew Thorpe

Morgan, Lewis & Bockius LLP

Morgan, Lewis & Bockius LLP has a broad national and international capital markets practice, noted for transactions in the utility and energy, financial services, technology, and life sciences sectors; it also gains a steady flow of SPAC offering engagements. The capital markets group benefits from the presence of a number of former SEC officials within the firm's ranks. Philadelphia partner and deputy head of the corporate department Joanne Soslow continues to impress in life sciences company offerings. Also in Philadelphia, Justin Chairman has broad industry experience with a focus in the REIT segment. New York-based Thomas Giblin is recommended for high-value transactions, particularly in the energy and utility sectors.

Practice head(s):

Justin Chairman; Edwin Luk; Celia Soehner

Other key lawyers:

Joanne Soslow; Thomas Giblin

Key clients

NextEra Energy

Yandex

Mitsui Fudosan Logistics Park Inc.

SMBC Nikko, Morgan Stanley, and Daiwa

Soleus Capital, HealthCor Management

Rhythm Pharmaceuticals

B. Riley FBR

Abeona Therapeutics

BTIG LLC

Idera Pharmaceuticals

Northwest Natural Holding Company

ADMA Biologics

CytoSorbents Corporation

Denny’s Corporation

Wells Fargo and Cowen

Danaos Corp.

Agile Therapeutics

MEI Pharma

Standard Diversified Inc.

Advaxis

Orrick, Herrington & Sutcliffe LLP

Orrick, Herrington & Sutcliffe LLP has maintained its activity in 2020 with a series of SPAC mergers and follow-on offerings. The firm's established presence in Silicon Valley and San Francisco, along with its growing Boston office, makes it especially well suited to technology and life sciences transactions. Strong teams in New York, Santa Monica and elsewhere, enable a rounded offering for both issuers and underwriters. William Hughes leads the team from San Francisco/Silicon Valley. Former department head Christopher Austin has joined Paul Hastings LLP.

Practice head(s):

William Hughes

Other key lawyers:

Peter Lamb; Brett Cooper

Key clients

Beyond Meat, Inc.

Asana

Sequans Communications

Juniper Networks

Warburg Pincus

Gap Inc.

Catalyst Biosciences, Inc.

Clover Health

Momentus

Citigroup Global Markets Inc.

J.P. Morgan Securities LLC

RBC Capital Markets, LLC

SOC Telemed

Ally Financial

PagerDuty

Levi Strauss & Co.

VANDA Pharmaceuticals

Fisker

Work highlights

  • Advised Fisker on its merger with Spartan Energy Acquisition, a SPAC sponsored by an affiliate of Apollo Global Management, resulting in Fisker becoming a publicly listed company.
  • Advised Asana on its direct listing on NYSE, making it only the third major tech company to go public through a direct listing.
  • Advised Clover Health on its definitive agreement to become publicly traded via a SPAC merger with Social Capital Hedosophia.

Paul Hastings LLP

Paul Hastings LLP has made substantial steps in developing its ECM practice over the last few years, bringing in a series of senior names that have added additional credibility to an already highly rated team. While corporate relationships have naturally expanded, the firm has also seen significant growth in underwriter engagements, acting for most of the top investment banks in this space. Moreover, the firm is a market leader in capital markets offerings from Mexico, thanks to the experience of seasoned New York partner Michael FitzgeraldFrank Lopez co-heads the global securities and capital markets practice from New York, where he represents major underwriters and private equity sponsors in IPOs and secondary offerings. San Diego's Teri O’Brien jointly leads the team alongside Lopez. Christopher Austin joined the New York group from Orrick, Herrington & Sutcliffe LLP in 2020, and is noted for tech and fintech transactions. Jeff Hartlin and Jonathan Ko are key names in Palo Alto and Los Angeles, respectively.

Practice head(s):

Frank Lopez; Teri O’Brien

Other key lawyers:

Michael Fitzgerald; Christopher Austin; Jeff Hartlin; Jonathan Ko 

Key clients

BofA Merrill Lynch

Barclays

J.P. Morgan

BMO Capital Markets

Deutsche Bank Securities

Morgan Stanley

Wells Fargo Securities

Citigroup Global Markets Inc.

Credit Suisse Securities

Goldman, Sachs & Co.

Raymond James

Jefferies

Kratos Defense & Security Solutions, Inc.

Spectrum Pharmaceuticals, Inc.

Sorrento Therapeutics, Inc.

Beyond Meat

Redmile Group

RBC Capital Markets

Inseego Corp.

CareDx, Inc.

Work highlights

  • Represented Goldman Sachs, Morgan Stanley and Bank of America as joint bookrunning managers in the first successful post-Covid IPO.
  • Advised Kratos Defense & Security Solutions on its underwritten $252m public offering of common stock.
  • Acted for lead underwriters Credit Suisse Morgan Stanley and Citigroup in the $500m Go IPO.

Paul, Weiss, Rifkind, Wharton & Garrison LLP

Paul, Weiss, Rifkind, Wharton & Garrison LLP has a steady pipeline of equity engagements, particularly from issuers, with recent mandates spanning public company offerings, equity issuances by private equity houses and their portfolio companies, and SPAC offerings. The firm landed a series of headline and high-value equity deals in 2020, including those involving Covid-related liquidity problems. Gregory Ezring leads the finance and capital markets group and John Kennedy co-heads the capital markets team; he led the team that advised Rocket Companies on its $2bn IPO in 2020 and represented Carnival in a series of equity and debt offerings to address its liquidity constraints during the Covid-19 crisis. Brian Janson is another senior figure in equity offerings by public companies, private equity houses and SPACs.

Practice head(s):

Gregory Ezring; John Kennedy; Brian Janson 

Other key lawyers:

Tracey Zaccone; David Huntington; Raphael Russo

Testimonials

‘John Kennedy and David Huntington are both very good.’

Ropes & Gray LLP

Ropes & Gray LLP continues to impress in equity deals, particularly on the underwriter side, though it maintains a healthy market share of issuer-side engagements as well. Much of its work in this space centers on its leading presence in the areas of life sciences, healthcare and financial services. The firm's Boston and New York offices are the principal drivers of the practice with New York partners Paul Tropp and Christopher Capuzzi gaining a prominent position in the SPAC IPO market; the two advised the underwriters on Pershing Square Tontine Holdings' $4bn IPO—the largest SPAC IPO to date at the time of publication. Along with Tropp, Craig Marcus and Patrick O’Brien jointly lead the capital markets practice from Boston, where they have a healthy record in the life sciences and healthcare sectors.

Practice head(s):

Craig Marcus; Patrick O’Brien; Paul Tropp

Other key lawyers:

Christopher Capuzzi

Key clients

Dragoneer Growth Opportunities Corp.

Beam Therapeutics

Eversource Energy

Acceleron Pharma, Inc.

Vapotherm Inc.

Osmotica Pharmaceuticals

Altimeter Growth Corp.

Longview Acquisition Corp

Sports Entertainment Acquisition Corp

Sandbridge Acquisition Corp

Work highlights

  • Represented the underwriters in the $4bn IPO by Pershing Square Tontine Holdings, a SPAC, in the largest IPO of 2020 and the largest SPAC IPO ever.
  • Represented the underwriters in the $6.7bn offering of shares owned by the selling stockholder of Regeneron Pharmaceuticals, one of the largest ever equity offerings by a life sciences company.
  • Represented the lead underwriters in two follow-on offerings worth an aggregate of $1.9bn for Moderna.

Shearman & Sterling LLP

Shearman & Sterling LLP continued to build on its strong record in underwriter engagements in 2020, reporting a particularly strong year in the healthcare and SPAC segments. Though less active in issuer-side IPOs and other equity offerings, it does frequently advise corporate clients on SEC reporting and disclosure obligations, and corporate governance matters. Ilir Mujalovic heads up the Americas capital markets group, and has extensive connections to the leading investment banks; he continues to impress in life sciences, healthcare and SPAC offerings. Lona Nallengara has notable experience in SEC reporting, disclosure and governance and Harald Halbhuber also has experience of SPAC offerings. Christopher Forrester is a key name in Silicon Valley.

Practice head(s):

Ilir Mujalovic

Other key lawyers:

Lona Nallengara; Harald Halbhuber; Christopher Forrester; Merritt Johnson 

Key clients

BofA Securities

Boston Scientific Corporation

The Chefs Warehouse

Citigroup Global Markets Inc.

Cowen & Co.

Credit Suisse Securities (USA) LLC

Goldman Sachs & Co.

J.P. Morgan Securities LLC

Laureate Education, Inc.

Morgan Stanley & Co. LLC

Work highlights

  • Advised the underwriters on Inozyme Pharma’s $128m IPO.
  • Advised the underwriters on Inari Medical’s $179m IPO.
  • Advised the underwriters on Nkarta’s $179m IPO.

Sidley Austin LLP

Sidley Austin LLP has close connections to top-tier investment banks, providing a steady flow of prime underwriter mandates. The firm is considerably more active in debt offerings, but is genuine player in equity deals, having landed a series of major SPAC IPO engagements of late. New York partner Edward Petrosky acts as global head of the capital markets group.

Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP has a very well-established reputation in equity offerings, most notably on the issuer side, though it also wins an impressive market share of big-ticket underwriter engagements. The firm has achieved prominence in traditional industries, and has become a key player in equity offerings by the life sciences, healthcare and tech businesses, in part thanks to its solid presence in Palo Alto. It has excellent connections to corporates and benefits from the firm's leading private equity practice, which brings the team a number of private equity-backed mandates. Of recent note, the team advised Academy Sports and Outdoors (the KKR portfolio company) on its $200m IPO; that deal was led by Joseph Kaufman, a senior figure in the group with an outstanding track record. Joshua Ford Bonnie is another seasoned practitioner, noted for big-ticket equity offerings. Palo Alto partner Kevin Kennedy has played a key role in gaining major engagements from tech and life sciences businesses. Arthur Robinson is a key name for underwriter engagements. All named individuals are based in New York unless stated otherwise.

Practice head(s):

Arthur Robinson

Other key lawyers:

Joseph Kaufman; Joshua Ford Bonnie; Kevin Kennedy; Roxane Reardon

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP has an excellent record in both old and new economy transactions, and has shown itself to be one of the leading firms for SPAC offerings. The firm also impresses in offerings by China issuers. It typically achieves a significant market share of big-ticket issuer engagements, though is also one of the leaders in underwriter representation. Recently, the team advised IAC/Interactive Corp on its $1.4bn registered direct offering in connection with the proposed separation of IAC and Match Group; this was the largest registered direct offer in history. It also represented Duck Creek Technologies, a software-as-a-service provider, in its $465m sponsor-backed IPO and listing on Nasdaq. David Goldschmidt is global head of capital markets and Michael Zeidel is head of the Americas capital markets team; both are active in headline deals. Ryan  Dzierniejko and Gregory Fernicola are also leading names for both issuers and underwriters, as is Gregg Noel, a key name in Palo Alto. Named individuals are based in New York unless stated otherwise.

Practice head(s):

David Goldschmidt; Michael Zeidel 

Other key lawyers:

Ryan Dzierniejko; Gregory Fernicola; Gregg Noel 

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP has attracted underwriter mandates in some of the most impressive high-value deals in the market. The firm handles some IPOs, but is perhaps most active in follow-on offerings and PIPE transactions. New York-based Catherine Clarkin and Robert Downes lead the capital markets department, alongside Sarah Payne in Palo Alto. Robert Buckholz is another contact.

Vinson & Elkins LLP

Vinson & Elkins LLP remains a market leader in energy and infrastructure deals, particularly in the oil and gas sector. Beyond its traditional markets, it has leveraged its corporate, private equity and investment bank relationships to broaden the practice scope, most notably bringing in a steady pipeline of REIT transactions. In a series of headline deals, it represented long-term client Southwest Airlines in a number of fundraising transactions, including a $2.3bn equity offering. Houston partners David Oelman and firm chairman Mark Kelly jointly lead the practice alongside Matthew Strock, who also heads up the M&A group. Ramey Layne is also recommended in the Houston office.

Practice head(s):

David Oelman; Matthew Strock; Mark Kelly

Other key lawyers:

Ramey Lane; Alan Beck; Mike Telle

Testimonials

‘The team is very knowledgeable and provides expert and practical advice in a timely manner.’

‘Mike Telle is very talented and very pleasant to work with. He provides expert advice and is practical in his approach.’

Key clients

Southwest Airlines Co.

Switchback Energy Acquisition Corp.

OneWater Marine Inc.

Plains All American Pipeline, L.P.

Spark Energy, Inc.

Reata Pharmaceuticals, Inc.

Citigroup Global Markets, Inc.

Wells Fargo

J.P. Morgan Securities LLC

Credit Suisse Securities (USA) LLC

Work highlights

  • Advised Southwest Airlines on its application to the US Department of the Treasury for $3.3bn payroll support funding under the Payroll Support Program of the CARES Act and also in its negotiation of the related agreements, six capital markets offerings and a secured loan, together totaling $16bn.
  • Advised JP Morgan Securities, the lead underwriter, on the $168m IPO by Sunnova Energy International.
  • Advised OneWater Marine on its $64m IPO.

Weil, Gotshal & Manges LLP

Weil, Gotshal & Manges LLP landed a series of major equity mandates for big-name corporates in 2020, while also consolidating its prominence in the SPAC segment. In one standout matter, the team advised Dun & Bradstreet Holdings on its $1.98bn IPO and $400m concurrent private placement—one of the first major equity offerings to close after the Covid-19 outbreak. In addition, the firm's private equity practice also continues to deliver a steady pipeline of exit transactions and portfolio company fund raisings. The team remains better-known for issuer-side engagements, but has made solid progress on the underwriter side. Although largely industry agnostic, the firm has seen growth in healthcare IPO work. Alexander Lynch is noted for engagements from private equity sponsors and their portfolio companies, and has an outstanding record in SPAC IPOs. Other names to note are Corey ChiversFaiza Rahman, an emerging talent for private equity-related deals; Heather Emmel, who focuses on SPAC transactions; and Michael Hickey, who is helping to develop the firm's underwriter relationships.

Practice head(s):

Alexander Lynch

Other key lawyers:

Corey Chivers; Faiza Rahman; Heather Emmel; Michael Hickey 

Key clients

Advent International

AK Steel Corporation

Avolon Holdings Limited

Barclays

Black Knight, Inc.

Campbell Soup Company

Cannae Holdings, Inc.

Ceridian HCM Holding Inc.

Churchill Capital Corp III

Citi

Deutsche Bank Securities

Dun & Bradstreet Holdings

Eli Lilly and Company

Fidelity National Financial

Foley Trasimene Acquisition Corp.

Fortress Value Acquisition Corp.

Goldman, Sachs & Co.

Gores Holdings

Healthcare Merger Corp.

Iron Mountain Incorporated

J.P. Morgan

Morgan Stanley

Sanofi S.A.

Softbank

TE Connectivity

Thomas H. Lee Partners

Thryv Holdings, Inc. (f/k/a Dex Media, Inc.)

TPG

Trebia Acquisition Corp.

WPX Energy, Inc.

Work highlights

  • Advised Dun & Bradstreet Holdings on its $1.98bn IPO and $400m concurrent private placement.
  • Advised Thryv Holdings on its direct listing on the Nasdaq Stock Exchange.
  • Advised Foley Trasimene Acquisition Corp, a SPAC sponsored by Trasimene Capital, on its $1.5bn IPO.

White & Case LLP

White & Case LLP has continued to gain market share with significant growth in equity offerings by SPACs. To boost its presence in this space, the team hired Joel Rubinstein and an additional team of two partners and a counsel from Winston & Strawn LLP in June 2020; the newly bolstered group has advised on a series of headline IPOs by SPACs since their arrival. The wider team has upped its emphasis on big corporate issuers and marquee underwriters. It has also achieved further growth in healthcare and life sciences transactions, while strengthening its foothold in the technology sector. The US-based team has maintained a strong presence in offerings by foreign issuers, most notably those in the Latin America region, followed by Europe and the Middle East. Colin Diamond has an outstanding record in big-ticket offerings by US and international issuers, while Stuart Bressman continues to make an impression in healthcare and life sciences transactions. Taryn Zucker is a standout associate in the team.

Practice head(s):

David Thatch

Other key lawyers:

Joel Rubinstein; Colin Diamond; Stuart Bressman; Elliott Smith; Taryn Zucker

Testimonials

‘We use the team for their in depth SPAC expertise. It is top quality.’

‘Joel Rubinstein and Elliot Smith are outstanding advisors to any company’

WilmerHale

WilmerHale had a strong 2020, thanks in part to its prominence in the life sciences and technology sectors. A sizeable proportion of its engagements are on the issuer side, with the firm often acting for corporates from the early stages of their life cycles, through the transitions to public companies and beyond. Boston partner and co-head of the life sciences group Stuart Falber has an extensive record in equity offerings by life sciences businesses. New York's Brian Johnson is another key figure for life sciences offerings, as are Cynthia MazareasRosemary Reilly and David Westenberg in Boston.

Practice head(s):

Brian Johnson; Erika Robinson

Other key lawyers:

Stuart Falber; Cynthia Mazareas; Rosemary Reilly; David Westenberg

Key clients

Agios

Akebia Therapeutics

Akouos Inc.

Apellis Pharmaceuticals

Blue Apron

Constellation Pharmaceuticals

Dyne Therapeutics

Editas Medicine, Inc.

Epizyme

Generation Bio

IMARA

Inozyme Pharmaceuticals

Kala Pharmaceuticals

Karyopharm Therapeutics Inc.

PAR Technology

Schrödinger

Translate Bio

Voyager Therapeutics

Work highlights

  • Represented Dyne Therapeutics in its $268m IPO.
  • Represented PAR Technology in its $127m public offering.
  • Represented the underwriters in Dynatrace’s $655m IPO.

Winston & Strawn LLP

Winston & Strawn LLP has maintained its presence in the SPAC offering segment, thanks to the experience of New York partner David Sakowitz; however, the departures of Joel Rubinstein and a senior team to White & Case LLP in 2020 was a blow, given that team's reputation in the SPAC market. More generally, the practice group remains active in IPOs and other equity transactions, including REIT-related deals. Dallas partner Charles Haag and Chicago's Christina Roupas are recommended for REIT-related offerings.

Practice head(s):

Carol Anne Huff; Christina Roupas

Other key lawyers:

Charles Haag; David Sakowitz

Key clients

Boxwood Merger Corp.

Diamond Eagle Acquisition Corp.

Diginex Limited

Lear Corporation

NexPoint Advisors, L.P.

Chuy’s Holdings, Inc.

Waitr Holdings Inc.

Sprout Social Inc.

TreeHouse Foods, Inc.

Vistas Media Acquisition Company Inc.

Work highlights

  • Represented NetSTREIT Corp in its IPO.
  • Represented Omnichannel Acquisition in its $200m IPO.
  • Represented Broadstone Acquisition Corp in its IPO.