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ARTICLE · 14 NOVEMBER 2014

Bermuda Public Companies Update - November 2014

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Conyers Dill & Pearman is recognised as the leading Bermuda law firm advising Bermuda public company issuers and underwriters.

BermudaFinance and Banking
Marcello Ausenda
Marcello Ausenda
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The US IPO market is moving from strength to strength. 2014 year-to-date IPO activity is robust, with the largest number of offerings since 2000. The 206 offerings to date this year represent a 36% increase over 2013 (source: IPO ETF manager Renaissance Capital).

Remarkably, Q3 2014 raised US$37 billion – more proceeds than any quarter since Q4 1999. Alibaba's (NYSE: BABA) recordbreaking US$22 billion offering drove this gain, accounting for over half of proceeds. Conyers advised shareholder Yahoo! on the Cayman law aspects of this historic listing.

Bermuda companies are also increasingly active in the US IPO market. June's oversubscribed US$1.3 billion IPO of Markit Ltd. – the fourth largest in the US this year – saw the financial services provider join other Bermuda companies like Third Point Reinsurance, Essent Ltd. and GasLog Ltd. in listing on the principal US exchanges, including NASDAQ and the NYSE, over the past 18 months.

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