Fenwick corporate partner Ran Ben-Tzur was quoted in a recent Law360 article about the robust autumn pipeline for initial public offerings (IPOs). The pipeline is supported by dozens of new filings in August that are setting the stage for strong post-Labor Day activity and extending a record year for capital markets practices.
Ben-Tzur said conversations with investment bankers who underwrite IPOs indicate that while activity typically slows around Thanksgiving, this upcoming November could be busier than usual. He noted that companies are being encouraged to beat the late-year holidays.
"I think we'll see a lot of companies trying to go out pre-Thanksgiving," Ben-Tzur said.
Ben-Tzur added that targets looking to merge with SPACs remain, but deals are harder to complete because the market for private investment in public equity deals has become more selective.
"It's very hard to raise money right now in the PIPE market," Ben-Tzur said. "We've had a number of transactions that we were working on with companies that sort of died at that stage before public announcement because they just weren't able to raise the PIPE."
Still, Law360 reports that the year is shaping up to be the strongest for IPO proceeds in two decades.
"I don't see anything slowing down on the IPO front." Ben-Tzur told the publication.
The full article is available on Law360. Ben-Tzur also co-authored Fenwick’s Technology and Life Sciences IPO Survey.