In the 2Q19, 62 IPOs raised $25 billion , the most active quarter by deal count in four years and the most capital raised in five years. As we noted in our 2Q19 IPO Review , tech and biotechs dominated issuance, accounting for over 70% of deals, while more than half of quarterly proceeds came from five billion-dollar IPOs, including Uber, Pinterest, and Chewy. Slack sidestepped an IPO with a direct listing that valued it at more than $20 billion. Blank check companies continued at a strong pace, with 13 SPACs raising $3.1 billion . With every offering requiring at least two legal firms, one for issuers and one for underwriters (and some hiring as many as five), there were 195 legal engagements with 68 law firms .
Based in Palo Alto, Cooley took the top spot serving on 18 IPOs that raised $11.1 billion, including a number of biotechs and tech unicorns, most notably company counsel for Uber. Latham & Watkins was #2 with 18 listings that raised $3.7 billion, including Slack and a diverse group of others. New York's Davis Polk was #3 by deal count, appearing on 15 IPOs, though its offerings raised the most proceeds thanks to work on Uber and two other billion-dollar deals. Boston-based Goodwin Procter came in at #4, serving as company counsel for Slack, as well as the quarter's largest biotech IPO. Simpson Thacher rose to #5 thanks to its work with foreign issuers and three large US LBOs.
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In early April, we released our 1Q19 report ; read it here .
In early December, we released our 2018 report ; read it here .
The article The 2Q19 IPO Market's Legal League Table
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