The 2Q19 IPO Market's Legal League Table

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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.

View our 2Q19 US IPO Legal League Table Report PDF

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In early April, we released our 1Q19 report ; read it here . PDF
In early December, we released our 2018 report ; read it here . PDF

The article The 2Q19 IPO Market's Legal League Table originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO) , Renaissance International ETF (symbol: IPOS) , or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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