Market Review and Outlook -
Slowing economic growth, equity market volatility, stubborn inflation, rising interest rates and geopolitical tensions combined to create a hostile environment for M&A activity in 2022, with...more
US Market Review and Outlook -
Venture capital financing and liquidity activity contracted in 2022 from the record-breaking levels of the prior year, in the face of declining equity markets, rising interest rates and...more
4/7/2023
/ Acquisitions ,
Capital Raising ,
Convertible Notes ,
Corporate Financing ,
Early Stage Companies ,
Entrepreneurs ,
Equity Financing ,
Investors ,
Mergers ,
Qualified Small Business Stock ,
Venture Capital
US Market Review and Outlook -
Stubbornly high inflation, rising interest rates and the lingering effects of the COVID-19 pandemic, combined with geopolitical tensions and concerns about the global economic outlook,...more
The outbreak of COVID-19 in the first quarter of 2020 inflicted an unprecedented shock on the global economy. In the first half of the year, growth stalled, the US unemployment rate reached its highest level since the Great...more
Across the board, despite the pall cast by the COVID-19 pandemic, 2020 was a year of strong IPO deal flow and aftermarket performance, punctuated by a breathtaking surge in IPOs by special purpose acquisition companies...more
Despite the arrival of the COVID-19 pandemic in early 2020 and the ensuing economic dislocation, venture capital financing proceeds, median amount raised, and median pre-money valuation all increased from 2019 levels,...more
Despite generally favorable macroeconomic conditions, high levels of cash among strategic acquirers and low interest rates, the number of reported M&A transactions and deal value worldwide both declined for the second...more
The IPO market produced 142 IPOs in 2017, a total that was 45% higher than the 98 IPOs in 2016 and just shy of the 152 IPOs in 2015, but still lower than the annual average of 155 IPOs over the five-year period from 2011 to...more
The venture capital market rebounded in 2017, with an uptick in deal flow, an increase in financing sizes, soaring proceeds and a record high median premoney valuation. The $73.2 billion invested into the US venture capital...more
In addition to the deal-structuring issues that typically arise in any acquisition, M&A transactions involving a party incorporated or based in California raise a number of special issues and opportunities. Some of these...more
The IPO market cooled in November to produce only a trio of IPOs, the slowest November since the height of the global financial crisis in 2008. The first eleven months of 2016 have produced 91 IPOs—39% below the 150 IPOs over...more
The IPO market produced 19 IPOs in October, representing the highest monthly figure since the 33 IPOs in June 2015. Over the first ten months of 2016, there have been 88 IPOs—36% below the 138 IPOs over the corresponding...more
The IPO market produced 14 IPOs in September, representing the second highest monthly figure for 2016 and only one behind May’s tally of 15 IPOs. The month’s total represents the third-busiest September since 2000, trailing...more
The IPO market continued its tepid pace in August, with the month producing seven IPOs. Over the first eight months of 2016, the tally of 54 IPOs represents less than half the number of IPOs over the first eight months of...more
The IPO market produced 10 IPOs in July, bringing the total number of IPOs over the first seven months of the year to 47–56% below the 106 IPOs over the first seven months of 2015.
Gross proceeds in July were $2.69...more
June mustered only seven IPOs, down from 15 IPOs in May, and in sharp contrast to the preceding two years—in both 2014 and 2015, June produced the highest monthly IPO count of the year, with 30 and 33 IPOs, respectively. The...more
The IPO market in May produced 15 IPOs, doubling the count for the first five months of 2016 to 30 IPOs. Gross proceeds for the month were $3.56 billion, buoyed by a pair of billion-dollar IPOs, the first such sized offerings...more
The IPO market produced seven IPOs with gross proceeds of $1.22 billion in April, for the best monthly performance of 2016 as the IPO market slowly pulls itself out of the slumber that has persisted since mid-2015....more
The first quarter of 2016 produced a meager eight IPOs with gross proceeds of $667 million. Only once over the prior 12 years has the first quarter produced a lower tally—there were only two new offerings in the glum...more
Once again proving that you can’t judge a gift by its box, emerging growth companies (EGCs) received a pleasant, but oddly wrapped, surprise in December with the enactment of a new law authorizing spending on highway and...more
The 2015 IPO market produced 152 IPOs, a disappointing tally that lagged well behind the 244 IPOs in 2014 despite continued strength in the life sciences sector. Setting aside the anomalous years of 2008 and 2009, however,...more
2/4/2016
/ Capital Markets ,
Capital Raising ,
China ,
Emerging Growth Companies ,
Fixing America’s Surface Transportation Act (FAST Act) ,
Foreign Issuers ,
Initial Public Offering (IPO) ,
JOBS Act ,
Life Sciences ,
Private Equity ,
Technology Sector ,
Venture Capital
The December IPO market produced a pair of new offerings. Only once in the preceding 15-year period has the month of December seen a lower IPO count, as 2008 failed to produce a single IPO for the month in the midst of the...more
The November IPO market produced a dozen IPOs with gross proceeds of $1.30 billion.
The month’s tally brings the total number of IPOs over the first 11 months of 2015 to 150 with total gross proceeds of $24.63...more
The market produced 16 IPOs in October, bringing the total number of IPOs over the first 10 months of the year to 138. Gross proceeds for the month were $5.08 billion—the second highest monthly figure since September...more
The IPO market produced six IPOs in September, bringing the total number of IPOs over the first three quarters of the year to 122.
After picking up pace in June when the IPO market produced 33 IPOs, the highest monthly...more