2008 IPO Report - Initial Public Offerings

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US IPO Market Review and Outlookresponsibilities for public companiesand their directors and officers.These changes have helped improveaccountability to stockholders, boardoversight of management, board memberqualifications and investor confidence—but have also increased the cost of beingpublic, both in terms of potential liabilityand the expense of compliance.In the near term, the new corporategovernance environment may deter someIPO candidates, steer them to liquiditythrough acquisitions or incent themto pursue IPOs in markets outside ofthe United States. Offshore IPOs by UScompanies have grown as a percentageof all US company IPOs worldwide,increasing from less than 5% in eachyear prior to 2004, to 10.9% in 2006and 13.4% in 2007. In the longer term,however, we believe that corporategovernance changes will be assimilatedinto IPO planning and not pose a majorimpediment for most companies wishingto pursue IPOs in the United States.Venture Capital PipelineVenture capitalists depend on IPOs—along with company sales—to provideliquidity to investors. Although a largenumber of VC-backed companies arein IPO registration, many of theseofferings are on hold. Longer term,the pool of IPO candidates will be affectedby current trends in venture capitalinvesting, including the timeline frominitial funding to IPO. According to DowJones VentureOne, the median amountinvested from initial equity financingto IPO increased from $58 million in 2006to $66 million in 2007, and the timefrom initial equity financing to IPOincreased from 6.2 years to 7.1 years.Private Equity ImpactPrivate equity investors also seekto divest portfolio companies or achieveliquidity through IPOs. PE-backedcompanies are usually larger and moreseasoned than VC-backed companiesor other start-ups pursuing IPOs,and thus can be strong candidates ina demanding IPO market. The turmoilin the credit markets and sharp reductionin buyout activity that began in late2007 will probably dampen the flowof PE-backed IPO candidates in 2008.
Law Firm and Underwriter RankingsEastern US IPOs – 1996 to 2007Counsel to the IssuerCounsel to the UnderwritersWilmer Cutler Pickering Hale and Dorr LLP8686172Skadden, Arps, Slate, Meagher & Flom LLP5162113Cravath, Swaine & Moore LLP137891Testa, Hurwitz & Thibeault, LLP256691Davis Polk & Wardwell107686Latham & Watkins LLP254974Dewey & LeBoeuf LLP195271Shearman & Sterling LLP155570Simpson Thacher & Bartlett LLP3136 67Ropes & Gray LLP135063Brobeck, Phleger & Harrison LLP233356Morgan, Lewis & Bockius LLP431356Goodwin Procter LLP351651Sidley Austin LLP103949Sullivan & Cromwell LLP74148Source: SEC filingsEastern US Technology Company IPOs – 2004 to 2007Counsel to the IssuerCounsel to the UnderwritersWilmer Cutler Pickering Hale and Dorr LLP201333Ropes & Gray LLP41216Goodwin Procter LLP13215Cravath, Swaine & Moore LLP11112Latham & Watkins LLP5712Davis Polk & Wardwell1111Dewey & LeBoeuf LLP1111Wilson Sonsini Goodrich & Rosati, P.C.2911Shearman & Sterling LLP3710Skadden, Arps, Slate, Meagher & Flom LLP3710Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.437DLA Piper US LLP336Hogan & Hartson LLP415Morgan, Lewis & Bockius LLP415Morrison & Foerster LLP235Pepper Hamilton LLP055Source: SEC filingsThe above charts are based on companies located east of the Mississippi River.
Page 1 and 2: 2008 IPO ReportAttorney Advertising
Page 3 and 4: US IPO Market Review and Outlook200
Page 5: US IPO Market Review and Outlook$15
Page 9 and 10: Regional IPO Market Review and Outl
Page 11 and 12: Counsel of Choice for Public Offeri
Page 13 and 14: New SEC Rules Offer Some Relief to
Page 15 and 16: IPOs by Special Purpose Acquisition
Page 17 and 18: PIPEs and Rule 144A Market Review a
Page 19 and 20: Recent Developments in the Proxy En
Page 21 and 22: Want to know moreabout the venture

2008 IPO Report - Initial Public Offerings

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