2008 IPO Report - Initial Public Offerings

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Law Firm and Underwriter RankingsIssuer Counsel in US IPOs – 1996 to 2007Wilson Sonsini Goodrich & Rosati, P.C.213Cooley Godward Kronish LLP131Brobeck, Phleger & Harrison LLPWilmer Cutler Pickering Hale and Dorr LLP9195Latham & Watkins LLPHeller Ehrman LLPSkadden, Arps, Slate, Meagher & Flom LLPDLA Piper US LLP72717066Vinson & Elkins L.L.P.61Morgan, Lewis & Bockius LLP53Kirkland & Ellis LLPFenwick & West LLPPillsbury Winthrop Shaw Pittman LLPGunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLPGoodwin Procter LLP4845424138Source: SEC filingsBookrunner in US IPOs – 1996 to 2007Credit Suisse389Goldman, Sachs & Co.335Morgan Stanley299Banc of America Securities LLC285Merrill Lynch & Co., Inc.Citigroup Inc.JPMorgan & Co.268262258Lehman Brothers, Inc.232Deutsche Bank Securities Inc.200UBS Investment Bank179Bear Stearns & Co. Inc.110Friedman, Billings, Ramsey & Co., Inc.81Cowen and Company, LLCPrudential Securities, Inc.Piper Jaffray Companies575464Source: Thomson Reuters
Regional IPO Market Review and OutlookCaliforniaCalifornia produced 43 IPOs with grossproceeds of $5.73 billion in 2007. Theseresults reflect a 23% increase in dealsand a 34% jump in gross proceeds from2006, but remain well below the levelsof IPO activity between 1996 and 2000,when California averaged 130 IPOs and$9.05 billion in gross proceeds annually.The California IPO market remainsdominated by technology-relatedcompanies, with 37 tech IPOs accountingfor 86% of the total number of offeringsin 2007. California tech IPOs nearlymatched the nationwide tech IPOaftermarket performance in 2007, butnon-tech deals underperformed. Theaverage California tech IPO ended the year14% above its offering price, comparedto the national average of 15%. Non-techIPOs in California declined 2% on average,compared to an average gain of 16% forall non-tech IPOs nationwide.While the perceived heavy burdensof public company compliance and anactive M&A market for venture-backedcompanies continued to restrain IPOgrowth in 2007, the uptick in IPO activitysuggests that the market is becoming moreaccustomed to the new regulatory regime.We believe it also reflects the strengthand resiliency of the capital marketsoverall, the effect of private equity buyoutactivity and resultant portfolio companyexits, an active venture capital investmentclimate, and stable earnings growthby more venture-backed companies.Although 2008 began with some signsof a market correction and a significantdecline in private equity buyout activity,we believe that California IPO activitywill remain strong, as emerging companiesdemonstrate growth in revenue andprofitability, and newer markets—suchas biotechnology, clean energy technology,wireless applications and services, andcross-border US/Asia deals—expandand mature.Mid-AtlanticThe number of IPOs in the mid-Atlanticregion of Virginia, Maryland, NorthCalifornia IPOs – 1996 to 2007# deals180106Source: SEC filingsMid-Atlantic IPOs – 1996 to 2007# deals66Source: SEC filings1691312515 181996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007454622262451996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007Carolina, Delaware and the District ofColumbia declined from 13 in 2006 to 10in 2007. Gross proceeds dipped from $1.34billion in 2006 to $1.25 billion in 2007.Virginia led the region with five IPOsin 2007, followed by Marylandand North Carolina with two each.The top-performing mid-Atlantic IPOsof the year were by comScore (up 98%from its offering price by year-end)and Sucampo Pharmaceuticals (up 59%).There were seven technology-relatedIPOs in the mid-Atlantic region in 2007,745411251535134310$ billions6.844.51$ billions3.4217.5712.902.151.56 1.371996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 20071.563.362.402.633.822.750.96 0.93representing 70% of the total, comparedto 10 (77%) in 2006 and seven (47%)in 2005, demonstrating the region’scontinued focus on the IT and life sciencessectors. The average mid-Atlantic tech IPOended the year up 16% from its offeringprice, while the average non-tech IPO sawa decrease of 23%.6.274.282.892.954.271.341.251996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007In 2008, we expect the region’s IPOcandidates to include additionalinformation technology and lifesciences companies, as well as softwareand wireless companies.5.73
Page 1 and 2: 2008 IPO ReportAttorney Advertising
Page 3 and 4: US IPO Market Review and Outlook200
Page 5 and 6: US IPO Market Review and Outlook$15
Page 7: Law Firm and Underwriter RankingsEa
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

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