US ECM ROUNDTABLE

The IFR US ECM Roundtable will take place on the afternoon of Thursday September 13 2018 at the Thomson Reuters Building, New York.
 
Now in its seventh year, the event will bring together a panel of the most senior ECM practitioners to assess the current state of the market, discuss the latest trends and developments and provide an outlook for the remainder of the year and beyond.
 
Joining IFR’s US Editor, Stephen Lacey, will be:
  • Craig Dedomenico – Stifel, MD ECM origination
  • Anna Pinedo – Mayer Brown, Partner
  • James Dunning – J. Goldman & Co, Director of Capital Markets
  • Carolyn Saacke – NYSE, COO Capital Markets
  • Matthew Sperling – Rothschild, Strategy to Advisory
  • Steven Tuch – BMO Capital Markets, MD ECM origination
  • Akram Zaman – Bank of America Merrill Lynch, MD Head of Americas Equity Syndicate
Topics for discussion will include:
 
State of the IPO market
  • Where are we in the current IPO cycle?
    • At $35bn YTD, IPO volumes have already surpassed full-year 2017 and trending toward a five-year high
  • Which industries/companies are transforming the economy?
    • Software-as-a-service and new iterations – Zscaler, Zuora, Docusign, Pluralsight
    • Biotechnology/medical devices – Inspire Medical Systems, ARMO Biosciences, Solid Biosciences, Allakos, Avrobio
    • Fintech – Goosehead Industries
    • Cannabis – Tilray, Canopy Growth. Who’s banking, who’s not? Institutional grade or smoke screen?
  • Proliferation of foreign company listings
Private capital to public markets
  • Impact of private capital on IPO market
    • Where are the unicorns/decacorns?
    • Biotechnology, crossover investment and insider participation
JOBS Act 3.0
  • Regulatory initiatives to facilitate capital formation
    • Confidential IPO filing, testing the waters extended to large ($1bn-plus revenue) corporate issuers
    • Increased disclosure for companies with multi-class share structures.
  • Regulatory initiatives being contemplated
    • Middle-market underwriting fees and their impact on IPOs – are they too high?
    • Quarterly or semi-annual financial reporting?
    • Pre-IPO research
SPACs as an alternative to IPO
  • Financial engineering or new form of permanent capital
    • M&A by the numbers
    • Back-end to M&A and challenge transitioning to a public company
Areas of success
  • Spotify and direct listings
    • Positives, negatives of direct listing
    • Dynamics of opening stock/impact of full free float on negotiations between buyers and sellers - “game theory”
    • Assessment of trading versus traditional IPO bookbuild process
    • Direct listing suitability for other companies
Convertible bond market renaissance
  • Popularity of software/tech, both for issuers and investors
    • Factors that are driving issuance (software as a service/cash flow, interest rates, high stock market valuations, etc)
    • Call-spread, capped call – what are they?
    • Role of independent advisors. J. Wood Capital, Matthews South and Riverside Risk Advisors
Outlook
  • Current IPO backlog through year-end
  • What’s in store for 2019?
The event is free to attend but you must be registered.  To secure your place, please complete the form below.
 


Event information

 
Date
Thursday September 13 2018
Time
15:00 – Registration
15:30 – Roundtable discussion
17:00 – Networking drinks
18:00 – Close
Venue
Thomson Reuters
3 Times Square
New York
NY 10036
USA
Sponsored by





By submitting your details, you are acknowledging that you have read and understood our Privacy Statement. By submitting your details, you are agreeing to receive occasional communications about Thomson Reuters resources, events, products, or services. You also acknowledge that you have read and understood our Privacy Statement.