Equity Capital Markets

Equity Capital Markets

Orrick’s Equity Capital Markets lawyers have represented clients in raising capital through the public markets for more than 70 years, advising issuers and underwriters on more than 140 initial public offerings, raising billions of dollars. Today, we are one of the leading law firms advising companies in their securities transactions, receiving industry recognition from:

  • Chambers as a leader in California and China.
  • IFLR1000 as a leader in China, Hong Kong and France.
  • Legal 500 as a leader in France, Hong Kong and the United States.

Also, Thomson Reuters has ranked Orrick among the top five firms representing issuers in U.S. equity and equity-related transactions in terms of proceeds raised for these companies.

Our international scope enables us to advise issuers and underwriters worldwide in their securities transactions, including:

Public Equity Offerings

  • Initial Public Offerings
  • Follow-on Offerings
  • Shelf Registrations
  • Rights Offerings

Other Securities Transactions

  • Private Placements
  • Rule 144A/Regulation S Offerings
  • PIPE Transactions

Our Focus

Industry Expertise in Global Markets

Our team’s global success is supported by:

  • a leading emerging companies practice, representing more than 1,200 clients and actively providing new opportunities for our team to advise clients in their growth through the initial public offering process.
  • a leading practice advising issuers and underwriters in initial public offerings on the Hong Kong Stock Exchange, a market in which we have been in the top three most active firms since 2009.
  • a one-of-a-kind, Silicon Valley-based technology practice with lawyers present in every global technology market, lending our team deep industry expertise in a segment that remains one of the most active in the equity capital markets.
  • a robust practice representing foreign private issuers listing in the United States markets, accentuating the value of our ability to provide clients seamless advice in transnational matters.    

Market Presence

We have advised clients with regard to listings on NASDAQ, the New York Stock Exchange, as well as the primary stock exchanges in Düsseldorf, Frankfurt, Hong Kong, London, Luxembourg, Paris, Shenzen, Singapore, Taiwan, Toronto and Tokyo.

Our Clients

From blue-chip companies to technology-driven start-ups, we have extensive experience serving as corporate counsel to guide clients through the many challenges that arise during the different stages of the life of a company, including critical and innovative financing strategies. We partner with our clients to access capital markets worldwide, crafting financing solutions to serve their strategic objectives.

BOCI Asia Limited, as underwriter, in the HK$1.18 billion secondary offering by AviChina Industry & Technology Company Limited on the Main Board of the Hong Kong Stock Exchange.

China Hongqiao Group Limited, the fifth-largest aluminum product manufacturer in China, in its HK$6.4 billion IPO on the Main Board of the Hong Kong Stock Exchange, with a Rule 144A/Regulation S placement to global investors.

The management of GSW Immobilien, a residential property company in Germany, in its €468 million IPO on the Frankfurt Stock Exchange.

LoopNet, Inc., operator of an online marketplace for commercial real estate in the United States, in connection with a US$50 million PIPE financing, with Calera Capital as the lead investor.

Murphy & Spitz Green Capital AG, a private equity and venture capital firm, in the listing of its shares in the unregulated market of the Düsseldorf Stock Exchange.

OCI Company Ltd., a South Korean provider of polysilicon for solar cells, in its US$700 million offering of global depositary receipts on the Singapore Exchange Securities Trading Limited.

Orchid Developments Group Ltd., a real estate company focused on development and hotel operations in Bulgaria, in its €25 million secondary listing on AIM.

PG&E Corporation as primary outside corporate and securities counsel for more than 70 years. Our representation includes advice on a wide array of financings and financing strategies for PG&E Corporation. Most recent transactions include:

  • a US$288 million shelf offering, as part of a US$400 million equity dribble program
  • a US$1 billion shelf registration for common stock.

Designated underwriters’ counsel in the Cdn$300 million "bought deal" offering of common shares by Pengrowth Energy, a Canadian producer of oil and natural gas.

SemiLEDs Corporation, manufacturer of(LED) chips and LED components, in its US$102.6 million IPO on NASDAQ.

SNPE, Inc., and its French parent Groupe SNPE, in connection with the sale of SNPE’s 50.3 percent equity interest in Dynamic Materials Corporation in an underwritten public offering amounting in gross proceeds of approximately US$207 million.

Sequans Communications, a maker of 4G chipsets for wireless communications, in its US$77 million IPO on the NYSE.

Shutterstock, Inc., operator of an online marketplace for commercial digital photography, in its US$81.8 million IPO on NASDAQ.

Advised Silver Bay Realty Trust Corp. (NYSE:SBY) in its IPO, making it the first publicly traded Real Estate Investment Trust (REIT) focused on the single-family rental market. The company raised US$263.4 million in its IPO, inclusive of the overallotment option, with Credit Suisse, Bank of America and JP Morgan as lead underwriters. Concurrently with its IPO, Silver Bay engaged in formation transactions through which it acquired an initial portfolio of single-family residential properties from entities associated with Two Harbors and Provident in exchange for equity interests in Silver Bay.

SodaStream International, Inc., the world’s leading manufacturer of home beverage carbonation systems, in its US$125 million IPO NASDAQ—the most successful IPO for an Israeli company in the United States in several years—and its subsequent US$300 million follow-on offering—one of the largest capital markets deals ever in the United States ever for an Israeli company.

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