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, China and Italy.
  • IFLR1000 as a leader in China, France, Hong Kong and Italy.
  • Legal500 as a leader in France, Germany, Hong Kong, Italy and the United States.
  • Bloomberg as leading advisor to issuers of IPOs in the United States.
  • The Lawyer as 2013-2014 Top Ten International Advisor on Hong Kong IPOs.
  • 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

Beaumont Cornish Limited in its capacity as Nominated Adviser on DekelOil's AIM admission. DekelOil's business is the manufacture of palm oil in the Ivory Coast.

BOCI Asia and Shenyin Wenguo Capital, as joint underwriters, in the HK$1.24 billion (US$159.3 million) IPO by Goldpac Group Limited, a leading PRC supplier of financial cards, card personalization services and on-site card issuance system solutions, on the Main Board of the Hong Kong Stock Exchange.

Fuguiniao Co., Ltd., a leading manufacturer and seller of footwear and business casual menswear in China, in its US$152.8 million initial public offering of H shares on the Main Board of the Hong Kong Stock Exchange, with a Rule 144A/Regulation S international placement. This marked the first Chinese private enterprise that filed an application to list its H-shares as a fully-circulated stock in Hong Kong since the China Securities Regulatory Commission loosened its grip on overseas IPO applications in late 2012.

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

IGG Inc., a fast-growing global online games developer and operator based in Singapore with regional offices in China, the United States and the Philippines, in connection with its HK$1.05 billion (US$135.5 million) listing by way of placing on the GEM Board of the Hong Kong Stock Exchange.  IGG Inc. is one of the very few companies with a VIE structure, which has been successfully listed in Hong Kong in recent years.

JMP Securities, as underwriter, in the US$18.6 million uplisting from OTCBB to NASDAQ Capital Market by AxoGen, a regenerative medicine company focused on the commercialization of proprietary products and technologies for peripheral nerve reconstruction and regeneration.

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.

Newton Investment Management on the International Cornerstone Placing in connection with IHH Healthcare Berhad’s US$2 billion IPO on the Main Market of Bursa Securities in Malaysia and secondary listing on the Singapore Stock Exchange.

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 its:

  • US$500 million Equity Distribution Program, in which BNP Paribas Securities Corp., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Mitsubishi UFJ Securities (USA), Inc. will each act as PG&E Corporation’s sales agent with respect to the offer and sale from time to time of shares of PG&E Corporation common stock.
  • US$300 million Commercial Paper Program.
  • US$288 million shelf offering, as part of a US$400 million equity dribble program.
  • US$1 billion shelf registration for common stock.

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

Sequans Communications, a maker of 4G chipsets for wireless communications, in its US$77 million IPO on the NYSE and US$15 million underwritten public offering of American Depositary Share (ADSs).

Shutterstock, Inc., operator of an online marketplace for commercial digital photography, in its US$81.8 million IPO on NYSE and US$317 million follow-on offering.

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 in the United States ever for an Israeli company.

The Marcus & Millichap Company, a leading and expanding investment real estate company, in its US$72 million initial public offering on NYSE.

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