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Fenwick Releases Inaugural Technology And Life Sciences IPO Survey

MOUNTAIN VIEW, Calif., March 29, 2013 /PRNewswire/ -- Today, law firm Fenwick & West announced the release of the firm's inaugural IPO Survey, "Key Metrics for Recent Technology and Life Science Initial Public Offerings." The IPO survey is the first in a series that will provide quarterly reviews of IPOs in the technology and life sciences sectors nationwide. 

"We developed the survey with technology and life sciences companies in mind, as well as others who are interested in IPO activities for these companies, as a way to provide a graphical overview of key parameters as well as a sense of recent trends and activity," said Fenwick partners and survey co-authors, Daniel Winnike and Jeffrey Vetter.

Fenwick's IPO survey reveals a number of key findings including the following insights:

  • The post-Lehman market peaked in Q2 2011 and Q2 2012 only to slow in Q3 each year due to concerns over the EU sovereign debt crisis and extreme market volatility. 
  • As a result of the market turmoil in the summer of 2011, many IPOs were put on hold and pushed into 2012, setting the stage for a strong start in 2012.
  • 2012 was regarded by many as a strong year for technology and life sciences IPOs. Even so, there were fewer deals in 2012 than in 2007 and a fraction of the number in 1998.
  • Many factors contribute to the smaller number of offerings in recent years, including the increased cost of going public in light of SOX and other enhanced regulatory requirements, fewer underwriters of sub $50M IPOs that were much more prevalent in the 1990's IPO market and the decimalization of the stock market.
  • Forward looking, the question has become - Is there a strong pipeline heading into Q2 2013 similar to the lead into 2012?

Fenwick has a long history of working in capital markets having represented more than 150 issuers and underwriters in initial public offerings. In the past two years alone, the firm worked on many IPOs including:  Silver Spring Networks, Model N, Marin Software, Workday, ServiceNow, Facebook, Infoblox, Proofpoint, Vocera, Jive Software,, Fusion-io and Responsys.

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