News & Events

Art Robinson, Global Head of the Firm’s Capital Markets Practice, was quoted in a Law360 article titled, “March IPOs Exploded, But The Boom Is Starting To Slow.” The article examined capital markets activity in March, which was another record-breaking month with a streak of IPOs. According to data from Dealogic, IPO totals from last month were the most of any March on record, with more than two-thirds of offerings coming from special purpose acquisition companies (SPACs).

Despite the historically rapid pace of new issuance for existing businesses and SPACs, several companies postponed IPOs in March due to market volatility, which made it more difficult to price offerings. Art said he expects more SPAC filings in anticipation of a market rebound. He noted, however, that certain investors who participate in blank-check mergers by providing additional financing through private investments in public equity (PIPEs) are being more selective in deciding which deals to back. “The PIPE market is definitely being more discerning as to where they're going to deploy their capital,” Art said. Commenting further on the IPO pipeline for the rest of the year, Art added, “None of us believe that the year is going to be anything less than strong.”

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