The U.S. IPO market began 2017 with a solid start, with 25 IPOs raising nearly $10 billion in the first quarter and another 31 IPOs in the second quarter through May 15. We have a number of U.S. and non-U.S. clients moving ahead on U.S. IPO plans in 2017. Will the IPO market in the United States experience a renaissance? While IPOs in the U.S. fell off the map after a slowdown in 2015, the market looks to be bouncing back. For more information, read Mintz Levin’s Securities Matters blog post, which provides a detailed look at recent U.S. IPO market trends.
Regulation A+ went into effect in June 2015 to allow private US and Canadian based companies to raise equity — up to $20 million under Tier I and up to $50 million under Tier II from both accredited and nonaccredited investors, subject to certain limitations.
Interested in learning more?
During our webinar on October 13, 2015 at 1:00 pm EDT, our distinguished panel will discuss the legal and business considerations in launching a Tier II Regulation A+ offering, how investors can achieve liquidity through the OTC Market, as well as why many are calling Tier II offerings a “Mini-IPO”.
In this quarter’s Cleantech Law Alert from CleanEdge, Sahir Surmeli takes a deep look at the Initial Public Offering statistics for Cleantech and Renewable companies in 2014. Last year was the most active year for IPOs in the United States since 2000, with an astounding 275 IPOs completed in 2014. Sahir explores what this activity means for emerging clean technology and renewable energy companies that might be looking to the capital markets. As he reveals, there were nine cleantech/renewables IPOs in 2014, two more than the year before. However, in both years, these numbers represented a relatively small percentage of total IPOs and still have not matched the activity in the more traditional energy and oil & gas sector. To read Sahir’s full piece, please find his article here.
This article was originally published in the CleanEdge Quarterly Clean-Tech Law Alert.
A record setting year for Mintz Levin’s Energy Technology Practice Group, 2014 ended with the closing of 50 transactions, totaling over half a billion dollars in energy tech deals.
Representative 2014 transactions include:
- Represented Aspen Aerogels in its $82.5 million Initial Public Offering, which closed in June 2014.
- Represented EnerNOC in its acquisition of Pulse Energy, which closed in December 2014.
- Served as counsel to Canaccord Genuity in $32.5 and $37.4 million follow-on public offerings for Rubicon Technology.
- Served as deal counsel to Soligent Holdings, the largest US provider of residential solar panels, in three acquisitions totaling over $100 million.
- Represented multiple project owners and developers in connection with the debt and tax credit financing of over a dozen renewable energy projects by leading lenders and investors.
Since 2006, the practice group has completed more than 350 transactions totaling over $7 billion in the energy tech sector. To read the full press release, click here.
On October 1st, Mintz Levin, New England Clean Energy Council (NECEC), and Grant Thornton hosted “On Your Mark, Get Set, IPO,” a panel discussion concerning recent trends in the public offering market for cleantech growth companies. Industry veterans John Fairbanks (Aspen Aerogels), Mark Marano (Canaccord Genuity), Steven Berkenfeld (Barclays), David Lewandoski (Grant Thornton), and Sahir Surmeli (Mintz Levin) provided insight on the public offering process to help attendees determine whether their company is indeed ready to go public.
Worried that you missed out on this important event? Don’t be! You can see video highlights here. In addition, here are 10 key takeaways from the IPO panel discussion:
The recent IPO surge is receiving significant attention. The year 2014 is on track to be the most active IPO market in the United States since 2000, with the mid-year total number of IPOs topping last year’s mid-year total by more than 60%. There were 222 US IPOs in 2013, with a total of $55 billion raised, and 2014 has already seen 151 US IPOs, for a total of $32 billion, completed by the mid-year mark. The year 2000 (over 400 IPOs) was the last year of a 10-year boom in US IPOs that reached its peak in 1996 (over 700 IPOs).
What does this mean for emerging energy technology and renewables companies that might be looking to the capital markets? As of mid-year 2014, there have been six cleantech/renewables IPOs, while there were a total of seven in all of 2013. In both years, these deals have represented a relatively small percentage of total IPOs and still do not match the level of activity in the more traditional energy and oil & gas sector. In 2014, IPOs were completed by a range of innovative companies, including Aspen Aerogels, TCP International and Opower.
Read my Mintz Levin Energy Technology Alert here to find out more.
 Please note that there will be some variance in the statistics for IPOs generally. This is because most data sets exclude extremely small initial public offerings and uniquely structured offerings that don’t match up with the more commonly understood public offering for operating companies. The data above is based on information from http://bear.warrington.ufl.edu/ritter/IPOs2012Statistics.pdf and Renaissance Capital www.renaissancecapital.com.
The year 2013 is now officially the year with the most active IPO market in the United States since 2000. There have been 218 IPOs to date in 2013.  The year 2000 (over 350 IPOs) was the last year of a 10 year boom in US IPOs that reached its peak in 1996 (over 650 IPOs). The strongest year for IPOs since 2000 was (until now) 2004, with roughly 215 IPOs. That number has now been exceeded as of December 12, 2013 and I believe that there are at least four other IPOs seeking to price before the end of 2013.