Equity Offerings

Davis Polk’s extensive and continuous experience advising clients in equity offerings gives us up-to-the-minute knowledge of market and regulatory developments. Our lawyers have represented virtually all of the leading underwriters as well as leading corporate issuers on many of the most significant equity offerings in history. With 10 offices located in the world’s key financial centers, our lawyers work collaboratively to provide any issuer anywhere with sophisticated advice and creative and practical service.

Recognition

“A longstanding leader in the field of equity, the securities team at Davis Polk & Wardwell LLP is equally adept advising issuers and underwriters in the full range of transactions.” – Legal 500 U.S. 

  • Chambers Global – Debt and Equity Capital Markets: Band 1, one of only four firms worldwide to be so ranked
  • Thomson Reuters – 1st in 13 Global and U.S. categories in 2016
  • Bloomberg – 1st in 10 Global, U.S. and EMEA categories in 2016
  • China Law & Practice Awards – "Debt & Equity-Linked Deal of the Year,” 2016
  • IFLR Americas Awards – "Equity Capital Markets Team of the Year," 2015 
  • IFLR Americas Awards – “Debt and Equity-Linked Team of the Year,” 2012, 2013 and 2014; first firm to win this award in three consecutive years

Davis Polk is proud to be the:

    • #1 IPO adviser in four of the last six years, having advised on over 30% of global IPOs by volume during that time
    • #1 IPO law firm for both U.S. and California IPOs based on Thomson Reuters deal-vale data for the last decade.

Notable Matters

We have worked on some of the most significant equity transactions, involving a variety of legal, financial, regulatory, tax and corporate governance issues. 

Davis Polk advised on:

  • Over 400 IPOs globally in the last decade
  • Five of the six largest IPOs in history (Agricultural Bank of China, AIA Group, Industrial and Commercial Bank of China, Visa, General Motors)
  • Three of the five largest global IPOs of 2016, including the world’s largest IPO in two years (Postal Savings Bank of China, DONG Energy, Nets A/S)
  • The largest U.S. IPO of 2015 (First Data)
  • The largest IPO by a:
    • U.S. issuer and the largest-ever U.S. IPO by a bank (Citizens Financial)
    • European issuer (NN Group)
    • Latin American issuer (Banco Santander Brasil)
    • Mexican issuer (Santander Mexico)
  • The first-of-a-kind Hong Kong IPO by China’s largest auto rental company involving a series of complicated pre-IPO company reorganizations (CAR Inc.)

Industry Strength

Our Global Capital Markets Group is world-renowned in advising issuers and underwriters on a wide range of equity transactions around the world and across all major sectors. 

Over the past decade, we have advised the following industries on their equity offerings: 

Consumer Retail. Our experience working with retail companies spans both e-commerce and traditional brick-and-mortar retailers. We have advised on over $56 billion in equity offerings by retail issuers such as Dufry, GNC, Stanley Black & Decker, Start Today, Vitamin Shoppe and Walgreens Boots Alliance, including $15 billion in IPOs by issuers such as BR Malls, Coty, Etsy, Prada, Grandvision, PANDORA, Red Star Macalline Group Corporation and Sprouts Farmers Market. 

Energy. We have represented most of the major energy companies, including leaders in oil and gas, utilities, alternative energy and renewables, and have advised on over 200 equity offerings totaling over $100 billion by issuers such as Callon Petroleum, Canadian Solar, Devon Energy, Ensco, ExxonMobil, Gran Tierra Energy, Hess, PDC Energy and Pattern Energy Group, including over $15 billion in IPOs by a issuers such as Abengoa Yield, Cobalt Energy, DONG Energy, Kosmos Energy, Star Petroleum Refining Public Company, Silver Spring Networks, Sunrun and TerraVia. 

Financial Institutions. We have advised the world’s leading financial institutions on over 350 equity offerings totaling $475 billion, including over 100 IPOs, valued at over $145 billion, by financial leaders such as Bats Global Markets, Grupo Supervielle, ICICI Prudential Life Insurance Company, Kinsale Capital, Postal Savings Bank of China and Virtu Financial. 

Healthcare. We have advised biotech, pharmaceutical, equipment and supplies and other leading healthcare issuers on over 300 billion in equity offerings totaling $65 billion by issuers such as Affimed, Auris Medical, Global Blood Therapeutics, Loxo Oncology, Mylan and Versartis as well as $15 billion in IPOs, including those by AC Immune, Advanced Accelerator Applications, Hermes Pardini, iRhythm Technologies, Patheon, Penumbra and Galapagos. 

Hospitality. We have advised leaders in the food and beverage, casino, hotels and recreation and other hospitality issuers on over $45 billion in equity offerings by issuers such as China Resources Beer (Holdings) Company Limited, Hilton Worldwide, J.M. Smuckers Company, MGM MIRAGE, Molson Coors Brewing Company and Tyson Foods, and $13 billion in IPOs such as those by Fogo de Chão, Hilton Hotels, Intrawest Resorts Holdings, Pandox, Red Rock Resorts, Telepizza and Yihai International. 

Metals and Mining. We have advised notable metals and mining issuers on over $60 billion in equity offerings by issuers such as ArcelorMittal, AK Steel Corporation, Cliffs Natural Resources, Mongolian Mining Corporation and TimkenSteel, including IPOs by China Nonferrous Mining Corporation Limited, Cloud Peak Energy, Elementia, Summit Materials and U.S. Silica. 

Real Estate. We have advised our real estate clients on over $25 billion in equity transactions, including advising on the largest ever IPO of a commercial office building REIT in the U.S. as well as offerings by Century Communities, Kennedy-Wilson, Lar España, LGI Homes and Uniti Group Inc. 

Technology. Our technology practice combines our traditional strengths in corporate transactions and governance with an in-depth understanding of the distinctive requirements of the tech world. We have advised on 300 equity offerings totaling $100 billion by tech issuers such as Ctrip.com, E*TRADE, Google, IHS Markit, MercadoLibre, NICE Systems, Taboola and Zillow Group, and over $20 billion in IPOs, including those by Coupa Software, eDreams Odigeo, First Data, GoDaddy, Nets A/S, Scout24 AG, SecureWorks and Yelp. 

Telecom and Media.  We have advised cable and satellite, entertainment, publishing and digital media issuers on over $17 billion in equity transactions, including offerings by Discovery Communications, Live Nation Entertainment, Netflix, Tele Columbus  and World Wrestling Entertainment (WWE) and IPOs by Manchester United and Twitter. 

Transportation. We have advised on over $65 billion in equity offerings by transportation issuers such as AerCap Holdings, Canadian Pacific Railway, China Railway Construction Corporation Limited, Genesee & Wyoming, MAHLE Metal Leve and Scorpio Tankers, including over $30 billion in IPOs such as those by Aena, Ardmore Shipping, Delphi Automotive, General Motors, Qingdao Port International Co., REV Group, Schaeffler AG and Wizz Air.