close

For more than four decades, Fenwick & West LLP has helped some of the world’s most recognized companies become, and remain, market leaders. From emerging enterprises to large public corporations, our clients are leaders in the technology, life sciences and cleantech sectors and are fundamentally changing the world through rapid innovation.  MORE >

Fenwick & West was founded in 1972 in the heart of Silicon Valley—before “Silicon Valley” existed—by four visionary lawyers who left a top-tier New York law firm to pursue their shared belief that technology would revolutionize the business world and to pioneer the legal work for those technological innovations. In order to be most effective, they decided they needed to move to a location close to primary research and technology development. These four attorneys opened their first office in downtown Palo Alto, and Fenwick became one of the first technology law firms in the world.  MORE >

From our founding in 1972, Fenwick has been committed to promoting diversity and inclusion both within our firm and throughout the legal profession. For almost four decades, the firm has actively promoted an open and inclusive work environment and committed significant resources towards improving our diversity efforts at every level.  MORE >

At Fenwick, we are proud of our commitment to the community and to our culture of making a difference in the lives of individuals and organizations in the communities where we live and work. We recognize that providing legal services is not only an essential part of our professional responsibility, but also an excellent opportunity for our attorneys to gain valuable practical experience, learn new areas of the law and contribute to the community.  MORE >

Year after year, Fenwick & West is honored for excellence in the legal profession. Many of our attorneys are recognized as leaders in their respective fields, and our Corporate, Tax, Litigation and Intellectual Property Practice Groups consistently receive top national and international rankings, including:

  • Named Technology Group of the Year by Law360
  • Ranked #1 in the Americas for number of technology deals in 2015 by Mergermarket
  • Nearly 20 percent of Fenwick partners are ranked by Chambers
  • Consistently ranked among the top 10 law firms in the U.S. for diversity
  • Recognized as having top mentoring and pro bono programs by Euromoney

MORE >

We take sustainability very seriously at Fenwick. Like many of our clients, we are adopting policies that reduce consumption and waste, and improve efficiency. By using technologies developed by a number of our cleantech clients, we are at the forefront of implementing sustainable policies and practices that minimize environmental impact. In fact, Fenwick has earned recognition in several areas as one of the top US law firms for implementing sustainable business practices.  MORE >

At Fenwick, we have a passion for excellence and innovation that mirrors our client base. Our firm is making revolutionary changes to the practice of law through substantial investments in proprietary technology tools and processes—allowing us to deliver best-in-class legal services more effectively.   MORE >

Mountain View Office
Silicon Valley Center
801 California Street
Mountain View, CA 94041
650.988.8500

San Francisco Office
555 California Street
13th Floor
San Francisco, CA 94104
415.875.2300

Seattle Office
1191 Second Avenue
10th Floor
Seattle, WA 98101
206.389.4510

New York Office
1211 Avenue of the Americas
32nd Floor
New York, NY 10036
212.921.2001

Shanghai Office
Unit 908, 9/F, Kerry Parkside Office
No. 1155 Fang Dian Road
Pudong New Area, Shanghai 201204
P.R. China
+86 21 8017 1200


Fenwick IPO Survey Indicates Brisk Pace in First Half of 2014; Life Sciences Outnumbered Technology IPOs

Mountain View, Calif. (August 14, 2014) – The brisk pace of initial public offerings that began in 2013 continued in the first half of 2014, with a higher volume of life sciences than technology companies going public during this period, and each sector highlighting distinct IPO-related trends. These and other findings are noted in Fenwick & West’s latest initial public offerings (IPO) report, released today. 

The report, “Key Metrics for Recent Technology and Life Sciences Initial Public Offerings,” analyzed technology and life sciences IPOs that were completed in the first half of 2014 by U.S. as well as international issuers (76 total were completed). It is authored by Fenwick partners Dan Winnike and Jeff Vetter.

“Overall the year started off strong, and while there was a slowdown at the end of the second quarter, companies with solid fundamentals have been able to proceed with their IPO as planned and we are seeing the pipeline continue to fill behind them with quality companies,” said Vetter. “However, there are distinct differences between technology and life sciences IPOs and how they perform.”

Insights found in the Fenwick IPO survey include:

Technology and Life Sciences IPOs Show Distinct Differences

Proceeds. Of the completed technology IPOs, just under 60 percent raised more than $100 million, and just over 20 percent raised over $200 million. Of completed life sciences IPOs, fewer than 20 percent raised over $100 million and under 5 percent raised over $200 million.

Pricing. Of the completed life sciences IPOs, 44 percent priced below the range provided in their red herring while only 15 percent of the technology deals priced below their red herring range. 

Lock-Up Expiration. Technology companies showed greater volatility around the expiration of their lock-up periods than did life sciences companies. On average, technology companies completing IPOs in the second half of 2013, thus having their lock-ups expire in the first half of 2014, were more likely to be trading down around the time of, and two weeks following, the expiration of their lock-ups than were life sciences companies.

Insiders and Strategic Partner Disclosure. While it is somewhat common in the life sciences industry for insiders and strategic partners to purchase significant amounts of the shares offered in the IPO, it is unusual in technology company IPOs. In the second quarter of 2014,insiders or strategic partners were disclosed on the prospectus cover as purchasing in (or alongside) five IPOs, representing 25 percent of all technology IPOs in the second quarter of 2014, as opposed to none in the first quarter of 2014.

Momentum for Follow-On Offerings Continues

Follow-on offerings for IPO issuers remained popular during the first half of 2014. Of the 45 companies that completed life sciences or technology IPOs in the second half of 2013, 13 completed follow-on offerings within 180 days of their IPO.

Growing Appetite for Cross-Border IPOs

Of the 2014 technology and life sciences IPOs, 14 were for companies with headquarters outside the U.S., with six of these being for China-based companies, five for European-based companies, two for companies based in Israel and one company based in Canada.

In the first half of 2014, Fenwick advised on high-profile IPOs including GoPro and King Digital, maker of leading game Candy Crush Saga.

“Fenwick advised our company and underwriter clients on 10 completed IPOs since the year began, and have many deals in the pipeline,” said Winnike. “We are optimistic that the second half of the year will remain strong, despite current market turbulence.”

To see the full survey results, graphical representation of the data or for more analysis and information, please visit fenwick.com/iposurvey.

About Fenwick & West
Fenwick & West provides comprehensive legal services to ground-breaking technology and life sciences companies at every stage of their lifecycle. We craft innovative, cost-effective and practical solutions for established and emerging companies on issues ranging from venture capital, public offerings, joint ventures, M&A and strategic relationships, to intellectual property, litigation and dispute resolution, taxation, antitrust, and employment and labor law. For more than four decades, Fenwick has helped some of the world's most recognized companies become and remain market leaders.