Fenwick & West corporate partner Dan Winnike spoke with the Daily Journal about Fenwick’s survey of technology and life sciences initial public offerings in 2013 authored by Winnike and securities co-chair Jeff Vetter.
The survey showed an impressive 62 percent jump in the number of IPOs in the technology and life sciences sectors in 2013.
“It adds up to about as strong a year as there was since 2000,” Winnike told the Daily Journal. “That follows decent years in 2011 and 2012, but in 2013, it looked like the market was really receptive.”
In the second half of 2013, the survey showed that follow on activity increased from historic levels with companies going back for more even while still within the lock-up period. Four companies with IPO lock-ups expiring in the first half of 2013 went back to market within the first 180 days of their IPO, and that number jumped to nine for companies with IPO lock-ups expiring in the second half of 2013.
“It still feels to us that, notwithstanding a bit of turbulence right now, conditions haven’t changed significantly. We’re optimistic that 2014 will continue to be a strong year for tech and life sciences IPOs,” Winnike said.