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Pinsent Masons Advises KATEK SE on Latest IPO

An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail investors. An IPO is typically underwritten by one or more investment banks, who also arrange for the shares to be listed on one or more stock exchanges.

Pinsent Masons advised KATEK SE and Hauck & Aufhäuser Privatbankiers AG on KATEK SE’s initial public offering on the regulated market of the Frankfurt Stock Exchange.

Led by corporate partner at Pinsent Masons Dr. Alexander Thomas, the firm prepared the IPO prospectus and assisted in the prospectus approval process. Hauck & Aufhäuser acted as Sole Global Coordinator and together with M.M.Warburg & CO as Joint Bookrunners for the IPO.

Commenting on the listing, Dr. Alexander Thomas, said: “We are delighted to have joined the Joint Bookrunners in the successful IPO of KATEK SE. KATEK is a very dynamic and high-growth company that addresses global trends such as the rise of electric vehicles and the need for e-mobility charging stations, the increasing demand for solar energy and innovative healthcare solutions.

By going public, KATEK is taking the next step in its growth story.”

KATEK SE is the parent company of the KATEK Group, a leading European electronics company offering hardware and software development, prototyping and manufacturing, and related services.

The range of services covers the entire life cycle of electronic assembly projects and devices.

All 3,948,042 shares were placed at a price of EUR 23.00 per share. The offering comprised 3,433,080 newly issued shares from a cash capital increase and 514,962 shares from the holdings of existing shareholders as part of an over-allotment in line with market conditions.

KATEK SE plans to use the circa EUR80 million proceeds of the IPO to advance its growth strategy.

The team at Pinsent Masons included capital markets partner Dr. Susanne Lenz, capital markets senior associate Dušan Stojković and associate Sara Šepac.

Latham Advises Financial Team in Coinbase Direct Listing

Coinbase is an American company that operates a cryptocurrency exchange platform. Coinbase is a distributed company; all employees operate via remote work and the company lacks a physical headquarters.

Latham & Watkins represented the financial advisers to cryptocurrency exchange platform Coinbase Global, Inc. in its direct listing on the Nasdaq Global Select Market under the ticker symbol “COIN” on April 14, 2021.

Latham previously represented Spotify in its ground-breaking direct listing on the NYSE in 2018 and the financial advisers in the direct listings of Slack and Asana on the NYSE in 2019 and 2020, respectively.

Latham represented the financial advisers to Coinbase in its direct listing with a capital markets team led by New York partners Marc Jaffe, Greg Rodgers, and Benjamin Cohen, with New York associates Brittany Ruiz, Jonathan Hernandez, and Darby Dietrich.

Advice was provided on corporate matters by Chicago partner Max Schleusener; on financial regulatory and cryptocurrency matters by New York partner Stephen Wink, with London associate Shaun Musuka; on financial regulatory, payments, and AML matters by Washington, D.C. partner Todd Beauchamp and London partner Stuart Davis, with Washington, D.C. associates Charles Weinstein and Loyal Horsley and London associates Gabriel Lakeman, Sam Maxson, and Sidhartha Lal; on bank regulatory matters by New York partner Alan Avery and New York counsel Pia Naib; on FCPA & sanctions matters by Washington, D.C. partner Eric Volkman, with Washington, D.C. associate C.J. Rydberg; on CFTC regulatory, enforcement, and litigation matters by New York partner Yvette Valdez and Chicago partner Eric Swibel, with New York associates Ashley Weeks, Adam Fovent, and Iris Xie; on tax matters by New York partner Jiyeon Lee-Lim, with New York associate Seung Hyun Yang; on benefits and compensation matters by New York partner Bradd Williamson, with New York associate Anne Bracaglia; on data privacy and security matters by Washington, D.C. partner Jennifer Archie, with Washington, D.C. associate James Smith and London partner Fiona Maclean and London counsel Danielle van der Merwe, with London associate Liz Longster.

Kirkland Counsels Authentic Equity on $230 Million IPO

Kirkland & Ellis advises Authentic Equity Acquisition Corp., a special purpose acquisition company formed for the purpose of entering into a combination with one or more businesses, on its initial public offering of 20 million units at $10 per unit and the sale of an additional 3 million units at a price of $10 per unit pursuant to the underwriters’ full exercise of their over-allotment option. Total gross proceeds from the offering were $230 million before deducting underwriting discounts and commissions and other expenses.

The Kirkland team was led by capital markets partners Christian Nagler and Debbie Yee and associates Chris Fox and Ibe Alozie; transactional partners Mike Movsovich and James Hu and associate Michael Chung; tax partners Scott Fryman and Mike Beinus; investment funds partner Alexandria Glispie; and ERISA partner Elizabeth Dyer.

Read Authentic Equity’s press release

White & Case Advises On Nordnet IPO

White & Case is an international law firm based in New York City. Founded in 1901, the firm has 45 offices in 31 countries worldwide. White & Case is one of the top ten law firms worldwide in terms of revenue.

White & Case has advised Carnegie Investment Bank AB, J.P. Morgan Securities plc and Citigroup Global Markets Limited, as joint global coordinators, and ABG Sundal Collier AB, Joh. Berenberg, Gossler & Co. KG, DNB Bank ASA, Sweden branch and Skandinaviska Enskilda Banken AB, as joint bookrunners, on the SEK 10.378 billion initial public offering and Nasdaq Stockholm listing of Nordnet.

Founded in 1996, Nordnet is a leading pan-Nordic digital savings and investments platform.

It was one of Sweden’s first internet brokers and later expanded its operations to include banking and pension services. Nordnet is now primarily active in three business areas: savings and investments, pensions and loans.

The shares of Nordnet started trading on Nasdaq Stockholm on 25 November 2020.

The offering was substantially over-subscribed, attracting very strong interest from large Swedish and international institutional investors as well as the general public in Sweden, Norway, Denmark and Finland.

The market capitalisation of Nordnet, based on the IPO price of SEK 96 per share, is approximately SEK 24 billion. As a result of the IPO, Nordnet will have more than 32000 shareholders.

The legal team which advised on the transaction was led by partners Johan Thiman and Mikko Hulkko and included partners Chad McCormick and Martin Järvengren, counsel Doron Loewinger and associates Christoffer Nilmén, Antonia Severin, Christian Meijling and Johanna Wagner, Thomas Killeen, Laura Kitchen and Michael Rodgers.

Latham Advises Berkeley Lights in IPO

An initial public offering (IPO) refers to the process of offering shares of a private corporation to the public in a new stock issuance. An IPO allows a company to raise capital from public investors.

Berkeley Lights, Inc., a leader in Digital Cell Biology, has announced the pricing of its initial public offering of 8,100,000 shares of common stock at a public offering price of $22.00 per share. All of the shares of common stock are being offered by Berkeley Lights.

Latham is an American multinational law firm. Founded in 1934 in Los Angeles, California, Latham is the second-largest law firm in the world by revenue.

In addition, Berkeley Lights has granted the underwriters a 30-day option to purchase up to an additional 1,215,000 shares of common stock at the initial public offering price, less the underwriting discounts and commissions. Berkeley Lights’ common stock began trading on the Nasdaq Global Select Market on July 17, 2020, under the ticker symbol “BLI.”

The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Berkeley Lights, are expected to be approximately $178.2 million, excluding any exercise of the underwriters’ option to purchase additional shares.

Latham represents Berkeley Lights, Inc. in the offering with a life sciences capital markets team led by Bay Area partner Brian Cuneo with Bay Area associates Alexander White, Meredith Peake, Raul Gonzalez, Theresa Bloom and Amanda Dillon.

Advice was also provided on tax matters by Bay Area partner Grace Lee, with Bay Area associate Abigail Friedman; on benefits and compensation matters by Bay Area partner Ashley Wagner; on intellectual property matters by Bay Area partner Judith Hasko, with Bay Area associate Gavin Liu; and on regulatory matters by Washington, D.C. partner Elizabeth Richards and Bay Area counsel Betty Pang, with Washington, D.C. associate Chad Jennings.

£14.7 billion raised in secondary offerings since the start of the year

Overall secondary offerings have reached £14.7 billion across 135 transactions in the UK for the year to date, according to new analysis from Deloitte. A secondary offering refers to the sale of shares in a listed company occurring after a company’s IPO, with the transaction taking place through either London’s Main Market or AIM.

Prior to the lockdown in the UK, the amount of money raised in January and February 2020 was almost twice that of the same period in 2019 (£3.4 billion vs £1.9 billion), signalling increased business optimism. Despite a drop in March, April and May both saw elevated levels of equity fundraising in London.

Chris Nicholls, Head of Equity and PLC Advisory at Deloitte, said: “The UK market has very much been open for existing listed companies seeking additional equity capital, including those from the retail and hospitality sectors. Typically this has been to strengthen balance sheets and improve liquidity in the wake of the pandemic. I would expect fundraising activity to continue into the rest of the year, albeit with only a modest trickle of IPOs.”

Since 23 March this year, the FTSE 100 and S&P 500 have risen 29.8% and 42.8% respectively, boosted by the gradual reopening of world economies and bold government and central bank stimulus measures. However, volatility levels remain elevated compared to long-term averages with the global VIX Index currently in the region of 24, substantially higher than the 2019 average of approximately 15.

Chris Nicholls concludes: “Whilst volatility has substantially reduced from March levels, any VIX reading above 20 traditionally represents a difficult environment in which to launch IPOs. However, global equity markets are recovering strongly from the unprecedented shock to the economy caused by COVID-19.”