IPO Advisory

Our IPO advisory practitioners collaborate on all aspects of the underwriting process with management, owners and underwriters. We are adept at anticipating challenges and navigating obstacles because of our unique position within the company's deal team – bringing decades of experience and perspective from leading hundreds of transactions as an underwriter. Since our founding in 2005, Solebury has advised nearly 100 IPOs with over $50 billion in proceeds.

In the early stages of the process, we work with management to crystallize their equity story in anticipation of engaging banks, we develop a realistic timetable, assist in selecting and structuring underwriting groups, and aid in negotiating fees and structuring compensation.

Deeper in the process we assist in developing the marketing message, help to engage the research analyst community, advise on selecting the right execution market window and help to craft the marketing plan.

As our clients approach the marketing launch, we advise on valuation and go-to-market price range, advise on transaction size, police the quality of the roadshow audience, monitor bookbuilding and develop strategies for optimal pricing, share allocations and aftermarket trading.

Importantly we are an on-call resource to consult with when unexpected issues arise. 94 IPO’s since our founding in 2005 and over 57 since 2013 with over $21 billion in proceeds.

Marketed Follow-On Advisory

Similar to an IPO – Solebury is an active member of the deal team participating in the following phases: Overall strategy (monetization options, sizing alternatives, execution timing); Preparation (Underwriter selection, structuring & economics, investor targeting), and execution (market windows, roadshow effectiveness, pricing/allocation/stabilization).

Marketed follow-on offerings can be fragile transactions – challenging to execute due to an actively traded currency and market’s ability to influence key variables. While the IPO is a quasi-negotiation about price, a follow-on will be a negotiation about price vs. demand vs. allocation in a setting where the price is a constant moving target. We aim to help issuers maximize price and investor quality by levering our ECM relationships and active deal flow to find the right window and execution strategy, drive roadshow tactics to focus on momentum, investor targeting, test and review allocations and provide unbiased views on how to best battle price sensitive limit orders.

Since 2013, we have advised on over 144 follow-ons with over $56 billion in proceeds.

Block Trade

Block trades have been a useful tool for an Issuer to access the capital markets for decades but have grown in popularity more recently as the capital markets have matured and sellers have become more sophisticated.

While a block trade decreases execution risk for the issuer, these transactions require an intense due diligence and documentation process within a very short timeframe with multiple parties. Our unique position has played a central role in the executions of numerous block trades with our expertise and procedures allowing issuers to fully engage the markets with utmost confidentiality while yielding seamless execution. Solebury’s position serves as a risk mitigant not only for issuers but for potential bidders. Our activities include screening for suitability, document preparation, team coordination, timeline development & accountability, diligence coordination and market assessment.

Since 2013, we have advised on over 91 block trades with over $37 billion in proceeds.