US equity issues are surging to a record high and projected to stay strong for the rest of 2020 even as the pandemic upends traditional in-person marketing junkets.
The initial public offerings process– not just how deals are getting done but also how they’re structured — has adapted in ways that will change capital markets for years to come.
While these meetings are similar to a formal roadshow, no official orders for shares are taken. The U.S. Securities and Exchange Commission amended rules last year to allow all companies to have these meetings, which were previously only available to emerging growth companies. Commitments can take the form of an anchor investment, which is a large order in the IPO, for investors who want to avoid triggering an immediate regulatory disclosure.
So far this year, Agora Inc., a Chinese video call service, rose 153% for the biggest pop at the close of its first day of trading. On Tuesday, financial services company nCino Inc. rocketed as much as 173% from its offer price in its trading debut. The shares were up 168% at 1:11 p.m. in New York, giving the company a market value of $7.4 billion after its $250 million IPO.
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