Capital Markets
Our full-service global team acts for issuers, selling shareholders and underwriters, investment banks and governments, provides flexibility to structure transactions to achieve growth requirements.
Covering all areas of industry, Freshfields advises on equity capital markets transactions, including IPOs, secondary offerings (including rights issues, open offers and placings), equity-linked debt securities, block trades and accelerated book-build offerings.
Freshfields’ capital markets department experience across a broad range of products is refined and augmented by advising on the largest and most complex cross-border transactions.
Our debt capital markets practice covers standalone issuances, programmes, equity-linked, hybrid and subordinated debt. Our top-tier US securities practice, able to advise on Rule 144A placements to institutional investors in the US, is integrated within these teams, and our sophisticated disclosure lawyers are well-versed in 10b-5 disclosure standards.
Clients trust Freshfields’ commercial and practical approach, seamlessly collaborating across specialties and practices to build bespoke teams tailored to the nuances of different insolvency regimes, tax structures and accounting standards. Our qualified lawyers in every major jurisdiction (including an integrated US capital markets team operating across Europe, Asia and the US) help with listings on the world’s key stock exchanges using a range of offering structures. This integrated set-up puts us at the forefront of global developments, such as SPAC transactions or ESG-related aspects.
Recent client successes
Advising J.P. Morgan Securities as Joint Global Coordinator and underwriter in connection with the IPO of IONOS Group
IONOS, the leading European digitalisation partner for small- and medium-sized enterprises, has been listed on the regulated market (Prime Standard) of the Frankfurt Stock Exchange since 8 February 2023. The syndicate consisted of nine banks led by Joint Global Coordinators and Joint Bookrunners J.P. Morgan, Berenberg, Deutsche Bank and BNP Paribas. Barclays, Goldman Sachs and Commerzbank acted as additional bookrunners and DZ Bank and LBBW as co-lead managers.
Advising Alibaba on its $12.9bn secondary listing in Hong Kong, Hong Kong's largest and world's second-largest public offering in 2019
Advising on Republic Services’ SEC-registered investment grade notes offerings
Freshfields lawyers have advised on over $18bn of such offerings since 1998.
Advising the Board of Management of Porsche Automobil Holding on the IPO of Dr. Ing. h.c. F. Porsche AG (Porsche AG) and the framework (cornerstone) agreement concluded between Porsche SE and Volkswagen
The share capital of Porsche was divided into 50 per cent preferred shares (Vorzugsaktien) and 50 per cent ordinary shares (Stammaktien), with approximately 25 per cent of the preferred shares placed in the capital market.
The underwriters of Samsara in connection with its $805m IPO on the New York Stock Exchange.
Awards & Recognitions
Band 1, Capital Markets: Chambers Europe Equity, Europe-wide, 2023
Band 1, Capital Markets: Chambers Europe, Equity and Debt, Germany, 2023
Band 1, Capital Markets: Chambers Asia-Pacific, Equity (International Firms), China, 2023
Equity Firm of the Year, IFLR Asia Awards
Dealmaker of the Year, Valerie Ford Jacob, The American Lawyer
Lawyer of the Year – Debt Capital Markets, Sarah Solum, Women in Business Law Americas Awards
"Formidable reputation in ECM matters, including IPOs, rights issues and large share deals across European jurisdictions."
"Very strong firm with a wealth of experience and an excellent team of lawyers."
"Freshfields does tremendous work."
"Freshfields is able to navigate extremely turbulent and dynamic time periods in the capital markets."
