As the nation’s leading business law firm for entrepreneurs, emerging growth companies and venture capitalists, we are frequently asked, “what’s market in an IPO?” We analyzed the 71 venture-backed companies incorporated in the United States that were involved in IPOs on U.S. stock exchanges during 2013, reviewing their IPO prospectuses and corporate governance documents. This report outlines what we learned, “by the numbers,” in the following key areas: JOBS Act accommodations, directors and independence, board committees, board policies, stock plans, key metrics and non-GAAP financial measures, and defensive measures.
About the Companies and the IPOs
2013 was the strongest year for venture-backed IPOs in almost a decade: 82 deals (the most since 2007) generated aggregate proceeds of over $11.2 billion, an average offering amount of $137.2 million. At least one venture-backed company went public each month in 2013, and the pace of IPOs has accelerated in the first two months of 2014.
Venture Backed IPOs (2002 - 2013) Source: Thomson Reuters and The National Venture Capital Association
This survey focuses on the 71 venture-backed companies incorporated in the United States that completed their IPOs in 2013.
Gunderson Dettmer is a business law firm for entrepreneurs, emerging growth companies, and venture capitalists. The firm consists solely of business lawyers and focuses on solving business problems, executing business strategies, and achieving critical business objectives.
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