Private Capital Conference Bill Nelson, Capital Markets Practice Group January 2018
2017 Trends Public Markets Public equity markets for IPOs and follow-on offerings less strong in 2017 Source: PwC 2 2016 Haynes and Boone, LLP
2017 and 2018 Trends IPOs Closing Price Price Change Since Company Facts IPO Price on 01/24/2018 IPO Q1 2017 Keane Group (FRAC) Raised 508m 19.00 17.80 Priced within the range Traded on the NYSE on 01/20/2017 Jagged Peak Energy (JAG)…
2017 Trends Dual Track Run simultaneous M&A and IPO processes Create bid tension even if none exists Serious about an exit Opportunity to prepare for being public even if not through an IPO Prepared to maintain conservative…
2017 Trends SPAC Transactions Blank Check Company Publicly-trade company that uses IPO proceeds to fund an acquisition to be determined after fundraising Nearly all IPO proceeds placed in trust; management has deadline to complete…
2017 Trends Recent SPAC Acquisitions Silver Run Acquisition Corp. (Riverstone) - 500 million Acquisition of Centennial Resource Development, Inc. (July 2016) Silver Run Acquisition Corp. II (Riverstone) - 1.035 billion Alta Mesa and…
2017 Trends SPACs in Acquisition Mode Kayne Anderson Acquisition Corp. - 350 million Vantage Energy Acquisition Corp. (NGP) - 480 million TPG Pace Energy Holdings - 650 million 7 2018 Haynes and Boone, LLP
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