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In our latest edition we recap significant transactions involving Bermuda public companies over the period of Q4 2014 through Q1 2015.
In full view, the US IPO market ended Q4 with a flourish, capping off the most active year for IPOs since 2000. The momentum did not continue in Q1 2015, however, as only 34 IPOs were completed, raising US$5.4 billion and marking an approximately 50% decrease by both volume and value for the same period last year.
Since our last edition in November, three new Bermuda companies have completed listings on the NYSE and Nasdaq. Axalta Coating Systems Ltd. (NYSE:AXTA) completed its US$975 million IPO in November 2014, the ninth largest IPO on the NYSE in 2014. Earlier this year in March, C&J Energy Services Ltd. (NYSE:CJES) (“C&J”) also listed its shares on the NYSE. The listing of C&J resulted from its merger with the completion and production services businesses of Nabors Industries Ltd. (NYSE:NBR). James River Group Holdings, Ltd. (NasdaqGS:JRVR), an insurance holding company, also completed its IPO on Nasdaq late last year. This brings the number of Bermuda insurance companies listed on the NYSE and Nasdaq to 19. The consolidation trend in the Bermuda insurance sector has resulted in frenzied M&A activity in this sector in Q4 and Q1. We have included further details of the market development in this edition of our update, which we hope will be of interest to our legal colleagues, clients and Bermuda market followers.
To continue reading full articles in PDF format:
Bermuda Public Companies Update – May 2015