Our IPO advisory practitioners collaborate on all aspects of the underwriting process — we become an extension of the senior management team providing expertise, judgment, proprietary data and process leverage. Ultimately, we aim for a higher level of control, transparency and insight which clarifies an often opaque process. Unfiltered and granular information combined with our judgment will both anticipate potential issues and guide next steps.

Our value add is rooted in our decades of experience and thousands of transactions as an advisor and an underwriter. Importantly we are an on-call resource to consult with when unexpected issues arise.

In the early stages of the process, we work with management to crystallize their equity story in anticipation of engaging banks, we develop a realistic timetable, assist in selecting and structuring underwriting groups, and aid in negotiating fees and structuring compensation.

Deeper in the process we assist in developing the marketing message, help to engage the research analyst community, advise on selecting the right execution market window and help to craft the marketing plan.

As our clients approach the marketing launch, we advise on valuation and go-to-market price range, advise on transaction size, police the quality of the roadshow audience, monitor bookbuilding and develop strategies for optimal pricing, share allocations and aftermarket trading.

Since our founding in 2005, WRF LLC has advised on over 190 IPOs representing approximately $100 billion in proceeds.

See Our Representative IPO Experience

Marketed follow-on offerings can be fragile transactions – challenging to execute due to an actively traded stock and the market’s ability to influence the share price. We guide issuers in maximizing price and investor quality by focusing on specific tactics to counter negative market dynamics and add the transparency that our clients require for informed decisions often made on short-notice.

Since 2005, we have advised on over 165 follow-ons with $72 billion in proceeds.

As sellers become more sophisticated, monetizations through block trades have grown in importance. These transactions require an intense due diligence and documentation process with multiple parties within a very short timeframe. We have the capabilities and expertise to engage the market with utmost confidentiality while mitigating risk and enabling seamless execution for both issuers and potential bidders. Our judgment, knowledge of bankers’ risk appetite and process management ultimately ensures best block pricing for our clients.

WRF LLC has advised on over 300 block trades since 2005 with nearly $95 billion in proceeds.

Structured equity products, including convertibles and mandatory exchangeables as well as SPACs, ATMs and structured private placements, are an increasingly valuable financing tool for our clients. We bring our decades of expertise in these products to not only help our clients navigate through the structuring complexities but also help to ensure the most favorable pricing outcomes. Importantly, our focus is to bring transparency to what is often an opaque process and pricing outcome such that our clients make the most informed decisions possible. Recent experience include advisory assignments for a $345mm convert and call spread for CNX Resources, a $500mm convertible and call spread for Under Armour and a $135mm pre-IPO private convertible for SelectQuote.