Tech groups - early stage
No doubt, the top tech groups (i.e. GS TMT, Q, MS Menlo) are pretty well known. However, I'm curious about which bank groups are most dominant in early stage tech M&A or IPOs?
For example, I'm talking more about the Snowflakes and Snaps of the world when they were still new as opposed to dealing with more mature tech clients like Apple, Intel, etc. Or, in other words, which bank groups are most dominant working with top startups that engage in M&A and go public?
Hey Prospect in IB - Restr, I'm here to break the silence...any of these links help you?:
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I hope those threads give you a bit more insight.
I'm not sure I understand your question. Are you asking about (1) who works with early stage / early growth startups (i.e. Seed --> Series C) or (2) who works with these startups when they are closer to IPO or executing a large acquisition / sale?
All the top tech BB groups have venture / earlier stage coverage strategies these days. And considering the current private company valuation environment, a fast-growing software company in an exciting area can command a 20x+ multiple on run-rate revenue. So pretty quickly a new company can be worth close to a billion dollars (more if strategic value to a big tech player). All more reason the same players that cover the big tech players are zoned in on covering the good "small" / newer players.
Early stage start-ups don’t engage bankers for their earlier rounds. It also does not make commercial sense for the banker since earlier rounds tend to be too small to generate sufficient fees for the bank.
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