Alyssa Caples and Kelly Smercina Speak at IBA’s 2023 International Financial Law Conference

Cravath partners Alyssa K. Caples and Kelly M. Smercina participated in the International Bar Association’s 38th International Financial Law Conference, which was held from May 10‑12, 2023 in Lisbon, Portugal. Alyssa co‑chaired a panel entitled “Cutting the Apron Strings: the Start‑up’s Journey from VC Financing to IPO,” which reviewed key exit strategy considerations for start‑ups and venture capital funds and the benefits and disadvantages of the IPO route, including enhanced liquidity for investors, access to capital, maintenance of control and employee equity incentives, but also exposure to market volatility and regulatory burdens. Kelly spoke on a panel entitled “Here, There or Everywhere: Taking the Decision on Where to List and Why?,” which examined the current listing landscape and the competitive position of stock exchanges globally, including the current trends and future outlook of the IPO and listing market.