Perella Weinberg lists on Nasdaq market amid investment banking boom

Merger and acquisition deals worth more than $1.8 trillion have already been announced this year

Buildings in the Manhattan skyline in New York, U.S., on Thursday June 17, 2021. New York state's pandemic mandates were lifted last week, after 70% of the adult population has now been given at least one dose of a coronavirus vaccine. Photographer: Victor J. Blue/Bloomberg

The rumours about a Perella Weinberg Partners initial public offering began as early as the year it was founded.

Now, 15 years later, the boutique investment bank went public in a way that few would have imagined. After investors approved a deal for the investment bank to merge with a special purpose acquisition company sponsored by finance entrepreneur Betsy Cohen, Perella Weinberg started trading on Friday.

New York-based Perella Weinberg, founded by famed dealmakers Joe Perella and Peter Weinberg, listed its shares on the Nasdaq exchange during a dealmaking boom.

At more than $1.8 trillion of announced mergers and acquisitions this year, the industry is on track to have its best volumes on record, according to data tracked by Bloomberg.

“We are ready,” Mr Weinberg said during an interview with Bloomberg TV on Monday.

“We are structurally ready with respect to our firm. We are ready, we believe, with our leadership and our people. And most importantly, we are ready with respect to the growth opportunity that we really want to pursue and being public really helps us achieve that goal.”

Shares of Perella rose slightly to $13.06 at 10.35am in New York on Monday.

The investment bank swung to a profit in the first quarter of this year, with revenue climbing 84 per cent in the heat of the deal frenzy. Perella Weinberg has received a stamp of approval from Wall Street analysts, with Devin Ryan of JMP Securities saying the company is in a "hyper-growth" phase.

“Perella Weinberg is entering its next phase of scale and growth with significant runway ahead,” Mr Ryan said on Monday in a note to clients.

"Partner headcount is the biggest driver of revenue expansion", and the company is expected to grow faster than its peers, he said.

The investment bank has advised on deals this year including AT&T's sale of media assets to Discovery – the largest announced combination in 2021 – and the purchase of Cloudera by a group of buyout companies.

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