If you don't have the time to read every S-1 that comes across the tape, but you do have time to read this blog, then you aren't using your time wisely...
Thomas Weisel Partners, a relatively new and independent investment bank out of San Francisco, has finalized its IPO terms. I usually skim S-1's but I read this one very closely because this investment bank has significant asset management and private equity businesses. If you want to know your industry you need to stay on top of the competition.
Interestingly, for an investment bank, TWP derives a large chunk of its revenue from institutional brokerage services rather than M&A advisory fees. Also interestingly, TWP seems to have a pretty large asset management business for an investment bank that is only 8 years old. I'm not sure if this is solely "committed capital" or if is actual hard dollars in their coffers, but either way, it is impressive.
I expect the offering to be well received, even though they blatantly state in their S-1 that they are using funds to pay back shareholders and pay back their bankers for years of decreased salary. We will see.
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