Newmax’s stock debut may be the talk of Wall Street, but the investment bank behind the deal is not normally associated with the sector’s splashiest IPOs.
Rather than using a large advisory firm like Goldman Sachs or Morgan Stanley, Newsmax tapped a relatively obscure advisor: Laguna Beach, California-based Digital Offering LLC, which has just 10 full-time registered bankers, three of whom act as principal investment bankers. The stock debut has helped put the bank on the map and is already driving new business to the firm, said Mark Elenowitz, a managing director at the firm, based in New York.
“It’s huge for us,” Elenowitz told Business Insider in an interview. “The small-cap community knows who we are, but the rest of Wall Street didn’t.”
Digital Offering advises companies valued at $1 billion or less — what’s considered small potatoes for some…
