Leading capital markets attorney Rachel Phillips helps clients navigate their most critical and challenging transactions and governance issues. Public companies, private equity sponsors, private equity portfolio companies, underwriters, and selling shareholders alike look to Rachel for her sophisticated transactional insight and wide-ranging compliance knowledge. She is particularly valued by issuers in Canada and other countries planning initial or follow-on offerings in the United States.
Rachel’s experience encompasses a wide range of capital markets transactions, including initial public offerings, follow-on offerings, and mergers and acquisitions. Her practical approach to closing deals and extensive experience with all phases of transactional negotiations bring welcome efficiency to clients’ critical strategic transactions.
Experience
Initial Public Offerings:
- Bob’s Discount Furniture in its $330 million IPO
- The underwriters in the $832 million IPO of Accelerant Holdings
- The underwriters in the $325 million IPO of EverCommerce, Inc.
- The underwriters in the $511 million IPO of Endeavor Group Holdings, Inc.
- Hayward Industries in its $685 million IPO
- The underwriters in the $690 million IPO of Diversey Holdings, Ltd.
- Baring Private Equity Asia, now EQT Asia, as a selling stockholder in the CAD$1.36 billion IPO of TELUS International, Inc.
- Foghorn Therapeutics in its $120 million IPO
- The underwriters in the $3.3 billion IPO of Avantor, Inc.
- The underwriters in the $152 million IPO of Bain Capital Specialty Finance
- Canada Goose Holdings, Inc. in its CAD$240 million cross-border IPO
- DAVIDsTEA, Inc. in its $96 million IPO
- Trinseo S.A. in its $219 million IPO
- Acceleron Pharma, Inc. in its $83 million IPO
- BRP, Inc. in its initial U.S. listing on the New York Stock Exchange
- Bright Horizons Family Solutions in its $220 million IPO
- Dunkin’ Brands in its $400 million IPO
Equity Offerings:
- Foghorn Therapeutics in its $50 million registered direct offering
- BRP, Inc. in its CAD$185 million block trade offering
- BRP, Inc. in its CAD$136 million block trade
- Foghorn Therapeutics in its $110 million registered direct offering
- BRP, Inc. in its CAD$139 million secondary offering
- BRP, Inc. in its CAD$182 million block trade offering
- Acceleron Pharma, Inc. in its $450 million follow-on offering
- The underwriters in three separate follow-on offerings for Avantor, Inc.
- The underwriters in the $85 million follow-on offering of Kiniksa Pharmaceuticals Ltd.
- Acceleron Pharma, Inc. in its $129 million follow-on offering
- Canada Goose Holdings, Inc. in its CAD$640 million secondary offering
- Canada Goose Holdings, Inc. in its CAD$457 million secondary offering
- BRP, Inc. in its CAD$306 million offering
- Canada Goose Holdings, Inc. in its CAD$259 million secondary offering
- Bright Horizons Family Solutions in its $257 million secondary offerings
- Trinseo S.A. in $1.7 billion in secondary offerings
- Acceleron Pharma, Inc. in its $150 million follow-on offering
- Bright Horizons Family Solutions in its $280 million secondary offering
- Dunkin’ Brands in its $775 million secondary offering
- Dunkin’ Brands in its $560 million secondary offering
Debt Offerings:
- Tronox, Inc. in its $500 million senior notes offering
- Trinseo S.A. in its $397.5 million exchange offering
- Surgery Center Holdings in its $800 million high yield senior notes offering
- Trinseo S.A. in its $1.077 billion in secured notes offering
- Baring Private Equity Asia, now EQT Asia, and Virtusa Inc. in their $300 million senior notes offering
- Tronox, Inc. in its $1.075 billion senior notes offering
- Tronox, Inc. in its $400 million senior notes offering
Other Representations
- Longview Acquisition Corp., a special purpose acquisition company, in its $1.5 billion business combination with Butterfly Network, a digital health company
- Alibaba in connection with its $1.15 billion investment in Farfetch Ltd.
- The lead dealer managers in the rights offering of Bain Capital Specialty Finance
Credentials
Publications
Presentations
Awards
Throughout 2026, Ropes & Gray is celebrating the 25th anniversary of our New York office. “The New York office is incredibly important to our clients and to our firm,” says Rachel Phillips, a New York capital markets partner. “For capital markets, for M&A, for private equity, all of these roads intersect in New York City.”