I‑Bankers Securities, Inc.

Est. 1996

Billions of Dollars Raised.

Global Footprint.

View Completed Transactions


Our institutional clients are long-term, repeat customers.

Let us show you why.

I-Bankers Securities was launched in 1996 with a clear vision to address an opportunity in international small cap equity markets. We saw a lack of international reach for US small cap issues even though strong small cap demand crosses oceans and borders. We were confident that we could add value by bringing these issues to institutional investors on multiple continents.

Our focus on:

  • Investment banking
  • International presence
  • IPO origination
  • Institutional distribution
  • Innovation
  • Integrity and insight

...and the opening of our first European base, in Italy, led us to the natural choice for our name: I-Bankers Securities.

Today with additional offices in Texas, California, and Connecticut, we continue to follow our strategy of using our international presence to add value to small cap offerings.


Our Track Record:

More than $7 billion in lead managed and co‑managed underwritings

As a boutique investment banking firm, we help small cap issuers access capital markets while we enable institutional investors to gain access to choice small cap investments.

We are most effective with offerings in the $10mm to $200mm range:

  • Secondary & follow-on offerings
  • PIPE offerings
  • Private equity offerings
  • M&A advisory


Get in touch


We focus on transactions from $5mm to $30mm and match institutions with companies according to deal parameters.

We focus on attractive pricing for the investor. Private placements are normally priced below the market.

We focus on speed for the issuer. A normal secondary offering in the U.S. markets can require up to three months just to register.

I-Bankers has provided private financing for market opportunities that could have easily been lost under a slower, registered offering.

A select group of institutions typically provide financing through an equity or a convertible issue.

Private placements require speculative risk tolerance, as they are illiquid, and carry a high degree of risk. Investors must be able to afford to lose their entire investment.



  • They are institutions, private bankers and sophisticated high net worth individuals
  • As deal manager we can allocate positions large enough to make a difference in an institutional portfolio, and we often arrange one-on-one encounters with company management


  • They are fast growing companies in search of creative funding solutions
  • We have raised capital for issuers in a variety of sectors including: biotech, energy, fashion, consumer goods, media, IT, healthcare, banking, renewable energy, real estate and others
  • I-Bankers has also been very active in managing, underwriting and distributing "blank check" or "SPAC" offerings since 2004


WBENC Certified

I-Bankers Securities is a Certified Women's Business Enterprise and a member of The Women's Business Enterprise National Council.

The WBENC is dedicated to advancing the success of Corporate Members, certified women's business enterprises (WBEs), and government entities in partnership with its Regional Partner Organizations (RPOs).

For more information on the WBENC and to learn how they are expanding opportunities for women entrepreneurs, please visit their website at WBENC.org.


A Briefing on Special Purpose Acquisition Companies

Structured to offer downside protection / upside potential

  • SPACs are blank-check companies that have no operations but go public with the intention of merging with or acquiring a company with the proceeds of the SPAC’s initial public offering (IPO).
  • More than 200 SPACs have gone public (through an IPO) in the last 10 years, all of which were structured to allow the investors the right to choose to
    • a) remain a shareholder at the time of the merger/acquisition or
    • b) have their shares redeemed for the pro rata amount held in the escrow (typically the amount invested or more).
  • In 2007 the SPAC sector represented over 25% or the U.S. IPO market. Over $2.7 billion was raised by SPAC IPOs globally in 2013, up from $327 million in 2012, according to Thomson Reuters data.
  • The basic concept: A SPAC is typically structured as a publicly-traded company with cash, a strong management team, and a time-sensitive mandate to acquire an attractive operating business.
  • A recent example of a SPAC merger is Burger King, which merged with a SPAC in 2012:

From The Wall Street Journal:

The decision to go public again was driven by building momentum at the restaurant chain, with the deal providing Burger King a chance to list itself without going through the time-consuming process of a traditional initial public offering, Burger King Chief Financial Officer Daniel Schwartz said Tuesday. "This route allows management to focus on running the business," Mr. Schwartz said.

From the investor’s point of view:

  • Typical SPAC terms give the investor a common share and a warrant position (both traded in the market). Investors are free to trade these securities like any other IPO.
  • Most SPAC structures today hold at least 100% of the initial IPO price in escrow, invested in short term government securities. When a transaction is proposed, investors can redeem the share for the amount held in trust if not convinced of the merits of the acquisition.
  • This provides upside opportunity if the acquisition is well received, but downside protection through the right to redeem the share.
  • Both the share and the warrant are traded in the market so investors have the opportunity to exit the position at any time by selling.
  • Upon announcement of a proposed acquisition, a proxy statement is filed with the SEC and investors can review the proposed acquisition to determine their interest in holding the position or exiting.
  • Upon completion of the transaction, the escrow is distributed as proceeds and/or redemptions so if a shareholder decides to stay in the transaction the “SPAC” attributes are no longer applicable and the share may go up or down in value like any traded security.

From the acquisition target’s point of view:

  • Merging with a SPAC is often a more efficient path to a public listing (as mentioned above in the quote from the management of Burger King).
  • The SPAC structure is very flexible and allows for many different approaches to the financial transaction.
  • The acquisition price is agreed to upfront and is not typically subject to the volatility of pricing in advance of a traditional IPO.

We view SPACs as an asset class that educated investors should consider adding to their portfolio. Over the last decade, I-Bankers Securities has served as managing underwriter on dozens of SPAC IPOs. If you would like additional information, click here to contact us and we will have a registered representative review the sector with you.

It is important to note that SPACs, while being structured to offer downside protection and upside potential, require high risk tolerance and investors must be able to afford to lose their entire investment.


Mike McCrory

Non-Executive Chairman

Mr. McCrory has worked in the securities industry since 1995 and co-founded I-Bankers Securities with his sister in 1996. Based primarily in Italy since 1994, he has driven the firm's international business with established presence in Europe and continued capital markets success with clients globally. In addition to serving in his capacity at I-Bankers Securities he serves on the Board of Directors of various other companies. He received a BSBA after studies at University of Texas at Arlington and the University of Phoenix and an MBA from the Owen Graduate School of Management at Vanderbilt University.

Shelley Leonard

President & CFO

Shelley co-founded the firm in 1996. Prior to that she served in various capacities of operations, finance, and compliance in the insurance and securities industry, including four years as CFO and Director for Commercial Life & Accident Insurance Co. Her BS degree in International Business is from Regents College and her MBA is from Southern Methodist University. She holds Series 7, 24, 27 and 63 securities licenses.

Paolo Floriani

Chief European Consultant

After achieving a master's degree in Management and Auditing from Bocconi University in Milan, Mr. Floriani spent six years as Director of Investments of PRIVEST. During 1991 he became a Qualified Swiss Corporate Consultant and Trustee, and acted as partner and director in many international holding and finance corporations. His experience includes banking, corporate finance, and real estate investments. A native Italian, Mr. Floriani brings an extensive European client base.

Matt McCloskey

Managing Director

Matt has 20+ years of experience in the Financial Services Industry holding Research, Institutional Sales and Asset Management roles at various firms including ABN Amro, CRT Capital and Bear Stearns. Prior to joining I-Bankers, Matt was a SPAC specialist for Macquarie Capital (USA), where he helped build the firm's SPAC Sales, Trading and Underwriting capabilities. He graduated from Villanova University with a BS in Business Management and holds Series 7, 24, 63 and 65 securities licenses.

Mike Marshall

Managing Director

Mike has 30 years of experience in equity and debt capital markets. He began his career at Salomon Brothers where he held a variety of positions spanning 18 years in Corporate Bond Trading, Liability Management, Pension Services, and Emerging Markets. He then led the private placement effort at Needham & Company, a boutique investment bank that serves technology and life sciences companies, for eight years. Immediately prior to joining I-Bankers Securities, Mike directed the private placement business at The Northstar Group. Mike holds an M.B.A. from the Columbia Graduate School of Business and an undergraduate degree from Oklahoma State University.

Andy Miles

Managing Director, Head of Syndicate

Andy actively manages shareholder requirements for SPAC IPOs and continued listings. He furthermore oversees our syndicate franchise and has nearly two decades of experience in global finance, holding positions in institutional sales as well as strategic advisory and business development in the private equity and venture capital arenas. Prior to joining I-Bankers, Andy was credited with capital raising for US companies in Europe and building a network of European investors for another investment bank. Andy graduated from Dickinson College and obtained a MA from Middlebury College.

Silvia Barettini


Silvia has worked in the financial industry since 1994, as an equity fund manager, head of investor relations for blue chip companies and HNWI private banker. She is fluent in Italian, English and German. Silvia holds an M.Sc in International Politics and an MBA

Chris Nash

CTO & Manager Operations

Chris has over 15 years of experience in the IT sector. Before joining I-Bankers, Chris managed accounts as a systems administrator and, later, developed web solutions for two Fortune 500 IT consulting companies. At I-Bankers Direct and I-Bankers Securities, Chris operates as webmaster, director of development for web-based and interactive applications, and manager of financial operations. Chris holds a BA from the University of Connecticut, and a Series 99 securities license.