Chardan

What Chardan does

Chardan Capital Markets is an independent, full-service global investment bank founded in 2003 in New York by Steven Urbach (CEO) and Kerry Propper (Executive Chairman). Operating as a registered broker-dealer with the SEC, FINRA, SIPC, and NASDAQ, the firm employs approximately 70 professionals across investment banking, equity research, institutional equities/trading, corporate access, and operations. Chardan concentrates on four verticals — healthcare/biotechnology, SPACs, digital assets, and disruptive technology/FinTech — and has completed more than 700 transactions representing $120 billion+ in aggregate deal value, including $23 billion raised for healthcare companies since 2005 and 180+ SPAC-related transactions totaling $68 billion+.

The firm's service suite includes investment banking advisory (IPOs, follow-ons, PIPEs, M&A, restructurings, fairness opinions), institutional equity research and research distribution through a dedicated portal, a corporate access platform (six annual healthcare conferences, ~4,000 one-on-one meetings per year, 50 European non-deal roadshows per year), and the Chardan Equity Facility (ChEF), a periodic post-IPO capital-raise product for newly public companies. Revenue is generated through four streams: transaction-based brokerage fees, investment banking advisory and underwriting fees, research distribution, and corporate access services. Distribution is direct and relationship-led: Managing Directors and Partners serve as senior coverage bankers with deal execution led by Vice Presidents, targeting enterprise issuers and institutional investors across the US, UK, Singapore, Germany, and Japan.

Chardan pioneered the use of SPACs for biotech companies in 2018 and has underwritten 120+ SPAC IPOs (raising $15 billion+) and advised on 56 SPAC business combinations (totaling $52 billion+). The firm is employee-owned with no disclosed external institutional investors; brokerage clearing is handled by Wedbush Securities. Named issuers include Alnylam, Moderna, AveXis, Arrowhead, Dyne, Stoke, Intellia, Iovance, Passage Bio, Galaxy Digital, Riot Platforms, CleanSpark, and Keel Infrastructure. The research team is staffed with PhD scientists and postdoctoral fellows from Rockefeller, Duke, NYU, and Memorial Sloan Kettering, with senior analyst recognition in Forbes' America's Best Analysts and a #1 Wall Street ranking from Tipranks.

Name

Chardan

Legal name

Chardan Capital Markets, LLC

Website

http://chardan.com

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

101–250 employees

Short description

Chardan Capital Markets is an independent, full-service investment bank founded in 2003 that provides capital raising, M&A advisory, equity research, and corporate access services to healthcare, biotech, SPAC, digital assets, and disruptive technology issuers and institutional investors globally.

Ownership category

akta.pro rank

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Transaction-Based Brokerage Fees: Commissions, mark-ups, and mark-downs charged per transaction. Fees do not vary based on recommendations. Administrative fees include trade processing, handling fees, wire fees, conversion/exercise fees, and transfer fees. Financing fees and interest charges for margin and securities-backed lending.
2. Investment Banking Advisory: Financial advisory services provided to investment banking clients including M&A advisory, capital markets guidance, and strategic advice. Revenue generated through advisory fees, underwriting fees, and placement agent compensation.
3. Research Services: Equity research, market commentary, and corporate access services provided to institutional clients. Revenue generated through research sales and distribution.
4. Corporate Access Services: Facilitating connections between investors and companies through hosted events, roadshows, and conferences.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels7 records

Core offering

Chardan is a full-service independent investment bank that underwrites, advises, and raises capital for emerging growth companies across healthcare/biotech, disruptive technology, digital assets, and SPACs. Its services span public offerings, private placements, PIPEs, M&A advisory, restructurings, equity research, and corporate access events, supported by dedicated sector coverage in genetic medicines, cell therapy, and advanced therapeutics.

Product overview

Chardan is an independent, full-service global investment bank offering a comprehensive suite of services centered around four core pillars: Healthcare Investment Banking, Digital Assets Services, SPAC Services, and Disruptive Technology/FinTech Services. The firm's offerings include equity research coverage across biotechnology, pharmaceuticals, and disruptive technologies; corporate access services facilitating investor-company connections; and the Chardan Equity Facility (ChEF), an innovative capital-raising solution for newly public companies. With over 700 transactions and $120 billion in aggregate transaction value, the firm serves corporate and institutional clients through public offerings, private placements, PIPEs, M&A advisory, restructurings, and strategic advisory services. The firm is headquartered in New York City and is registered with the SEC, FINRA, SIPC, and NASDAQ.

Differentiator

Problem solved

Functional benefit

Products and services

• Investment Banking Full-service investment banking offering including public offerings, private placements, PIPEs, SPACs, M&A advisory, restructurings, and financial advisory services for emerging growth companies across healthcare, technology, digital assets, and consumer sectors.
• Healthcare Investment Banking
• SPAC Services
• Digital Assets Services
• Disruptive Technology / FinTech Services
• Equity Research
• Corporate Access
• Chardan Equity Facility (ChEF)
• Brokerage Services

Quantifiable outcome

• $120 billion aggregate capital raised
• +5 more outcomes

Named customers15 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Wedbush Securities Inc.coreOthersWedbush Securities serves as Chardan's clearing firm for brokerage services. Chardan does not hold securities or cash directly; all custody and clearing is handled through this relationship.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• H.C. Wainwright & Co. H.C. Wainwright is a closely comparable boutique investment bank that specializes in healthcare and small-cap equity capital markets (IPOs, follow-ons, PIPEs), equity research, and corporate access for institutional clients. Its sub-sector focus on biotech, life sciences, and emerging growth mirrors Chardan's core franchise.
• BTIG: BTIG is a global institutional broker-dealer and investment bank with dedicated equities trading, capital markets, research, and corporate access teams serving emerging growth and mid-market clients. The corporate access platform built by Emily Levine at Chardan was previously run by her at BTIG, indicating closely overlapping service models.
• Cantor Fitzgerald: Cantor Fitzgerald is a diversified financial services firm with investment banking, equities research, and institutional trading capabilities serving mid-cap and growth-oriented companies including healthcare and technology. Chardan's Emily Levine also previously built corporate access at Cantor-affiliated Convergex, evidencing comparable operating models.
• Roth Capital Partners: Roth Capital Partners is a boutique investment bank and research firm focused on small- and mid-cap companies, with substantial healthcare/biotech and technology underwriting, advisory, and institutional research offerings directly comparable to Chardan's service mix.
• Maxim Group: Maxim Group is a boutique broker-dealer providing investment banking, institutional sales and trading, and equity research to small- and mid-cap companies, with a heavy emphasis on healthcare and emerging growth sectors — directly parallel to Chardan's coverage focus.
• Lake Street Capital Markets: Lake Street is a boutique research, institutional sales and trading, and investment banking platform focused on growth-oriented public and pre-IPO companies, often in healthcare and technology — closely aligned with Chardan's coverage model.
• The Benchmark Company: Benchmark is a boutique broker-dealer offering equity research, institutional sales and trading, and investment banking services to small- and mid-cap growth companies, with similar SMID-cap issuance and research distribution economics to Chardan.
• A.G.P. / Alliance Global Partners: Alliance Global Partners is a full-service broker-dealer and investment bank providing capital markets, institutional research, and trading for small- and mid-cap issuers including healthcare and clean energy, structurally analogous to Chardan's franchise.
• EF Hutton: EF Hutton is a boutique broker-dealer offering investment banking, capital markets, and institutional equities services targeting emerging growth companies, with overlapping service mix and small-cap orientation to Chardan.

Broad incumbents

• Cowen (TD Securities): Cowen was a long-standing mid-market investment bank specializing in healthcare, technology, and equity research, functioning as the same type of full-service boutique platform as Chardan before its acquisition by TD; it represents the broader-scale comparators Chardan aspires to or competes against.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/142014

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Chardan