Equity Capital Markets UK Trend Report

Equity Capital Markets UK Trend Report

Lexis®PSL Corporate and Market Tracker have conducted research to examine current market trends in respect of ECM transactions in 2019, using 2018 and 2017 ECM transactions for comparative purposes. We reviewed a total of 233 IPOs (131 on the Main Market and 102 on AIM) and a total of 522 secondary offers (289 on the Main Market and 233 on AIM). For our research on standard listings we looked at the 22 companies listing on the standard segment of the Official List in 2019 (by way of IPO, introduction or transfer from AIM). Our review of risk factor disclosure looked at 38 prospectuses (relating to 2019 IPOs or new admissions to the Market Market) and 10 AIM admission documents.

Topics included in this report

IPOs in 2019—Main Market and AIM

•             IPO deal volume—three-year comparative view and month-by-month analysis

•             IPO market capitalisation and gross proceeds—three-year comparative view and month-by-month analysis

•             Industry sector focus

•             Analysis of country of incorporation and operation

•             Case studies of the biggest IPOs in 2019

 

Secondary Offers in 2019—Main Market and AIM

•             Transaction volume—three-year comparative view and month-by-month analysis

•             Gross proceeds—three-year comparative view and month-by-month analysis

•             Analysis of secondary offer structure

•             Industry sector focus

•             Case studies of the biggest secondary fundraisings in 2019

Standard listings in 2019

Risk factor disclosure in 2019 IPOs

Legal and regulatory developments in Equity Capital Markets 2019

 

Report Highlights

•             IPO deal volume on the Main Market continued its downward trend at a more rapid pace, declining steeply by 45% from 2018 to 2019

•             Both aggregate market capitalisation and aggregate gross proceeds for Main Market IPOs in 2019 decreased compared to 2018, while average market capitalisation and average gross proceeds per IPO increased

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Market Tracker is a unique service for corporate lawyers housed within Lexis®PSL Corporate. It features a powerful transaction data analysis tool for accessing, analysing and comparing the specific features of corporate transactions, with a comprehensive and searchable library of deal documentation across 14 different deal types. The Market Tracker product also includes news and analysis of key corporate deals and activity and in-depth analysis of recent trends in corporate transactions.