Secondary Offers in 2019—Main Market and AIM

Secondary Offers in 2019—Main Market and AIM

Lexis®PSL Corporate and Market Tracker have conducted research to examine current market trends in respect of equity capital markets (ECM) transactions in 2019, using 2018 and 2017 ECM transactions for comparative purposes.

Background and approach

We reviewed a total of 522 secondary offers (289 on the Main Market and 233 on AIM). Secondary offers for the purposes of this review include placings, open offers, offers for subscription and rights issues raising £10m or more in gross proceeds for the company.

Where gross proceeds have been calculated, the figures refer to the gross proceeds received by the company and not proceeds raised by selling shareholders (if any). The percentages included in this report have been rounded up or down as appropriate and accordingly percentages may not in aggregate add up to 100%.

This review of 2019 secondary offers forms part of our annual trend report which aims to provide insight into the current dynamics of ECM activity in the UK. The other parts of our 2019 trend report comprise:

•             IPOs in 2019—Main Market and AIM

•             Standard listings in 2019

•             Risk factor disclosure in 2019 IPOs

•             Legal and regulatory developments in Equity Capital Markets 2019

Summary

Overall transaction volume for secondary offers on both markets combined was marginally lower in 2019 than 2018 although Main Market secondary offer activity saw a slight increase from 2018 figures. The stand out Main Market fundraising of 2019 was AstraZeneca’s £2.7bn placing which was the highest grossing secondary offer since 2015. Secondary offer activity on AIM continued to decline for the second year in a row however there were some notable fundraisings. Property investor Globalworth completed two placings raising over £500m in total.

Transaction volume

AIM continued in decline, while Main Market picks up slightly


Transaction volume on AIM decreased steadily over the last three years whereas activity on the Main Market showed some recovery in 2019 after a dip

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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.