Solid start for 2020 IPOs

Solid start for 2020 IPOs

The new year saw a positive start for IPO activity, with three Main Market companies announcing an intention to float on the London Stock Exchange (LSE) within the first two weeks of the year.

Mining company, Panther Metals plc (Panther) was admitted to the standard listing of the Main Market on the LSE on 9 January.

Smart meter specialist company Calisen Group Holdings announced its intention to float on 9 January. The company is considering an application to be admitted to the premium listing segment of the Official List of the FCA and to trading on the Main Market of the LSE. Its IPO is expected to raise approximately £300 million in gross proceeds.

Japanese investment fund, Nippon Active Value Fund plc (Nippon) announced its intention to float on 7 January on the special fund segment of the Main Market on the LSE. Nippon has received binding commitments from cornerstone investors Dalton Investments LLC.

Political uncertainty in the UK led to challenging conditions for new listings in 2019. Deal volume for IPOs hit a ten-year low point, with only 36 successful IPOs during the year. It is hoped that investor appetite will pick up amid the relative stability provided by December’s general election result and increased clarity over the UK’s departure from the EU.

Market Tracker will review the 2019 transactions, developments and trends in more detail in its upcoming Equity Capital Markets trend report, to be published later this year. For a summary and analysis of the transactions referred to in this article, see our transaction analysis tool (a subscription to PSL Corporate is required).

 

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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.