Intention to float announcements in Main Market and AIM IPOs
Produced in partnership with Louise Wolfson.
Intention to float announcements in Main Market and AIM IPOs

The following Corporate practice note Produced in partnership with Louise Wolfson. provides comprehensive and up to date legal information covering:

  • Intention to float announcements in Main Market and AIM IPOs
  • What is an intention to float announcement?
  • Brexit impact
  • Content of an ITF
  • When is an ITF used?
  • ITFs in the IPO timetable
  • Legal considerations
  • Financial promotion regime
  • Prospectus Regulation Rules—advertisement
  • Prospectus Regulation
  • More...

What is an intention to float announcement?

An intention to float announcements (ITF) is generally the first announcement to the public by an issuer of its proposed initial public offer (IPO). Issuing an ITF is not a legal requirement but has become well-established market practice in the UK.

The ITF enables the issuer to notify the market about its proposed IPO and to provide information about the issuer’s business and strategy, as well as about the timing and rationale for the equity offering and listing, in advance of publication of the prospectus.

Brexit impact

The UK listing, prospectus and market abuse regime may be affected by Brexit. For the purposes of this note, the main change relates to the amendment of deficiencies in retained EU law in these areas to ensure that it operates effectively after the implementation period if no future relationship agreement is in place. For further details of its impact see Practice Note: Brexit—UK listing and prospectus regime.

Content of an ITF

As the ITF is not a legal requirement, the level of detail which is included may vary. However, typically, an ITF includes the following:

  1. summary information about the issuer and the offering

  2. a quote from the chief executive

  3. contact information for the issuer, the investment banks and public relations advisors

  4. a description of the issuer and its strengths and strategies, as well as historical financial

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