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?
  • Content of an ITF
  • When is an ITF used?
  • ITFs in the IPO timetable
  • Legal considerations
  • Financial promotion regime
  • Prospectus Regulation Rules—advertisement
  • UK Prospectus Regulation
  • Financial Services Act 2012
  • 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.

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 information

  5. details of the proposed management team

  6. information about the timing, scope and size of the offering and use of proceeds, and

  7. certain legal rubrics and disclaimers

This information is often taken in large part from the working draft of the prospectus and any material differences between the information provided in the ITF and the information provided in the prospectus will need to be explained to the market.

When

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