Cautious optimism

UK ECM update | Summer 2023

This issue of our UK ECM update highlights the impact of the ongoing geopolitical and macroeconomic uncertainty on capital markets in the year thus far.

We are delighted to include an interview with Richard Hallett, CFO of CAB Payments – the first UK IPO of an operating business of scale this year – in which he reflects on the IPO process and succeeding in the current market environment.

Other topics include:

  • the role for London’s capital markets in funding the pathway to net zero, highlighting an £800bn gap to achieve the government’s plans;
  • an overview of some of the proposed reforms from the FCA, and what they could mean for UK-listed companies or those contemplating a UK IPO;
  • the various considerations for companies in selecting the right equity capital market on which to be listed;
  • the vital role of a Structure Paper in effectively managing the risks to delivering a successful equity capital markets transaction; and
  • we, finally, draw the curtain on the SPAC boom, which has attracted such a significant share of attention over the last few years.

We hope you enjoy reading this fourteenth edition of the Deloitte ECM update.

About Deloitte ECM

Our dedicated team of over 150 ECM professionals provide specialist expertise across the lifecycle of an IPO, SPAC transaction, M&A transaction, or equity fundraising. We have had a role in over 50% of London Main Market transactions in recent years, helping businesses maximise shareholder and stakeholder value, and navigate each stage of the process of raising equity capital in London.

In addition to London, our team has executed transactions on seventeen different international exchanges in the last five years, notably the United States for which we have dedicated SEC expertise.

Our core services include:

  • Readiness assessment
  • Reporting accountant
  • ECM assist
  • Transaction management office
  • Structuring
  • SPACs
UK Equity Capital Markets update - Summer 2023
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