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Services
Equity Capital Markets
Supporting companies throughout the IPO, SPAC, or class transaction lifecycle to maximise value and navigate UK equity capital markets.
Our dedicated team of over 120 ECM professionals provide specialist expertise across the lifecycle of an IPO, SPAC transaction, class transaction, or equity fundraising. We have had a role in a majority of the largest Main Market transactions in recent years, helping UK and international businesses to maximise shareholder and stakeholder value, and navigate each stage of the process of raising equity capital in London and the global capital markets.
Our core services include:
- IPO readiness
- Reporting accountant
- Structuring
- ECM assist
- Transaction management
- SPACs
IPO readiness
- Help companies prepare for an IPO or ECM transaction.
- Covers both financial and commercial aspects of a transaction.
- Readiness assessment with a key findings report – identifying where further work will be required.
- Development of a remediation plan to address shortcomings prior to transaction kick-off.
- Assessment of resource requirements, and preparation of a detailed project workplan.
Reporting accountant
- Formal role reporting to both the company and the sponsor / key adviser / nomad.
- Required on most IPOs, Class 1 transactions and further equity issues requiring a prospectus.
- Principal workstreams typically include: historical financial information (HFI), long form due diligence, financial position & prospects procedures (FPPP), and working capital reporting.
Structuring
- Determining the most appropriate ListCo jurisdiction, and whether to use a new or existing entity.
- Tax considerations including capital gains taxes, transfer duty, stamp taxes or pre-transaction restructuring implications.
- Consideration of tax position of existing shareholders, including minimising shareholder tax leakage on the transaction.
- Distributable reserves considerations.
ECM assist
- Working company-side to support management and finance teams throughout a transaction.
- Provides both resource capacity and technical expertise, tailored to the support required for the transaction, including:
- transaction management;
- preparation of financial information or track records;
- governance and internal control enhancements;
- integration/separation considerations.
Transaction management
- Provide expertise project management office support for a transaction.
- Experienced personnel to ensure the transaction happens to timetable and issues are identified and dealt with.
- Tried and tested project management methodologies and tools.
Remuneration
- Advice on executive and employee remuneration plans.
- Benchmarking remuneration structures against PLC norms.
- Implementation and documentation of remuneration plans.
- Unwinding of existing remuneration plans and share option schemes.
