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Market Tracker’s annual report on trends in UK Equity Capital Markets reviews ECM activity in respect of IPOs and secondary fundraisings on both the Main Market and AIM. The report analyses data from 2016 through to 2018 and looks at legal and regulatory developments in 2018 and the first quarter of 2019. The report also takes an in-depth look at the current hot topics in this area, including the effect of recent reforms to the Main Market IPO process, market volatility and the impact of Brexit.

Highlights of the report:

• a three-year comparison of IPO and secondary offering activity on the Main Market and AIM, with a focus on transaction volume, gross proceeds and market capitalisation
• analysis of the headline IPOs during 2018
• industry sector review, summarising emerging sector trends in new listings
• geographical trends in new listings and a comparison of country of incorporation and country of operation
• summary and analysis of recent changes to the Main Market IPO process and its impact
• in-depth look at cancelled and postponed IPOs in 2018
• overview of the impact of Brexit on ECM activity, and
• a detailed look at recent and upcoming legal and regulatory developments

Click here to download the report

Key findings of our research include:

• IPO deal volume, gross proceeds and market capitalisation were down on 2017, although overall 2018 activity was higher than in 2016
• investment and financial services companies remain dominant in respect of Main Market activity, while AIM maintains a diversity of industry sectors with a focus on emerging growth areas such as legal services and gaming
• a broad international spread of issuers continue to seek a Main Market or AIM listing despite uncertainty over Brexit
• a new market approach to the Main Market IPO process – the emergence of the ‘expectation of intention to float’ announcement, a preference to brief connected and unconnected analysts separately and a trend towards releasing price range prospectuses
• an increased number of abandoned IPOs in 2018 citing market volatility, and
• Brexit risk factors becoming a key component in most IPO prospectuses, particularly for companies operating in the commercial sector

This report includes expert commentary and market insight from leading practitioners, including:

Mark Austin - Partner, Freshfields Bruckhaus Deringer LLP, Rosalie Chadwick - Head of Corporate Finance, Pinsent Masons LLP, Jamie Corner - European Counsel, Davis Polk & Wardwell London LLP, Dan Hirschovits - Partner, Davis Polk & Wardwell London LLP, Clive Hopewell - Partner, Head of International Capital Markets, Bird & Bird LLP, Alexander Keepin - Partner, Corporate Finance and Head of Mining, Bryan Cave Leighton Paisner LLP, James Spinney - Head of Capital Markets, Strand Hanson, Julian Stanier - Corporate Finance Partner, Pinsent Masons LLP, Marcus Stuttard - Head of AIM & UK Primary Markets, London Stock Exchange Group, Tim Ward - CEO, Quoted Companies Alliance, Martin Webster - Corporate Finance Partner, Pinsent Masons LLP, Alasdair Weir - Senior Associate, Pinsent Masons LLP, Simon Witty - Partner, Davis Polk & Wardwell London LLP