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On 23 November 2021, Hambro Perks Limited the launch of its first special purpose acquisition company (SPAC), Hambro Perks Acquisition Company (HPAC), and its intention to list HPAC on the standard segment of the Main Market of the London Stock Exchange (LSE). HPAC expects to raise gross proceeds of £150m, with the inclusion of an over-allotment option, and intends to capitalise on growing opportunities in the market by targeting UK companies in the technology-enabled sector. 

Commenting on the IPO, Dominic Perks, CEO of HPAC, stated:

‘I am delighted to launch our first SPAC and start the process of bringing a European tech champion to the public market. At Hambro Perks we have a track record of finding and partnering with pioneering tech-enabled businesses and helping them grow into global category leaders. We see this SPAC as another way to leverage our experience and expand the range of tools we use to do what we do best: helping game-changing companies with global ambition fulfil their potential. We've chosen to list HPAC in London because it's the technology capital of Europe. The number of Unicorns in the UK and Europe has grown significantly over recent years as we have seen a migration of talent and capital to private growth companies. Investors want to back differentiated, scalable businesses with great leadership, and those are exactly the characteristics we'll be seeking in our target.’

HPAC will be the first of its kind to list on the LSE with a structure reflecting the Financial Conduct Authority’s (FCA) new listing rules for SPACs, based on the recommendations from Lord Hill’s UK Listing Review report, which came into force on 10 August 2021 (for more information, see Practice Note: (a subscription to Lexis®PSL Corporate is required)).

The amended listing rules provide that, in summary, a listed SPAC’s shares will not be suspended on the announcement or leak of an acquisition where the SPAC satisfies certain conditions and disclosure requirements including a minimum cash fundraise at IPO of £100m and a time limit of two years for making an acquisition (which can be extended for a further 18 months with shareholder approval).

Opting to list in London will be viewed as a vote of confidence in the UK economy following the government’s efforts to make London a more attractive listing venue for SPACs.

For details of SPACs which have listed in London since 2019 and details of their further fundraisings and acquisitions see our (a subscription to Lexis®PSL Corporate is required).

Conditional dealings in respect of HPAC’s public shares are began on 25 November 2021. Trading opened at £10.10 per share and remained flat. It is expected that admission to trading on the standard segment of the Main Market of the LSE will become effective and unconditional dealings will commence on 30 November 2021.

Market Tracker will continue to monitor this transaction as it develops.