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The latest publication in the Market Tracker Equity Capital Markets trend report series provides in-depth analysis of the 27 IPOs and 33 secondary offers which were announced by AIM and Main Market companies in H1 2022. It provides insight into equity capital markets trends and what we and our contributors expect to see in H2 2022 and beyond.

Topics covered

• outlook for H2 2022
• IPO volume over a four-year period
• aggregate and average IPO gross proceeds and market capitalisation
• industry sector analysis
• recent IPO underperformance
• an update on SPACs
• legal and regulatory developments

The report also reviews the high-profile transactions announced in the first half of 2022 including Asos’ move from AIM to the Main Market, and Clean Power Hydrogen’s £30m listing on AIM.

Report highlights

• IPO deal volume has declined across both the Main Market and AIM, with only 27 IPOs taking place compared with 49 in H1 2021
• aggregate IPO gross proceeds have declined by 83% in H1 2022 in comparison to aggregate gross proceeds in H1 2021
• no IPOs were admitted to trading on the London markets in June 2022
• only one of the companies which completed a Main Market IPO in H1 2022 listed on the premium listing segment
• secondary offer activity declined 68% compared with the same period in 2021

The report considers a number of recent and upcoming legal and regulatory developments relevant to equity capital markets:

• the FCA continuing with its proposed reform of the UK listing regime, including the replacement of the Main Market’s premium and standard listing segments with a single listing segment
• the publication of HM Treasury’s policy approach to reform the prospectus regime, with rule-making responsibilities for admission to be given to the FCA
• the new guidance on mandatory climate reporting announced by the FCA
• the new reporting requirements on diversity and inclusion announced by the FCA
• the recommendations published by HM Treasury, in relation to an independent UK secondary capital raising review

Market commentary

We are delighted to include market insight from the following leading practitioners in this area:

• Alexander Keepin, Partner, Bryan Cave Leighton Paisner
• Jonathan King, Partner, Osborne Clarke
• Brent Sanders, Partner, Travers Smith