ipo watch europe special edition · in light of the ongoing effects of covid-19, this edition of...

IPO Watch Europe Special Edition Dealing with the impact of COVID-19The coronavirus (COVID-19) pandemic has brought unparalleled economic stress. This special edition of IPO Watch has been prepared as a means of helping finance and management teams:

• Think about COVID-19 circumstances and the impact those have on their business;

• Consider their approach to managing liquidity constraints brought about by the COVID-19 disruption;

• Gain a greater understanding of the fundraisings that have taken place during lockdown; and

• Assess options for future sources of finance.

The first quarter of 2020 saw low levels of IPO activity. While legacy Brexit uncertainty was beginning to dissipate, the quarter closed with the introduction of lockdown measures across the UK and much of Europe, driving a spike in market volatility and widespread economic uncertainty.

In light of the ongoing effects of COVID-19, this edition of IPO Watch has a reduced focus on our more typical IPO analysis. However, it brings in additional analysis of the UK market’s Further Offer and Placing activity since lockdown, as issuers look to strengthen their balance sheet positions.

We also comment on the changing regulatory environment and the market reaction to this as issuers have positioned themselves to access liquidity through the range of finance options available at this time.

We anticipate further and deeper issuances to the market that will require increased reflection and assessment of corporate strategy in what will be a new market. We are acutely aware of the stresses that participants are dealing with at this time and are keen to be supportive.

Several of the recent equity raises have seen a requirement for issuers to reset or renegotiate debt financing terms. Directors have been faced with the challenge of achieving a suitable level of headroom regarding covenants when negotiating new terms with lenders, balanced with the necessity for modelling a ’reasonable worst-case scenario’, required in conjunction with the working capital statement in the prospectus.

An important factor in this has been the ability of the company to predict the rate of the downturn on the business’ activities, the additional costs to the business, and the impact on reported profits for the period, as well as any ‘exceptional’ presentation of related costs, particularly concerning covenant requirements.

It has also been critical for directors of companies accessing the equity markets to appropriately shape COVID-19-related disclosures in prospectuses under new FCA guidance, enabling investors to form their own view as to the depth of the ‘reasonable worst-case scenario’ based on newly permitted disclosures, often in conjunction with going concern disclosure in their annual report.

John ReillyDirectorUK Capital Markets Group

“

My team has been supporting clients across a range of sectors to help them understand and model the true impact of the pandemic on their prospective financial modelling and analysis.

We leverage the latest academic models and emerging experience with stress testing to understand the volatility and variation in forecasts, and run econometric impact assessments of likely scenarios in specific markets. Our econometric models build on epidemiological modelling assumptions to help clients understand the potential impact of key macro factors.

This translates into valuable operational driver analysis for our clients’ business, across areas such as workforce, cashflow timings and other key metrics.

Alpesh ShahPartnerActuarial Risk – Financial and Risk Modelling

“

The market reaction since lockdown

Lockdown fundraisings As the COVID-19 pandemic began to develop, we saw recognition that – due to the unparalleled economic situation – corporates needed a fast-track route to market and there was a need to raise more than the normal 10% pre-emptive limit.

On 1 April, the Pre-emption Group (PEG) relaxed its non-pre-emptive guidance limits to 20% to facilitate faster access to funding, with certain safeguards.

The chart of fundraisings over £10m on the London market against the FTSE Index sets out a steady stream of transactions. The £216m placing by SSP and a £22m placing by Hotel Chocolat were some of the earliest transactions to the markets. The Compass Group placing was notable not only due to the fact that it was the largest in this period at £2.0bn but also included a retail component via the Primary Bid investor platform which was the first to do so in the market.

Heading into May several rights issues were announced and have since been closed, from the events business Hyve, the construction company Costain and Whitbread. As the year develops, the expectation is that there will be further rights issues for businesses with a capital need that is greater than 20% of share capital. However, most commentators are suggesting that the climate for issuance will become more challenging.

Investors call for enhanced scenario analysis due to COVID-19As awareness of COVID-19 has developed, we have also witnessed an understandable desire from investors for fuller disclosure and analysis from corporates, who will need to explain their assumptions and scenario planning in more detail going forward. The bar is rising for the level of disclosure and the sophistication of the models that investors require.

However, the level of uncertainty for scenario planning in the current situation is high. This has brought intense challenges for management and boards. In particular, the CFO and finance teams have been under acute pressure to develop models to assess a range of potential scenarios.

We would also add in certain sectors, the sense of the severity of the potential impact has deepened and the mood has become more pessimistic about how circumstances will impact business. Furthermore, it will take time to determine what the future holds as everyone – businesses, markets and individuals – adapts.

Beyond the pandemic: An opportunity to resetHaving addressed immediate liquidity requirements, financing drivers will for some swiftly turn to value creation with views being taken on financing requirements for the environment post-COVID-19 disruption. This ‘second wave’ is expected once the initial shock of the pandemic passes and market participants start to look to the equity markets to raise long-term capital for strategic initiatives and opportunities.

Businesses with a strong and well-thought-through corporate strategy appropriate for the new market will be best placed to capitalise on the opportunities that the recovery will present and to attract investor support.

4 | A COVID-19 IPO Watch Special Edition | PwC

Regulatory adjustments have opened participants’ access to equity marketsWith a focus on maintaining functioning, supportive capital markets during the pandemic, pre-emption guidelines have been relaxed, and the FCA has temporarily permitted specific COVID-19-related disclosures to be made in supporting clean working capital statements.

Market participants are also being encouraged to recognise that, going forward, businesses may face material uncertainty around going concern. More companies than before may not be able to provide clean working capital statements.

Companies, however, are still required to ensure that a detailed and robust process is in place to support their equity story for placings, working capital and going concern assessments, and that appropriate disclosures are made, as required by regulation.

Pre-Emption Group

The Pre-Emption Group has taken a pragmatic approach to supporting issuances by companies of up to 20% of share capital. Compared to a rights issue (>20%), this provides an increased flexibility to businesses wishing to raise equity funding quickly and in a simplified process.

Going concern, disclosure and viability

In its updated guidance on going concern considerations, the ICAEW said that – given the potential impact of the COVID-19 pandemic – it is likely that the management of many more entities than before will now consider there is a material uncertainty relating to going concern, effectively recognising this as standard going forward.

The going concern considerations should be supported by regularly updated, detailed forecasts and such material uncertainties should be disclosed in the financial statements.

Working capital statements

Responding to concerns expressed by market participants, the FCA published a ‘temporary revised approach to clean working capital statements’ allowing disclosure of key ‘reasonable worst-case’ assumptions in an unqualified working capital statement (a clean statement but setting out the specific COVID-19-related assumptions used in determining the reasonable worst case).

Distributable reserves planning

A large number of the recent equity placings on the public markets have been through cashbox placings, which have typically been less than 20% – providing flexibility and rapid execution by avoiding pre-emption restrictions. Such cashbox structures provide an opportunity for companies to create distributable reserves for future returns to shareholders (rather than share premium for any premium on the issue) and, particularly at this time, to absorb losses from impairments or otherwise.

It is worth noting that, although the pre-emption benefits are limited to a placing of less than 20%, the reserves benefits can be gained on an equity raise of any size.


European and UK IPO trends

Equity issuance activity in Q1 was completely stifled by two black swans: the COVID-19 pandemic and the concurrent collapse of the oil price, which triggered unprecedented swings in volatility, valuation levels, investor positioning and sentiment in both the equity and credit markets. With the enormous scope of monetary and fiscal intervention by governments and central banks, the worst in terms of market risk may already be behind us. Yet the question of the recession’s depth and length and its impact on the macro environment still remains open.

With the start of Q2, we have witnessed pick-up of primary issuance activity across European markets from industries that have been hit most directly by the economic standstill since mid-March. While market conditions are likely to remain challenging, and issuance windows could be short-lived, we would expect this wave of recapitalisations to quickly intensify and to dominate issuance activity over the next couple of quarters.

Mark Hughes Partner UK Capital Markets Leader

“

PwC | A COVID-19 IPO Watch Special Edition | 7

Q1 2020 IPO market activity

London Stock Exchange4 IPOs raised

€731mLargest sector: Industrials

Largest IPO:

Calisen plc

€398m

Nasdaq Nordic – Helsinki

2 IPOs

€190mLargest sector:

Consumer Services

Largest IPO:

Musti Group Oyj

€182m

Euronext – Paris 3 IPOs

€160mLargest sector:

Consumer Goods

Largest IPO:

Nacon Gaming SA

€100m

1 2 3

• As a result of the rapidly developing COVID-19 pandemic, key global stock exchanges in March 2020 suffered their worst intra-day falls since the 2008 global financial crisis. This was followed by a sharp rise in Further Offer activity.

• In the same month, market volatility reached its highest levels since the global financial crisis due to the unprecedented impact of the crisis on European capital markets.

• Q1 2020 has told two stories:

– Initially, a clearer path forward on Brexit and some easing of global trade tensions led to IPO and FO activity levels beginning to return.

– Subsequently, the IPO market became all but extinguished in March as the impact of the COVID-19 pandemic became apparent.

Outlook for the remainder of 2020 • The outlook for the remainder of 2020 is highly uncertain

and – until the markets become more comfortable with a consensus on the effects of the lockdown measures on the economy and how recovery will look after unwinding the measures – we can expect further volatility as fund managers rebalance portfolios.

• Issuers are facing challenges in ensuring the appropriate source of capital financing. They need to address the business’ immediate funding needs while striking the right balance with its longer-term financial position. This is increasing tension around availability of government support for organisations that have exhausted all other financing options, including investor support.

• Further Offers are expected to feature prominently in Europe as companies repair their balance sheets – particularly in sectors most impacted by the disruption – and reposition for growth following short-term emergency financing measures.

• Indeed equity activity has already increased as issuers have actively taken advantage of increased pre-emption rights limits shifting to 20%, increasing the speed of access to capital without requiring a prospectus.

• This may constrain capacity for IPOs in the short term, other than where companies are able to demonstrate their ability to prosper during the pandemic. There are already some green shoots in the IPO market which indicate that the investors will be open to high quality issuances with well communicated equity stories.


European IPO and further offer trends

Figure 6: Top five European IPOs in Q1 2020

Calisen plc Musti Group Oyj Nippon Active Value Fund plc

BW Energy Ltd Inspecs Group plc

Exchange London Stock Exchange

Nasdaq Nordic – Helsinki

London Stock Exchange

Oslo Børs London Stock Exchange

IPO date 07-Feb 12-Feb 19-Feb 17-Feb 13-Feb

Money raised (€m) 398 182 124 114 113

Price range £2.25 − £2.65 €5.65 − €9.35 £1.00 − £1.00 NOK34.20 − NOK36.60 £1.95 − £1.95

Offer price £2.40 €8.75 £1.00 NOK24.40 £1.95

Figure 7: Top five European Further Offers in Q1 2020

SGS SA Ams AG Prosus NV Worldline SA lliad SA

Exchange Six Swiss Exchange

Six Swiss Exchange

Euronext – Amsterdam

Euronext – Paris

Euronext – Paris

FO date 20-Feb 31-Mar 22-Jan 4-Feb 27-Jan

Money raised (€m) 2,180 1,651 1,485 1,470 1,400

Offer price CHF 2,425 CHF 9.20 €67.50 €61.50 €12.00


Appendix: Further Offers by market Q1Appendix 2: European Further Offer Data

Stock exchangeQ1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020

FOs Value (€m) FOs Value (€m) FOs Value (€m) FOs Value (€m) FOs Value (€m)

London Stock Exchange Group 42 7,306 82 10,278 60 6,226 64 5,874

London Stock Exchange 39 6,713 78 9,020 57 5,021 75 5,876 58 4,982

Borsa Italiana 3 593 4 1,258 3 1,205 4 1,727 6 892

Euronext 46 6,670 28 5,739 19 2,994 16 5,363

Euronext Paris 4 1,199 10 1,896 12 1983 12 1,995 11 3,436

Euronext Amsterdam 22 3,927 6 1,666 3 783 5 521 2 1,567

Euronext Lisbon 1 44 1 176 1 293

Euronext Brussels 20 1,544 5 947 4 228 6 1,245 2 67

Euronext Dublin¹ 3 399 1 90

SIX Swiss Exchange 3 356 3 787 4 529 7 1,756 7 4,862

Nasdaq Nordic 22 1,028 45 3,129 18 728 36 2,986

Nasdaq Nordic – Stockholm 18 898 37 2,428 15 505 39 2,403 34 2,483

Nasdaq Nordics – Iceland 2 119 7 685 1 193 8 346 2 503

Nasdaq Nordic – Tallin 1 16 2 30

Nasdaq Nordic – Helsinki 2 11

Deutsche Börse 11 1,092 18 4,422 15 1,837 13 837 11 2,283

Borsa Istanbul 1 71 2 570

Oslo Børs 7 454 21 909 8 573 17 1,295 16 437

Wiener Börse 1 335 4 845 2 159

Warsaw 2 194 1 162 1 14 1 51

BME 5 1,614 4 356 3 212 7 4,064

Luxembourg 1 11 1 73

Bucharest 1 19

Total 139 18,725 199 25,168 128 13,261 203 23,353 155 22,585

Total (excl dual listings) 139 18,725 197 24,694 127 13,145 203 23,353 155 22,585

1 Acquired by Euronext on the 27 March 2018.


Appendix: London Further Offers between 1 March and 29 MayAppendix 3: List of London Further Offer

Date Issuer Offer Type Value (£m) Stock exchange

19/05/2020 Compass Group plc FO - Accelerated Bookbuild 1,999 London Stock Exchange

16/04/2020 Informa plc FO - Accelerated Bookbuild 1,001 London Stock Exchange

29/05/2020 Flutter Entertainment plc FO - Accelerated Bookbuild 809 London Stock Exchange Irish Stock Exchange

20/05/2020 Just Eat Takeaway.com NV FO - Accelerated Bookbuild 466 London Stock Exchange Amsterdam

06/05/2020 Hiscox Ltd FO - Accelerated Bookbuild 375 London Stock Exchange

20/04/2020 Aston Martin Lagonda Global Holdings plc

FO - Accelerated Bookbuild (Rump Placement) FO - Rights Offer

372 London Stock Exchange

23/04/2020 Just Eat Takeaway.com NV FO - Accelerated Bookbuild 352 London Stock Exchange Amsterdam

28/05/2020 IWG plc FO - Accelerated Bookbuild 320 London Stock Exchange

28/05/2020 Rolls-Royce Holdings plc FO - Accelerated Bookbuild 308 London Stock Exchange

19/05/2020 Beazley plc FO - Accelerated Bookbuild 247 London Stock Exchange

08/04/2020 ASOS plc FO - Accelerated Bookbuild 247 London Stock Exchange

06/05/2020 National Express Group plc FO - Accelerated Bookbuild 235 London Stock Exchange

25/03/2020 SSP Group plc FO - Accelerated Bookbuild 216 London Stock Exchange

12/05/2020 ConvaTec Group plc FO - Accelerated Bookbuild 206 London Stock Exchange

02/04/2020 Hays plc FO - Accelerated Bookbuild 200 London Stock Exchange

15/05/2020 Boohoo Group plc FO - Accelerated Bookbuild 198 London Stock Exchange

01/04/2020 Auto Trader Group plc FO - Accelerated Bookbuild 186 London Stock Exchange

07/04/2020 Assura plc FO - Accelerated Bookbuild 185 London Stock Exchange

21/05/2020 Dart Group Plc FO - Accelerated Bookbuild 172 London Stock Exchange

07/04/2020 WH Smith plc FO - Accelerated Bookbuild 166 London Stock Exchange

30/04/2020 Hargreaves Lansdown plc FO - Accelerated Bookbuild 160 London Stock Exchange

30/04/2020 JD Wetherspoon FO - Accelerated Bookbuild 141 London Stock Exchange

28/04/2020 Supermarket Income REIT plc FO - Fully Marketed 140 London Stock Exchange

05/03/2020 Urban Logistics REIT plc FO - Cash Placing FO - Guaranteed Preferential Allocation


22/05/2020 AJ Bell plc FO - Accelerated Bookbuild 124 London Stock Exchange

07/05/2020 Polypipe Group plc FO - Accelerated Bookbuild 120 London Stock Exchange

21/05/2020 Renewables Infrastructure Group Ltd

FO - Accelerated Bookbuild 120 London Stock Exchange

05/05/2020 LondonMetric Property plc FO - Accelerated Bookbuild 120 London Stock Exchange

12/05/2020 Polymetal International plc FO - Accelerated Bookbuild 112 London Stock Exchange

15/05/2020 Keywords Studios plc FO - Accelerated Bookbuild 100 London Stock Exchange

21/04/2020 Blue Prism Group plc FO - Accelerated Bookbuild 100 London Stock Exchange

28/05/2020 Costain Group plc FO - Cash Placing FO - Guaranteed Preferential Allocation


29/05/2020 Johnson Service Group plc FO - Accelerated Bookbuild 85 London Stock Exchange

21/04/2020 Big Yellow Group plc FO - Accelerated Bookbuild 82 London Stock Exchange

29/05/2020 Learning Technologies Group plc FO - Accelerated Bookbuild 82 London Stock Exchange



12/05/2020 Diversified Gas & Oil plc FO - Accelerated Bookbuild 69 London Stock Exchange

22/05/2020 On The Beach Group plc FO - Accelerated Bookbuild 67 London Stock Exchange

15/05/2020 Cathay International Holdings Ltd (Hong Kong)

FO - Cash Placing FO - Guaranteed Preferential Allocation


23/04/2020 DFS Furniture plc FO - Accelerated Bookbuild 64 London Stock Exchange

25/03/2020 BT Group plc FO - Accelerated Bookbuild 59 London Stock Exchange

09/04/2020 Restaurant Group plc FO - Accelerated Bookbuild 57 London Stock Exchange

21/05/2020 Ceres Power Holdings plc FO - Accelerated Bookbuild 52 London Stock Exchange

05/03/2020 Abal Group Plc FO - Cash Placing 42 London Stock Exchange

17/04/2020 Gym Group plc FO - Accelerated Bookbuild 41 London Stock Exchange

29/04/2020 Team17 Group plc FO - Accelerated Bookbuild 39 London Stock Exchange

06/03/2020 Aquila European Renewables Income Fund plc


12/05/2020 Hikma Pharmaceuticals FO - Accelerated Bookbuild 33 London Stock Exchange

14/05/2020 Scapa Group plc FO - Accelerated Bookbuild 32 London Stock Exchange

03/03/2020 Gresham House Energy Storage Fund plc

FO - Fully Marketed 31 London Stock Exchange

01/05/2020 MaxCyte Inc FO - Accelerated Bookbuild 25 London Stock Exchange

01/05/2020 Network International Holdings plc


09/04/2020 IMImobile plc FO - Accelerated Bookbuild 22 London Stock Exchange

16/04/2020 City Pub Group plc FO - Cash Placing FO - Guaranteed Preferential Allocation


20/03/2020 Hotel Chocolat Group plc FO - Accelerated Bookbuild 22 London Stock Exchange

17/04/2020 Foxtons Group plc FO - Accelerated Bookbuild 22 London Stock Exchange

22/05/2020 Gamma Communications plc FO - Accelerated Bookbuild 21 London Stock Exchange

05/03/2020 Knights Group Holdings plc FO - Cash Placing 20 London Stock Exchange

07/04/2020 Alpha FX Group plc FO - Accelerated Bookbuild 18 London Stock Exchange

01/04/2020 Eurocell plc FO - Accelerated Bookbuild 18 London Stock Exchange

08/04/2020 Everyman Media Group plc FO - Accelerated Bookbuild 18 London Stock Exchange

08/04/2020 MJ Gleeson plc FO - Accelerated Bookbuild 16 London Stock Exchange

22/05/2020 Trident Resources plc FO - Fully Marketed 16 London Stock Exchange

25/03/2020 Ilika plc FO - Guaranteed Preferential Allocation 15 London Stock Exchange

10/03/2020 Hornby plc FO - Cash Placing FO - Guaranteed Preferential Allocation


03/04/2020 Joules Group plc FO - Accelerated Bookbuild 15 London Stock Exchange

22/05/2020 Tissue Regenix Group plc FO - Accelerated Bookbuild 15 London Stock Exchange

26/03/2020 Synairgen plc FO - Accelerated Bookbuild 14 London Stock Exchange

21/04/2020 Franchise Brands plc FO - Accelerated Bookbuild 14 London Stock Exchange

22/04/2020 Faron Pharmaceuticals Oy FO - Accelerated Bookbuild 12 London Stock Exchange Helsinki

22/05/2020 Open Orphan plc FO - Accelerated Bookbuild 12 London Stock Exchange

23/03/2020 EVR Holdings plc FO - Accelerated Bookbuild 11 London Stock Exchange

06/03/2020 Diurnal Group plc FO - Accelerated Bookbuild 11 London Stock Exchange

29/05/2020 Anexo Group plc FO - Accelerated Bookbuild 11 London Stock Exchange

17/04/2020 Hollywood Bowl Group plc FO - Accelerated Bookbuild 11 London Stock Exchange

30/04/2020 Inland Homes plc FO - Accelerated Bookbuild 10 London Stock Exchange

26/03/2020 Arena Events Group plc FO - Cash Placing 10 London Stock Exchange

18/03/2020 Eden Research plc FO - Cash Placing FO - Guaranteed Preferential Allocation


08/04/2020 Safestyle UK plc FO - Accelerated Bookbuild 9 London Stock Exchange



17/04/2020 Bloomsbury Publishing plc FO - Accelerated Bookbuild 8 London Stock Exchange

23/04/2020 Loungers plc FO - Accelerated Bookbuild 8 London Stock Exchange

01/04/2020 REDT Energy plc FO - Cash Placing FO - Guaranteed Preferential Allocation


16/03/2020 Gresham House plc FO - Cash Placing 8 London Stock Exchange

12/03/2020 Asimilar Group plc FO - Cash Placing 8 London Stock Exchange

07/05/2020 Rosslyn Data Technologies plc FO - Cash Placing 7 London Stock Exchange

09/04/2020 essensys plc FO - Accelerated Bookbuild 7 London Stock Exchange

05/05/2020 Genedrive plc FO - Cash Placing 7 London Stock Exchange

17/04/2020 Horizon Discovery Group plc FO - Accelerated Bookbuild 7 London Stock Exchange

09/04/2020 Van Elle plc FO - Accelerated Bookbuild 7 London Stock Exchange

28/05/2020 Condor Gold plc FO - Cash Placing 7 London Stock Exchange

13/03/2020 Polarean Imaging plc FO - Cash Placing 6 London Stock Exchange

08/04/2020 FireAngel Safety Technology Group plc

FO - Cash Placing FO - Guaranteed Preferential Allocation


13/03/2020 Trackwise Designs plc FO - Cash Placing 6 London Stock Exchange

24/04/2020 Xeros Technology Group plc FO - Cash Placing 6 London Stock Exchange

17/04/2020 Intelligent Ultrasound Group plc FO - Cash Placing 5 London Stock Exchange

26/03/2020 Ten Entertainment Group plc FO - Accelerated Bookbuild 5 London Stock Exchange

27/03/2020 PCI-PAL plc FO - Cash Placing 5 London Stock Exchange

11/05/2020 IronRidge Resources Ltd FO - Cash Placing 5 London Stock Exchange

23/04/2020 SiS (Science in Sport) Ltd FO - Accelerated Bookbuild 5 London Stock Exchange

17/03/2020 Worsley Investors Ltd FO - Guaranteed Preferential Allocation 4 London Stock Exchange

06/04/2020 Avacta Group plc FO - Cash Placing 4 London Stock Exchange

24/04/2020 Shearwater Group plc FO - Accelerated Bookbuild 4 London Stock Exchange

11/05/2020 KEFI Minerals plc FO - Cash Placing 4 London Stock Exchange

28/04/2020 Fusion Antibodies plc FO - Cash Placing 3 London Stock Exchange

09/04/2020 Bonhill Group plc FO - Accelerated Bookbuild 3 London Stock Exchange

12/05/2020 Hemogenyx Pharmaceuticals plc FO - Cash Placing 3 London Stock Exchange

15/05/2020 Arc Minerals Ltd FO - Cash Placing 2 London Stock Exchange

06/04/2020 Providence Resources plc FO - Accelerated Bookbuild 2 London Stock Exchange Irish Stock Exchange

02/04/2020 Gfinity plc FO - Cash Placing 2 London Stock Exchange

13/05/2020 N4 Pharma plc FO - Cash Placing 2 London Stock Exchange

29/04/2020 Amiad Water Systems Ltd FO - Guaranteed Preferential Allocation 2 London Stock Exchange

18/05/2020 Midatech Pharma plc FO - Cash Placing 2 London Stock Exchange

08/04/2020 Concepta plc FO - Cash Placing 2 London Stock Exchange

27/05/2020 Phoenix Copper Ltd FO - Cash Placing 2 London Stock Exchange

01/05/2020 Surface Transforms plc FO - Cash Placing FO - Guaranteed Preferential Allocation


07/05/2020 C4X Discovery Holdings plc FO - Accelerated Bookbuild 2 London Stock Exchange

06/04/2020 SRT Marine Systems plc FO - Cash Placing 2 London Stock Exchange

28/04/2020 Blencowe Resources plc FO - Cash Placing 2 London Stock Exchange

11/03/2020 Hertsford Capital plc FO - Cash Placing 1 London Stock Exchange

06/05/2020 Immotion Group Ltd FO - Accelerated Bookbuild 1 London Stock Exchange

28/04/2020 UK Oil & Gas plc FO - Cash Placing 1 London Stock Exchange

03/04/2020 All Active Asset Capital Ltd FO - Cash Placing 1 London Stock Exchange

14/05/2020 All Active Asset Capital Ltd FO - Cash Placing 1 London Stock Exchange

14/05/2020 KRM22 plc FO - Cash Placing 1 London Stock Exchange

24/04/2020 Pires Investments plc FO - Cash Placing 1 London Stock Exchange

20/05/2020 Malvern International plc FO - Accelerated Bookbuild 1 London Stock Exchange



20/04/2020 Crossword Cybersecurity plc FO - Cash Placing 1 London Stock Exchange

17/04/2020 OptiBiotix Health plc FO - Cash Placing 1 London Stock Exchange

04/05/2020 ValiRx plc FO - Cash Placing 1 London Stock Exchange

06/05/2020 Mobile Streams plc FO - Cash Placing 1 London Stock Exchange

06/03/2020 Location Sciences Group plc FO - Cash Placing 1 London Stock Exchange

01/05/2020 Tekcapital plc FO - Cash Placing 1 London Stock Exchange

18/05/2020 Vast Resources plc FO - Cash Placing 1 London Stock Exchange

27/05/2020 Physiomics plc FO - Cash Placing 1 London Stock Exchange

09/03/2020 Tern plc FO - Cash Placing 1 London Stock Exchange

27/05/2020 Fox Marble Holdings plc FO - Cash Placing 1 London Stock Exchange

10/03/2020 W Resources plc FO - Cash Placing 1 London Stock Exchange

16/04/2020 Amur Minerals Corp FO - Cash Placing 1 London Stock Exchange

07/05/2020 Cobra Resources plc FO - Accelerated Bookbuild 1 London Stock Exchange

05/05/2020 Motif Bio plc FO - Cash Placing 1 London Stock Exchange

15/05/2020 Ncondezi Energy Ltd FO - Cash Placing 1 London Stock Exchange

16/04/2020 Vast Resources plc FO - Cash Placing 1 London Stock Exchange

30/04/2020 Zenith Energy Ltd FO - Cash Placing 1 London Stock Exchange Oslo Stock Exchange TSX Venture Exchange

01/05/2020 Cadence Minerals plc FO - Cash Placing 1 London Stock Exchange

09/03/2020 Tower Resources plc FO - Cash Placing 1 London Stock Exchange

06/04/2020 ECR Minerals plc FO - Cash Placing 1

17/04/2020 ECSC Group plc FO - Cash Placing 1 London Stock Exchange

27/05/2020 Amur Minerals Corp FO - Cash Placing 1 London Stock Exchange

28/05/2020 Attis Oil & Gas Ltd FO - Cash Placing 1 London Stock Exchange

14/05/2020 Predator Oil & Gas Holdings plc FO - Cash Placing 0.0 London Stock Exchange

14/04/2020 Empyrean Energy plc FO - Cash Placing 0.4 London Stock Exchange

12/05/2020 Empyrean Energy plc FO - Guaranteed Preferential Allocation 0.0 London Stock Exchange

09/04/2020 Remote Monitored Systems plc FO - Cash Placing 0.4 London Stock Exchange

01/05/2020 Braveheart Investment Group plc FO - Cash Placing 0.0 London Stock Exchange

15/05/2020 Panthera Resources plc FO - Cash Placing 0.0 London Stock Exchange

05/05/2020 Erris Resources plc FO - Cash Placing 0.0 London Stock Exchange

20/04/2020 Catenae Innovation plc FO - Cash Placing 0.3 London Stock Exchange

29/04/2020 Braveheart Investment Group plc FO - Cash Placing 0.3 London Stock Exchange

11/05/2020 Alien Metals Ltd FO - Cash Placing 0.0 London Stock Exchange

03/04/2020 Journeo plc FO - Cash Placing 0.3 London Stock Exchange

22/04/2020 Dukemount Capital plc FO - Cash Placing 0.3 London Stock Exchange

27/03/2020 Arkle Resources plc FO - Cash Placing 0.3 London Stock Exchange

11/05/2020 Pathfinder Minerals plc FO - Cash Placing 0.0 London Stock Exchange

18/05/2020 Arkle Resources plc FO - Cash Placing 0.0 London Stock Exchange

02/03/2020 Oriole Resources PLC FO - Cash Placing 0.2 London Stock Exchange

30/03/2020 Mobile Streams plc FO - Cash Placing 0.2 London Stock Exchange

27/05/2020 Great Western Mining Corp plc FO - Cash Placing 0.0 London Stock Exchange

01/04/2020 ValiRx plc FO - Cash Placing 0.2 London Stock Exchange

12/03/2020 Richland Resources Ltd FO - Cash Placing 0.1 London Stock Exchange

08/04/2020 Nostra Terra Oil and Gas Company Plc

FO - Cash Placing 0.1 London Stock Exchange


About IPO Watch Europe

About IPO Watch Europe

IPO Watch Europe surveys all new primary market equity IPOs on Europe’s principal stock markets and market segments (including exchanges in Austria, Belgium, Bulgaria, Croatia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, the Netherlands, Norway, Poland, Portugal, Romania, Serbia, Spain, Sweden, Switzerland, Turkey and the UK) on a quarterly basis. Movements between markets on the same exchange are excluded.

The data in this report is based on data extracted from Dealogic and includes greenshoe (if exercised). Only transactions with a minimum of $5 million raised have been included. The data excludes PIPOs and transactions on Over-The-Counter exchanges. In case IPOs take place on two or more exchanges, the full amount of money raised is attributed to all exchanges. Industry classification is based on the FTSE Russell Industry Classification Benchmark (ICB).

This survey was conducted between 1 January and 31 March and IPOs based on their pricing date, and between 1 March and 29 May for lockdown analysis. All market data is sourced from Dealogic and has not been independently verified by PricewaterhouseCoopers LLP.

Basis of preparation for Global IPO Watch

Global IPO Watch analyses IPO and FO trends on a quarterly basis, both at a global and regional level. It is based on data extracted from Dealogic, whereby only transactions with a minimum of $5 million raised have been included. Transaction proceeds include the overallotment option (if exercised). The data excludes PIPOs and transactions on Over-The-Counter exchanges. In case IPOs or FOs take place on two or more exchanges, the full amount of money raised is attributed to all exchanges. If a transaction is executed in two or more regions, the money raised is also attributed to all regions. Industry classification is based on the FTSE Russell Industry Classification Benchmark. Index performance is based on pricing data extracted from Bloomberg.

Executing a successful IPO is typically the culmination of a complex process, whatever market you list on. From strategy, accounting, reporting, financial systems, governance, adviser selection, marketing process, media and investor relations, to treasury and financial risk management, legal, tax, HR, technology – every piece of the puzzle must be in place and connected before you proceed.

Planning and good preparation are crucial to a successful IPO, regardless of the market or stock exchange. PwC’s dedicated team of capital markets professionals is here to help and make the task at hand an easier experience for you. We have deep experience and knowledge of the rules and regulations governing all major capital markets – and a successful history of working on both international and domestic IPOs.

Find out more at www.pwc.co.uk/capitalmarkets

Contacts

Mark HughesPartner, UK Capital Markets Leader

M: +44 (0)7736 599759 E: [email protected]

John ReillyDirector, UK Capital Markets Group


Simon WilliamsDirector, UK Capital Markets Group


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2020-06-10_RITM3144208

ipo watch europe special edition · in light of the ongoing effects of covid-19, this edition of...

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