Tuesday, October 19, 2021

Record-breaking IPO activity in Q3 as year-to-date funds raised exceed 2020 total

Listing activity on the London markets has maintained the momentum witnessed during the first half of the year, with a record-breaking quarterly performance on both the Main Market and Alternative Investment Market (AIM), according to EY’s, IPO Eye.

The Main Market hosted 14 IPOs, raising £2.9bn with a further 19 companies admitted to AIM raising £1.1bn in Q3. Funds raised in the first nine months of the year totalled £13.4bn, exceeding the total IPO proceeds of £9.3bn generated in 2020.

The financial services and healthcare sectors have contributed the largest IPOs in the quarter. The Main Market also saw the £8bn direct listing of major technology company, Wise plc, signalling a vote of confidence in the UK market by the tech sector.

AIM activity in the third quarter of the year returned to historical quarterly levels, helped by its biggest ever listing, Revolution Beauty Group plc raising £300m and being admitted to trading with a market capitalisation of £495m.

Meanwhile in the East Midlands Microlise Group PLC, based in Nottingham, recently raised £61 million on AIM.

Cross-border listing activity has continued, with eight international issuers seeking to list in London in the first nine months of the year. Whilst the UK has retained its position as the leading European IPO venue by funds raised, globally it is third place behind the US and China.

It has also been a strong quarter for follow on fundraising by existing issuers with over £8bn being raised in the quarter, with over £21bn of equity capital being raised in London year-to-date.

Dan Salt leads the M&A team in Birmingham, he says: “The UK markets continue to witness record-breaking IPO activity, with both the Main Market and AIM already generating higher IPO proceeds this year than for the whole of 2020.

“Looking ahead, we expect deal volumes to continue to be strong through the remainder of 2021 as the economy maintains momentum after reopening post-pandemic albeit with a degree of tension as a result of  supply chain issues and the reduction in COVID-19 Government stimulus packages.”

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