Bird & Bird contributes to LexisNexis Market Tracker: Trends in UK Equity Capital Markets 2020/21

Topics covered include:

• a study on Main Market and AIM transaction data
  
  
• key 2020 transactions in focus
  
  
• sector focus for IPOs and secondary offers
  
  
• the top regions for ECM activity
  
  
• IPO transaction data, including underwriting and lock-up agreements 
  
  
• the impact of COVID-19 on secondary offerings
  
  
• the rise of standard listings
  
  
• focus on SPACs
  
  
• legal and regulatory updates, including Brexit, COVID-19, Lord Hill's UK Listing Review and the FCA consultation on SPACs
  
  
• what’s next in 2021

Clive Hopewell, Partner, Bird & Bird comments - “We experienced one of our busiest years ever for secondaries in 2020, both for the issuer and the broker side. Whilst some companies were raising money as a protective measure, others in sectors which were not badly affected by the pandemic also took the opportunity to raise capital in a very active market.” 

Adam Carling, Partner, Bird & Bird states - “Despite an increase in listings in the period, the standard list remains something of an anomaly, generally chosen by companies not suited to a premium listing on the Main Market, or AIM, for particular reasons – such as a cash shell raising less than the minimum £6m required by the AIM Rules or, at the larger end, companies wishing to retain a dual class share structure post-listing. The market has proved popular with companies in the natural resources sector, often incorporated or with a home listing elsewhere. The standard list has been identified in Lord Hill’s UK Listing Review as suitable for a relaunch, so we can expect to see regulatory change in this area"

Download the full report here.