Equity Capital Markets
We have a leading international practice in equity capital markets, with extensive experience of advising on IPOs, rights issues and other pre-emptive offers, placings, issues of convertible and exchangeable securities, equity derivatives, hedging and stabilisation of equity and equity-related products.
Our expertise covers many different sectors, including financial services, aerospace and defence, consumer goods, media, mining, energy, pharmaceuticals, biotechnology and healthcare, real estate, retail, automotive, telecoms and infrastructure.
In the UK, we act primarily for issuers on their IPOs and secondary offerings on the London Stock Exchange. In Asia, we act for both issuers and sponsors on global offerings and dual primary listings.
Key experience
We advised Haitong and DBS as joint sponsors on the Hong Kong IPO of Beijing Enterprises Urban Resources Group.
We advised Prudential and M&G on the demerger of M&G by way of a dividend in specie. The transaction was one of the largest and most complex demergers undertaken in the UK, and the M&G prospectus was one of the first to be published under the new Prospectus Regulation.
We advised Watches of Switzerland and its principal shareholder (investment funds managed by Apollo) on its UK Main Market IPO.
We advised AP WIP Investments Holdings, LP on its acquisition by way of reverse takeover by Landscape Acquisition Holdings, a SPAC admitted to the standard segment of the UK Main Market. On completion, Landscape will be re-admitted to the standard segment, become a Delaware corporation and file a registration statement with the SEC to shift its listing to the US.
We advised Alibaba Group on its cornerstone investment in the Hong Kong IPO of Fosun Tourism Group and on its subscription for new shares in Alibaba Pictures Group.
We advised Aston Martin Lagonda on its UK Main Market IPO. Aston Martin was among the first issuers to float under the new FCA rules relating to IPOs. As well as an offer to institutional investors, the IPO included an offer to UK retail investors who were either Aston Martin customers or employees.
We advised Morgan Stanley Asia, CMB International Capital, BOCI Asia and Citigroup Global Markets Asia on the dual listing in Hong Kong and Australia of Yancoal Australia. The offer included an accelerated renounceable entitlement offer of shares to existing shareholders in Australia.
We advised China Re on its IPO, which was the first listing in Hong Kong by a reinsurance company and one of the largest IPOs in Hong Kong.
We advised HM Treasury on measures to support the UK banking sector, including £37 billion of capital investments in RBS, Lloyds TSB and HBOS; the take up of its rights investing £5.7 billion in the Lloyds Banking Group rights issue; and the redemption by Lloyds Banking Group of £4 billion of preference shares issued to HM Treasury as part of the recapitalisation of Lloyds, financed by a £4 billion compensatory open offer by Lloyds Banking Group, underwritten by HM Treasury. We also advised UK Financial Investments Limited on the subsequent disposal of part of HM Treasury’s shareholding in Lloyds Banking Group via an accelerated bookbuilt placing.
We advised International Consolidated Airlines Group on its €2.75 billion rights issue.
We advised Rolls-Royce on its £5 billion recapitalisation package, which included a fully underwritten rights issue to raise approximately £2 billion and a bond offering to raise £1 billion.
