42 in IPO activity since 2016. That said, we’ve now seen a number of successful completed IPOs in the consumer sector, which have priced above the IPO range and performed well in the aftermarket. Also, there is more market confidence that the last quarter of the year will bring more IPO activity, including some tech deals.” “UK has held its own” Michael Dawes, equity capital markets partner at Bird & Bird: “The UK has held its own in recent months when compared to global capital markets activity, with the London Stock Exchange reporting 179 IPOs and follow-on raises in H1 2023, raising £11bn. Globally equity capital markets have been depressed for the past year, but I think that we’re reaching peak inflation and interest rates, and there are definite signs of activity in the UK IPO market. We’re working on a number of listings that are looking to position themselves for autumn 2023 or spring 2024, when we expect appetite to return in certain sectors.” Bird & Bird corporate partner and head of Israel Desk, Adam Meisels added: “While it is no secret that in recent years Israeli tech companies have often favored IPOs in the US, there are still many advantages to listing in the UK and regulators are actively streamlining the UK listing regime to further encourage high-growth companies to choose London as their IPO destination. London is home to one of Europe’s largest stock exchanges and Europe’s largest tech ecosystem which remains resilient despite a challenging macro-economic environment. This will stand it in good stead as market conditions improve.” Which industries look the most likely to withstand these current pressures? What concerns are you noticing from clients of yours that have planned IPOs or issuances? Mayer Brown’s Pinedo adds: “There continue to be some life sciences IPOs, as well as consumer products IPOs and some financial services deals. We have not yet seen any large tech IPOs. The completed, successful IPOs have generally been smaller deals than in prior years and have had some insider (or “cornerstone”) investor participation going into the deal, which has provided investor confidence.” She continues: “Companies contemplating IPOs are weighing whether to proceed in the last quarter of 2023 or wait for early 2024. Many strong wellregarded late stage private companies are considering M&A opportunities instead of IPOs. Those that are not and that still are setting their sights on an IPO in the future, are undertaking financings, but the financings are
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