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A view from the London Stock Exchange's IPO Forum
Deutsche Numis was pleased to partner with the London Stock Exchange to deliver its latest IPO Forum, a key event in the LSE’s calendar designed to assist management teams and shareholders of private companies considering a possible IPO in London.
Interest in the event was high, with a packed auditorium and overflow room for the event, as well as a live stream.
Julia Hoggett, CEO of the LSE, opened the afternoon, followed by an informative presentation from Charlie Walker, Deputy CEO of the LSE, on both the current state of play for the London markets and what we could expect to see over the near future, including the potential impact of some of the regulatory reforms presently under proposal.
Panel one: What you need to know about raising capital to grow your business
Deutsche Numis’ Nick Stockman, Head of UK Equity Sales, moderated the first discussion, featuring insights from a panel of high-profile investors on what they look for in an IPO:
- Indri van Hien, Fund Manager, Janus Henderson Investors
- Paul Marriage, Co-Founder & Fund Manager, Tellworth Investments
- Anne Ross, EMEA Equity Syndicate, Fidelity Management & Research
- James Deal, Co-Founder and Head of UK, Primary Bid
In this lively and humorous discussion, the experts covered topics such as their must-sees (and red flags) in a company at IPO, the best time to begin conversations with investors, the merits of in-person vs. virtual meetings, and how size matters when it comes to the number of advisers in a syndicate.
They also shared their thoughts on what could get the London market moving again, and their collective sense of optimism that we’ll see some exciting new businesses come to list in the UK over the coming years.
Panel two: The IPO process: what to expect from the transaction and how to manage it most effectively
The second panel featured James Taylor, Co-Head of Investment Banking at Deutsche Numis; Lisa Picardo from Pension Bee (who led the company’s IPO in April 2021); Jay Patel, former CEO of IMImobile and Marcus Le Grice of STJ Advisors, moderated by Simon Thomas, London Head of Capital Markets at Clifford Chance.
The group answered key questions including how a company can decide if an IPO is the right exit option for them, timing an IPO and how to maximise the chances of a successful listing. They also discussed the different types of preparation required for flotation, with Deutsche Numis’ James Taylor pointing out the importance of a company keeping its options for exit open and being prepared to act swiftly when the time is right. James also noted that, even if a company eventually decides not to IPO, much of the preparation work – including simplifying their business model, reflecting on their pitch and engaging with investors in two-way dialogue – can be extremely valuable learning for the management team.
Finally, James shared his optimism on the long-term outlook for London as a listings venue, especially given the raft of regulatory change and market reform potentially in train.
To conclude the afternoon, we heard from a panel of companies including Helios Towers, as well as advisers KPMG and Computershare, on ‘Sharing the experiences of being a listed company’.
Thank you to the LSE and to our fellow participants for an informative and entertaining afternoon.
For more information on the event click here.
