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Market Tracker’s annual report on trends in UK Equity Capital Markets reviews ECM activity in respect of IPOs and secondary fundraisings on both the Main Market and AIM.

The report analyses data from 2016 through to 2018 and looks at legal and regulatory developments in 2018 and the first quarter of 2019.

The report also takes an in-depth look at the current hot topics in this area, including the effect of recent reforms to the Main Market IPO process, market volatility and the impact of Brexit.

Key findings of the report include:

  • IPO deal volume, gross proceeds and market capitalisation were down on 2017, although overall 2018 activity was higher than in 2016
  • investment and financial services companies remain dominant in respect of Main Market activity, while AIM maintains a diversity of industry sectors with a focus on emerging growth areas such as legal services and gaming
  • a broad international spread of issuers continue to seek a Main Market or AIM listing despite uncertainty over Brexit
  • a new market approach to the Main Market IPO process – the emergence of the ‘expectation of intention to float’ announcement, a preference to brief connected and unconnected analysts separately and a trend towards releasing price range prospectuses
  • an increased number of abandoned IPOs in 2018 citing market volatility, and
  • Brexit risk factors becoming a key component in most IPO prospectuses, particularly for companies operating in the commercial sector

This report includes commentary from Tim Ward – CEO, Quoted Companies Alliance.

Read the report here

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