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Lexis®PSL Corporate has published its latest Market Tracker Trend report on trends in UK equity capital markets.

The report examines the current dynamics of ECM activity in respect of IPOs and secondary fundraisings on both the Main Market and AIM. The report reviews data from 2015 through to 2017 and market activity in the first quarter of 2018.

Highlights of the report:

  • Analysis and comparison of ECM activity on the Main Market and AIM;
  • Spotlight on the headline IPO and secondary offering transactions over the past three yearsl
  • A three-year comparative overview of transaction volume, gross proceeds and market capitalisation in both IPOs and secondary offersl
  • Geographical trends in new listings and a comparison of country of incorporation and country of operation;
  • Industry sector review, with a comparative three-year breakdown of industry sector activity in respect of secondary fundraising deal volume and funds raised;
  • Review of secondary fundraisings by type; and
  • Forecast and update on key developments to look out for in 2018.

Key findings of our research include:

  • IPO activity on the Main Market showed signs of recovery in 2017 after a dip in activity during 2016 although transaction volume did not return to the level seen in 2015.
  • A maturing AIM market is becoming more attractive to larger companies. We found a steady increase in IPO volume combined with a dramatic increase in funds being raised.
  • AIM claimed a bigger share of the secondary fundraising market than in previous years, with an increase in average gross proceeds raised in comparison to a decrease in average gross proceeds raised for companies listed on the Main Market.
  • Our research confirmed the overall dominance of the investment and financial services sector across both markets and both deal types.
  • New listings on AIM and the Main Market indicated increased geographical diversity in 2017, in comparison to the past two years.
  • Our review of Q1 2018 revealed a robust start to ECM activity in 2018, with secondary fundraisings outperforming Q1 2017.

This report includes expert commentary from Jonathan Beastall, Senior Adviser, Corporate Finance at Pinsent Masons LLP, Rosalie Chadwick, Head of Corporate Finance at Pinsent Masons LLP, Clive Hopewell, Partner in the International Corporate Group at Bird & Bird LLP, Alexander Keepin, Corporate Finance Partner and Head of Mining at Bryan Cave Leighton Paisner LLP, Julian Stanier, Corporate Finance Partner at Pinsent Masons LLP, and Marcus Stuttard, Head of AIM & UK Primary Markets at the London Stock Exchange Group.

This article was written by Lexis®PSL Corporate. For further information, please contact Edward Davies.

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