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London:
The IPO Venue of Choice For US
& International Growth Companies
January 2017
2
Strong Organisational
Commitment to the Americas
- After acquisition of Frank Russell Company, the US provides 20% of LSE Group revenues
- More than 300 employees across 8 North American cities
- Owner and provider of the Russell indices – including the Russell 2000, the key benchmark index for
small cap companies listed in the US
London Is A Resilient, Strong
Performing Capital Market
- LSEG ranked 2nd globally for IPOs over period 2014-16
- London IPOs clearly outperformed US deals in 2015 and 2016
- London resilient in aftermath of Brexit vote – UK best performer in local currency since vote & in 2016
- Tech and life science IPOs key source of outperformance in 2016
Most International Capital
Market & Strong Platform For
US Companies
- London has the most international listed companies of any major exchange and approx. 100 US
companies are listed in London
- Recent US transactions range from $195m IPO of PureTech on Main Market to $4m IPO of MotifBio
- London offers great platform for internationally oriented US companies, for example Boston based
Allied Minds became best performing Main Market IPO of 2014 and Maryland-based Maxcyte one of
best performers of 2016
A Unique Small Cap Proposition
Not Available in the US
- London, unlike US, offers viable, cost effective public market access to institutional capital for market
caps of $30-$300m, particularly through its growth market, AIM
- Consistently more micro-cap IPOs in UK than US
- Stronger support for small cap IPOs due to dedicated small cap investor and broker ecosystem
- Access to blue chip patient institutional investors, lower volatility and strong support post IPO
Enhanced Deal Structure And
Vastly Reduced Burden and
Cost
- UK IPO process provides more certainty in pricing and valuation
- UK investors superior appetite to absorb secondary selldown at IPO than US counterparts
- London hugely more cost effective for IPO underwriting and transaction costs and ongoing burden
- Quarterly reporting not mandated in UK further reducing cost and time burden
- Directors and officers insurance typically 3x more expensive in US due to legal environment
Executive Summary Why London?
3
London Stock Exchange Group A growing presence in North America
2009 2010 2011 2012 2013 2014 2015 2016 2017
LSE LN Equity (R1)
UKX Index (L1)
Chicago Seattle
New York Boston
Toronto
San Francisco Washington DC
Mexico City
Source: Bloomberg as of 6th January 2017, internal analysis
[3] Implied consideration for the Russell Index business is approximately $1.9bn, post closing of the Russell Investments sale to TA Associates.
-19% +23%
Acquire majority
stake in Turquoise
LSEG’s fixed income
trading platform
acquires bonds.com
Market Cap
$1.7bn
100
Acquire MillenniumIT
Deal Consideration = £18.2m
Acquire full
ownership of global Index
provider FTSE
£450m
Acquire majority stake
in LCH.Clearnet Group
€341m
Acquired Seattle-based
Frank Russell Company,
vendors of the
RUSSELL 2000 Index
$2.7bn3
Acquire Exactpro
Announcement of
proposed MoE between
LSEG & Deutsche Boerse
Market Cap
$12.1bn
35% EUR
41% GBP
20% USD
LSEG
income
2016 H1
$1030m
4% Other
FTSE Russell
brand created
4
Financials 33%
Technology 14%
Consumer Services
13%
Health Care 13%
Consumer Goods 9%
Industrials 9%
Utilities 3%
Basic Materials 3%
Oil & Gas 3%
Source: Dealogic, London Stock Exchange, January 2017
Number of FO or IPOs by listing venue
Top 5 Exchanges by money raised, 2014-2016
LSEG Ranks Second Globally By money raised 2014-2016
2016 IPO deals in London, Industry Overview
64 IPOs
9% Consumer Goods
3% Basic materials
13% Consumer Services
33% Financials
13% Health Care
9% Industrials
3% Oil & Gas
14% Technology
3% Utilities
0
100
200
300
400
500
600
NYSE LSEG NASDAQ HKSE Shanghai
Mo
ney R
ais
ed
($b
n) IPO FO
5
After-Market Price Performance London Stock Exchange provides superior support for IPOs
-5%
0%
5%
10%
15%
20%
25%
30%
Source: Dealogic, January 2017
Price performance is weighted by market cap at offer.
2015/16 IPO Performance (%) 2016 IPO Performance – London only
Strong
recovery post
Referendum
-25.0
-20.0
-15.0
-10.0
-5.0
0.0
5.0
10.0
15.0
20.0
25.0
2015 2016
London NASDAQ NYSE
6
-100%
-50%
0%
50%
100%
150%
200%
Blu
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roup
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ood
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Had
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ecu
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eA
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nt
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plc
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p p
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rcha
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en
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s L
td
AIM Main Market
London IPO Performance (2016 IPOs)
2016
Weighted performance* +18.7%
Deals above offer price 45
Deals under offer price 12
Deal at offer price 1
Aftermarket Performance in 2016 Tech and US Healthcare Co Maxcyte Among Best Performers
Source: Dealogic, Bloomberg, price performance as of 30th December 2016
*Weighted by market cap at offer
470%
7
Source:,FactSet, January 2017
Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17
80
90
100
110
120
130
140
150
160
170
180
FTSE All-Share FTSE All-Share / Technology - IND S&P 500 / Information Technology -SEC S&P North American Technology Sector
- Since early 2015, the UK has seen significant outperformance of tech issuers and indices when compared to the US exchanges.
- Despite a challenging start to 2016, LSE tech continues to outperform the US and in particular the NASDAQ
FTSE All-Share Tech Outperforming S&P InfoTech
A Booming Tech Sector London-listed tech outperforms the benchmark
8
Global Equity Indices Performance
Source: Bloomberg, January 2017
Index Constituents’
Overseas Revenue
FTSE 100
c.75%
S&P 500
c.33%
- The resilience of the FTSE 100 during the
volatility surrounding the EU referendum is
testament to its international nature and the
sector diversity of our issuer community.
- The institutional nature of London investors
and their long term outlook results in lower
volatility in the secondary market.
UK Markets Have Recovered Strongly Outperforming markets both in Europe and globally
17%
7%
15%
1%
8%
12% 11%
3%
20% 21%
26%
18%
23%
25%
14%
9%
0%
5%
10%
15%
20%
25%
30%
35%
40%
FTSE 100 FTSE 250 FTSE AllAIM
STOXXEurope 600
CAC 40 DAX S&P 500 Hang Seng
% p
rice p
erf
orm
ance (
local curr
ency)
2016
Since Referendum 27th June
9
The International Market of Choice
Source: Bloomberg, FactSet, January 2017
* International classification based on FactSet Nation
- More international companies choose London for listing than any other exchange. 30% of all major exchange listed international companies are listed
on LSE.
- Tried and tested market expertise, developed financing infrastructure and internationally-minded investor community.
- Our issuers operate in over 115 countries around the world.
By #
of
Co
mp
an
ies
Cross Border Listings on International Exchanges London Has More International Companies Than Any Other Exchange
28% NYSE
30% LSE
23% NASDAQ
10% SGX
6% TSX
3% HKSE
1,621 Companies
485 459 375 162 88 52
1444 1620
2247
617 848
1949
0
500
1,000
1,500
2,000
2,500
3,000
LONDON NYSE NASDAQ SINGAPORE TORONTO HONG KONG
International Domestic
10
GA, Application Software
IPO date: July 2014
Market cap at IPO: $35.5m (£20.6m)
Price performance since IPO: -61%
Money raised at IPO: $15.1m
(£8.8m)
Proportion of company sold, of
which secondary: 42.7%, 0%
Rev / CAGR / EBITDA at IPO:
$8m/24%/$1m
Internationalisation / Expansion
MD, Biopharma
IPO date: March 2016
Market cap at IPO: $43.3m
(£30.4m)
Price performance since IPO: 125%
Money raised at IPO: $14.2m
(£10.0m)
Proportion of company sold, of
which secondary: 32.86%, 0%
Rev / CAGR / EBITDA at IPO:
$9.3m/17%/$1m
Investment in Immunotherapy
platform
TX, Healthcare Services
IPO date: December 2014
Market cap at IPO: $117.5m
(£75.0m)
Price performance since IPO: 67%
Money raised at IPO: $15.0m
(£9.6m)
Proportion of company sold, of
which secondary: 12.79%, 0%
Rev / EBITDA at IPO: $52m/$7m
Turnaround and Acquisition Story
CA, Biopharma
IPO date: May 2015
Market cap at IPO: $461.8m
(£302.3m)
Price performance since IPO: -21%
Money raised at IPO: $100.5m
(£65.8m)
Proportion of company sold, of
which secondary: 21.75%, 0%
Pre-revenue: computational biology
platform – preclinical and discovery
NY, Biopharma
IPO date: April 2015
Market cap at IPO: $19m (£12m)
Price performance since IPO: 95%
Money raised at IPO: $4.2m (£2.8m)
Proportion of company sold, of which
secondary: 22.08%, 0%
Pre-Revenue – antibiotic entering
phase III clinical trials
MA, Life Sciences
IPO date: June 2015
Market cap at IPO: $574.8m
(£363.6m)
Price performance since IPO: -23%
Money raised at IPO: $195.0m
(£124.4m)
Proportion of company sold, of
which secondary: 32.75%, 0%
Pre-Revenue – Majority stakes in
numerous clinical and preclinical
companies. Adjusted value $222m
MA, Material Sciences
IPO date: May 2014
Market cap at IPO: $675.0m
(£398.0m)
Price performance since IPO:
146%
Money raised at IPO: $220.1m
(£129.8m)
Proportion of company sold, of
which secondary: 30.70%, 28.27%
Pre-Revenue – stakes in numerous
IP rich university founded
companies. Adjusted value $367m
Main Market AIM
No. of Companies 50 50
Combined Mkt Cap ($bn) 1,985.1 4.6
Money Raised in last 10 years ($mn) 1,407.0 376.1
Selected US Listings in London
11
Source: London Stock Exchange and FactSet, January 2017
Admission date 8 Dec 2014
Money raised at
admission $15m
Money raised
through FOs $62m
Market cap at IPO $118m
Current market cap $256m
2015 revenue $77m
%Δ YOY revenue +40.5%
2015 EBITDA $24m
%Δ YOY EBITDA 63.3%
Houston based Constellation Healthcare Technologies has been successfully able to access the
market on multiple occasions to raise primary capital to supercharge their growth.
CHT – Constant Access to Capital For organic and inorganic growth
Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-171.2
1.4
1.6
1.8
2
2.2
2.4
CH
T S
hare
Price (
GB
P)
Acquisition
of
Physicians
Practice
Plus Inc for
$20m
Acquisition
of NorthStar
First Health
for $16m
Acquisition
of Phoenix
Health LLC
for $14m
Acquisition
of MDRX
Medical
Billing for
$28m
Acquisition
of VEGA
Medical
Professionals
LLC for
$24m
Announcement
of acquisition by
CC Capital at a
45% premiumFO raising
$17m,
selling 12%
of the
company
FO raising
$45m,
selling 21%
of the
company
12
Verseon – 2015
A London Listing Boosts Company Profile
13
Main Market – Premium Main Market – Standard AIM
Regulation EU Regulated EU Regulated MTF/ Exchange Regulated
Advisor Listing sponsor n/a Nominated Advisor (NOMAD) all
times
Free Float 25% 25% * n/a
Revenue Track Record 3 years for 75% of business ** n/a n/a
Corporate Governance
UK combined code
(Independent non-executive Chairman,
half board independent)
Statement on Corporate Governance
Market Practice
(Board Committees, Multiple Non-
Executive Directors)
Reporting Half Yearly Half Yearly Half Yearly
Investors at IPO Institutional/ Retail Institutional/ Retail Institutional Only
Significant Transactions Class Tests - Often shareholder
approval needed n/a
Class Tests - Usually only regulatory
disclosure / press release required
Confidential Filing
Yes, usual to issue intentional to float
when deal research published.
Prospectus available after pricing
Yes, usual to issue intentional to float
when deal research published.
Prospectus available after pricing
Yes, sometimes issue intentional to
float when deal research published.
Prospectus available after pricing
Voting Rights Multiple classes not permitted,
pre-emption rights
Multiple classes permitted,
pre-emption in some cases
Multiple classes permitted,
pre-emption in some cases,
usually dis-applied for placings
Typical
Size
Average IPO Deal Size
(2015/2016) $313m/$234m $29m/$39m
Average Market Cap at IPO
(2015/2016) $591m/$655m $96m/$101m
* If depositary receipts applies to DRs only
** Exemptions apply for “scientific research” companies, usually biotechnology companies
London’s Corporate Listing Alternatives
14
Source: LSE database, Dealogic, January 2017
2015 Number of IPOs: London AIM 31, London Main Market 62, NASDAQ 128 and New York 55
2016 Number of IPOs: London AIM 38, London Main Market 27, NASDAQ 83 and New York 37
Average Market
Cap Vastly
Different for
AIM and
NASDAQ
Deal Size vs Market Cap at IPO % Company Sold and Secondary Selldowns
Comparison of IPO Characteristics Comparing UK and US market characteristics
37%
66%
37% 34%
38%
55%
33% 36%
8%
29%
4%
10%
25% 24%
3%
15%
0%
10%
20%
30%
40%
50%
60%
70%
London -AIM
London -Main
Market
Nasdaq New York London -AIM
London -Main
Market
Nasdaq New York
2015 2016
Avg % of Company SoldAverage of Shares by Shareholder as %
96 101
580 630
511 505
1733
1883
29 39
321 226
138 133
365 392
00
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2015 2016 2015 2016 2015 2016 2015 2016
London - AIM London - MainMarket
Nasdaq New York
Dea
l s
ize
an
d m
ark
et
ca
p in
US
Dm
Avg Mktcap at IPO
Avg Deal Size
15
Source: FactSet and London Stock Exchange calculation, January 2017
Top 15 Investors on AIM Equity AUM (USDm)
Invesco Asset Management Ltd. 2,631
Hargreave Hale Ltd. 2,144
Woodford Investment Management LLP 1,709
Schroder Investment Management Ltd. 1,426
Octopus Investments Ltd. 1,130
BlackRock Investment Management (UK) Ltd. 1,120
Liontrust Investment Partners LLP 1,112
Old Mutual Global Investors (UK) Ltd. 1,052
Baillie Gifford & Co. 984
Standard Life Investments Ltd. 983
Henderson Global Investors Ltd. 974
Miton Asset Management Ltd. 814
Investec Wealth & Investment Ltd. 768
AXA Investment Managers UK Ltd. 716
Barclays Bank Plc (Private Banking) 681
MaxCyte
Harbert Fund Advisors
Legal & General IM
BlackRock IM
PureTech Health
Invesco AM
Baillie Gifford
Lansdowne Partners
Verseon Corp
Woodford IM
JPMorgan AM
Henderson Global
Motif Bio
Invesco AM
Aviva Investors
Acevo GmbH
ClearStar
River & Mercantile AM
Standard Life
Hargreave Hale
Allied Minds
Woodford IM
Invesco AM
GIV Pte Ltd
Access to Blue Chip Investors For London-listed International growth companies
16
- The London Stock Exchange Main Market is consistently less volatile when compared to US markets. Much of this is driven by its
diversified international investor base and focus on institutional investment.
- AIM displays relatively higher volatility due to its focus on high growth companies.
- Despite this, in recent years IPOs on AIM have been more stable compared to the US exchanges.
Lower Price Volatility
Source: LSE Calculation, January 2017
All IPOs since 2011. Daily price volatility since listing annualized
Price volatility across markets, year by year
0
10
20
30
40
50
60
70
80
2011 2012 2013 2014 2015 2016
AIM London Nasdaq NYSE
17
Number of IPOs by Companies of Market Capitalization lower than $100m
Source: Dealogic, January 2017
32
43
35
47 45
35 35
24
19 20
19
33
28
19
0
5
10
15
20
25
30
35
40
45
50
2010 2011 2012 2013 2014 2015 2016
Num
ber
of
IPO
s
UK US
A Vibrant Small Cap IPO Ecosystem London is a popular listing venue for small cap companies
18
Source: Dealogic, LSE calculations, January 2017
Number of Small Cap IPOs 2014-2016: London AIM 144, London Main Market 138, NASDAQ 393, New York 213
Small cap defined as companies with market cap of $30m to $250m at the time of IPO. Period analysed is from 2014 to 2016
Post-IPO Performance defined as current price to IPO Offer price
- In recent years, smaller companies have found LSE’s markets to be a superior location for performance following their IPO.
- AIM has performed particularly well cementing its status as not only the premier junior market, but the ideal market for a small cap
IPO.
Strong Support for Small Caps
Small Cap Post-IPO Performance (2014-2016)
35.9%
11.5%
5.2%
2.4%
28.5%
4.8%
0%
5%
10%
15%
20%
25%
30%
35%
40%
London - AIM London - Main Market Nasdaq New York United Kingdom United States
19 19
Pricing Certainty More pricing and valuation certainty in London
London
Source: FactSet & Dealogic, January 2017
Deals considered are 2016 IPOs that disclosed a price range in their official published documents
- Incorporation in the UK of investor meetings prior to IPO and deal research allows for more granular feedback on valuation and price range setting
- Issuers in the UK are not obliged to disclose a price range or issue an intention to float announcement giving them more flexibility and in turn greater valuation certainty – filing with the UK regulator is also confidential
IPO Price Relative To Price Range 2016
13% Above
28% Below
59% In range
4% Below
96% In range
US
20
Secondary Selldown UK investors are comfortable with shareholder exit at IPO
Source: FactSet & Dealogic, January 2017
Horizontal axis values relate to IPO deal size ranges
Market practice in on the LSE is more welcoming to secondary selldowns. Public market investors take a pragmatic view that
private investors may need to seek liquidity in situations such as the maturation of an investment fund.
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
£0m-250m £250m-500m £500m-1bn £0m-250m £250m-500m £500m-1bn
2014 & 2015 2016
Average % of IPO Size consisting of Secondary Selldown
London Nasdaq New York
n.a n.a
21
IPO Fees UK typically has lower underwriting costs
Comparison of Underwriting Costs (%)*
Source: Dealogic, January 2017
Based on gross underwriting fees (%) for 2016 IPOs and deal sizes between $50-500m
No SarbOx
No Quarterly
Lower
Insurance
3%
2%
7%
6%
0%
1%
2%
3%
4%
5%
6%
7%
London AIM London Main Market Nasdaq New York
22
- D&O insurance costs are typically 3x more expensive for a company listed in the US (1)
- US is a significantly more litigious environment than the UK and non US companies are potentially exposed to greater uncertainty and a non-domestic
bias
- Managing this risk is costly and can be an unnecessary distraction for management and difficult to manage from a distance. This is another factor in
many non US companies choosing to relocate their HQ and/or move significant operating assets to the US
£0
£5,000
£10,000
£15,000
£20,000
£25,000
£30,000
£35,000
Pri
ce p
er
Millio
n (
GB
P)
Market Cap (GBP bn)
D&O costs for 35 Largest FTSE 100 companies
Largest Smallest
Average: GBP 14,476
Average: GBP 4,752
1) Analysis performed on primary D&O Price per Million (GBP) of FINPRO UK's Non-FI FTSE 100 Companies listed from left to right in descending market cap order
Lower Legal Risk Environment Lower personal & litigation risk for London-listed companies
23
Location London, UK Bradford, UK Edinburgh, UK London, UK / San
Francisco, US Theale, UK
Newton-le-
Willows, UK London, UK
Sector Digital and Video
Software
Cybersecurity
Software
Accounting
Software
Teleconferencing
Software
Cybersecurity
Software
Back Office Task
Automation
Software
Billing / CRM
Software
IPO date December 2016 December 2016 November 2016 August 2016 April 2016 March 2016 March 2016
Market Cap at IPO $19.7m $19.0m $42.7m $53.4m $22.9m $69.6m $32.2m
Price performance
since IPO +24% +31% 0% +24% +3% +272% +58%
Money raised at
IPO $7.6m
(£6.1m)
$7.6m
(£5.9m)
$10.0m
(£8.0m)
$11.0m
(£8.6m)
$12.4m
(£8.8m)
$30.2m
(£21.0m)
$14.3m
(£10.0m)
% of company
sold, % secondary 38.7%, 0% 39.3%, 15.3% 23.4%, 25.1% 32.0%, 0% 54.4%, 31.9% 43.4%, 52.5% 44.5%, 0%
Rev/CAGR/EBITDA $0.6m/187%/-
$1.3m $2.7m/11%/$0.8m $7.1m/34%/-$0.3m
$12.0m/37%/$1.3
m
US 45% of
Revenue
$0.4m/55%/-
$0.5m
$7.9m/43%/-
$1.0m $18.2m/3%/$3.8m
Selected Recent Tech Listings in London
Source: Dealogic, January 2017
IPO price refers to IPO open price
24
Location South Wales, UK Oxford, UK Reading, UK London, UK Nottingham, UK Gaithersburg,
USA Gateshead, UK
Sector Healthcare Biotechnology Healthcare Biotechnology Biotechnology Biotechnology Pharmaceuticals
IPO date December 2016 December 2016 October 2016 June 2016 May 2016 March 2016 February 2016
Market Cap at IPO $103.2m $169.8m $5,364.8m $208.9m $95.7m $43.3m $234.9m
Price performance
since IPO +42% -7% +8% +13% -3% +117% +12%
Money raised at
IPO $25.4m (£20m) $25m (£20m)
$1,939m
(£1,587m) $16.6m (£11.3m) $15.8m (£10.9m) $14.2m (£10.0m) $47.0m (£32.4m)
% of company
sold, % secondary 24.6%, 0.0% 14.7%, 64.5% 36.1%, 1.3% 7.98%, 0.0% 16.58%, 0.0% 32.86%, 0.0% 20.04%, 0.0%
Clinical Stage /
Product
Money raised will
be used to develop
surgical devices
that can dissect
tissue while using
special microwaves
to staunch the
blood flow.
Focused on
epigenetics and its
technology
analyses
biomarkers in the
blood to help
pharma companies
work out which
patients are likely
to benefit most
from a particular
drug.
Development of
medical products
such as dressings
to contain oozing
wounds, endotrach
eal tubes,
colostomy
bags, catheters,
surgical suction
devices and faecal
incontinence
equipment.
Initial portfolio of
three Phase 2
product
candidates from
Novartis, each
with different
mechanism of
action, Phase 2
initiated for 2 prior
to IPO
Cancer
diagnostics:
development of
autoantibody tests.
Proceeds for
commercialisation
Medical device –
electroporation
technology for cell
engineering.
Revenue
generating.
Separate immuno-
oncology platform
being developed
Commercialisation
of approved oral
anaemia
treatment.
Completed phase
II on chronic
kidney disease
treatment
Source: Dealogic, January 2017
IPO price refers to IPO open price
Recent Life Science Listings in London
AIM – The Leading
International Growth
Market
26
-
2
4
6
8
10
12
14
16
18
Mo
ney R
ais
ed
(£b
n)
Further
New
Source: LSE statistics, 31st December 2016
*25 companies either suspended or undetermined value
A Snapshot of AIM £100 billion raised since launch
982 companies*,
aggregate value of
£80bn (173 Int’l
companies)
*ICB industry classification
Since 1995 over £100bn
raised in total (£59bn
through further issues)
Profile of AIM Companies Admissions to AIM – 1995 to 2016
Industries* Represented – by Number of Companies Fundraisings on AIM – 1995 to 2016
71
106 104
199
147 138
113
52
20 7
£0 - 2 m £2 - 5m £5 - 10m £10 - 25m £25 - 50m £50 - 100m £100 -250m
£250 -500m
£500 - 1bn £1bn+
121 142
107 75
102
277
177 160 162
355
520
462
284
114
36
102 90 73
99 118
61 64
0
100
200
300
400
500
600
No
. o
f A
dm
issio
ns
Int'l UK
Oil & Gas, 100
Basic Materials, 149
Industrials, 159
Consumer Goods, 61
Health Care, 90
Consumer Services, 104
Telecommunications, 13
Utilities, 13
Financials, 173
Technology, 120
27
The Changing Face of the World’s Most
Successful Growth Market
AVERAGE PERFORMANCE OF NEW
UK AIM COMPANIES THIS YEAR:
AVERAGE MARKET CAP OF AIM
COMPANIES
£88m
2014–2016 2005 (peak AIM, in some respects)
AVERAGE PERFORMANCE OF NEW AIM
COMPANIES 2014-2016:
AVERAGE AIM COMPANY MONEY
RAISED AT IPO
£30.3m
2014–2016 2005 (peak AIM, in some respects)
AIM REMAINS A VERY INTERNATIONAL MARKET
48 international
companies floated in the last three years
+2.8%
+31%
+52%
of total
£17m £5m
AVERAGE PERFORMANCE OF NEW AIM
COMPANIES IN THE LAST THREE YEARS
FTSE 100 OVER THE SAME PERIOD
+16%
GROWTH SECTORS REPRESENTED BY AIM
IPOS 2014-2016
42%
28
Source: Bloomberg and Dealogic, January 2017
Further Issues on London Stock Exchange IPOs on London Stock Exchange
Number of FOs Money raised via FOs ($m)
Main Market AIM Main Market AIM
2015 179 270 47,461 7,633
2016 163 318 27,688 5,243
% change -9% +18% -42% -31%
Number of IPOs Money raised at IPO ($m)
Main Market AIM Main Market AIM
2015 62 31 19,376 908
2016 26 38 6,095 1,496
% change -58% +23% -68% +65%
0
5
10
15
20
25
30
35
40
45
50
0
2
4
6
8
10
12
14
16
18
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
2010 2011 2012 2013 2014 2015 2016
VF
TS
E In
dex
Deal
Valu
e (
US
D b
n)
0
5
10
15
20
25
30
35
40
45
50
0
2
4
6
8
10
12
14
16
18
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
2010 2011 2012 2013 2014 2015 2016
VF
TS
E In
dex
Deal
Valu
e (
US
D b
n)
AIM Bucks Challenging IPO Trend Positive year for IPOs on the Growth Market
29
Source: FactSet, January 2017
Jan-16 Feb-16 Mar-16 Apr-16 May-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-1685
90
95
100
105
110
115
120FTSE 100 FTSE All-Share FTSE AIM 100 FTSE AIM All Share
Index Performance FTSE AIM 100 outperforms other UK benchmark indexes
30
Source: Dealogic and London Stock Exchange data, October 2016
Companies considered are those that had a primary raise at IPO since 2013.
Median multiple of 20 days trading: The block size compared to the average daily trading in the 20 days preceding the issue
The Liquidity Fallacy: AIM IPOs Able to Return to
Market For Primary And Secondary Follow Ons
51%
22%
0%
10%
20%
30%
40%
50%
60%
% of IPO Companies that have donefollow ons
% of IPO Companies that have donemore than one follow on
-8.26%
123x
-20
0
20
40
60
80
100
120
140
Median Discount Median Multiple
Med
ian
Dis
co
un
t (%
), M
ed
ian
Mu
ltip
le (
x,
mu
ltip
le o
f p
rev
iou
s 2
0 d
ays t
rad
ing
)
31
Source: Dealogic, January 2017, Companies represents smaller subset of AIM universe. IPO since 2013 with primary component and then raised or sold down further
capital. Excludes deals below $5m in size
AIM Follow Ons For Recent Growth IPOs
Date Issuer Deal Size $m ADTVx Premium/
Discount
(Stock)
% of Company
Sold Market
Value ($m) Primary
%
11/12/2013 Outsourcery plc 7 60x -6.7 10.9 68 100
27/02/2014 Plus500 Ltd 167 29x -11.4 17.4 1080 0
09/04/2014 Quixant plc 42 172x -12.5 27.6 172 0
14/04/2014 Versarien plc 9 287x -7.1 20.1 49 100
16/04/2014 Frontier Developments plc 7 106x -3.5 5.2 134 0
09/05/2014 Keywords Studios plc 10 53x -6.5 8.8 124 100
23/05/2014 CityFibre Infrastructure Holdings plc 51 235x -9.1 40.5 137 100
08/07/2014 Rightster Group plc 72 1,779x -0.9 39.1 186 100
11/07/2014 4D Pharma plc 37 460x -20.0 27.8 166 100
22/09/2014 Mporium Group plc 6 146x -75.3 81.5 28 100
24/11/2014 Benchmark Holdings plc 110 405x -4.5 37.6 306 100
28/11/2014 Venture Life Group plc 7 625x -0.5 13.1 51 100
21/01/2015 4D Pharma plc 53 n/a -10.9 14.0 422 100
12/03/2015 Eagle Eye Solutions Group plc 9 247x -6.3 13.6 71 67
01/05/2015 Horizon Discovery Group plc 62 123x -4.3 22.6 285 62
07/05/2015 Rightster Group plc 8 n/a 0.0 12.5 61 100
13/05/2015 Constellation Healthcare Technologies Inc 17 320x -25.3 12.3 186 100
32
Source: Dealogic, January 2017, Companies represents smaller subset of AIM universe. IPO since 2013 with primary component and then raised or sold down further
capital. Excludes deals below $5m in size
AIM Follow Ons For Recent Growth IPOs
Date Issuer Deal Size $m ADTVx Premium/
Discount
(Stock)
% of Company
Sold Market
Value ($m) Primary
%
23/06/2015 Motif Bio plc 35 219x -22.2 40.7 110 100
20/07/2015 Ergomed plc 10 162x -6.9 13.8 82 0
27/07/2015 Zegona Communications plc 389 2,296x 10.3 87.0 406 100
17/08/2015 Kromek Group plc 17 353x n/a 28.9 83 100
01/10/2015 NetScientific plc 27 1,210x -19.5 29.5 115 100
12/11/2015 Xeros Technology Group plc 60 452x -1.1 21.4 286 100
24/11/2015 Abzena plc 32 383x -7.7 26.4 131 100
26/11/2015 Keywords Studios plc 16 35x -6.4 10.2 165 100
08/12/2015 4D Pharma plc 45 137x -0.6 5.9 773 100
08/12/2015 CentralNic Group plc 15 n/a -30.4 27.2 80 100
11/12/2015 Constellation Healthcare Technologies 45 n/a -10.6 21.3 238 100
14/12/2015 Benchmark Holdings plc 283 784x -7.5 45.6 671 100
14/12/2015 CityFibre Infrastructure Holdings plc 122 426x -24.8 60.2 269 100
18/12/2015 Rightster Group plc 15 2,636x -47.4 35.1 81 100
08/01/2016 Applied Graphene Materials plc 12 831x -10.3 22.2 62 100
24/03/2016 RedX Pharma Ltd 14 218x -19.5 30.5 59 100
04/04/2016 Quixant plc 12 55x -8.3 6.5 203 0
33
Source: Dealogic, January 2017, Companies represents smaller subset of AIM universe. IPO since 2013 with primary component and then raised or sold down further
capital. Excludes deals below $5m in size
AIM Follow Ons For Recent Growth IPOs
Date Issuer Deal Size $m ADTVx Premium/
Discount
(Stock)
% of Company
Sold Market
Value ($m) Primary
%
22/04/2016 Be Heard Group plc 12 108x -21.2 42.9 34 100
04/05/2016 Ergomed plc 13 847x -2.8 18.6 74 100
12/05/2016 Keywords Studios plc 19 18x -5.3 10.2 197 0
29/07/2016 Stride Gaming plc 36 313x -21.5 19.0 239 100
05/08/2016 Benchmark Holdings plc 41 510x 11.1 9.1 404 100
20/09/2016 Faron Pharmaceuticals Oy 10 313x 0.0 12.2 86 100
29/09/2016 Plus500 Ltd 131 4x -13.3 13.5 1121 0
20/10/2016 Quantum Pharma plc 18 19x 0.7 26.1 70 100
28/10/2016 Midatech Pharma plc 20 1,054x -16.7 31.1 78 100
31/10/2016 Volution Group plc 82 72x -10.2 22.4 407 0
07/11/2016 Hurricane Energy plc 93 39x -12.3 18.2 583 100
09/11/2016 Pacific Industrial & Logistics REIT plc 14 1314x -6.5 51.9 29 100
16/11/2016 Koovs plc 16 45x -20.6 15.0 135 84
18/11/2016 Motif Bio plc 8 14x -6.7 17.3 49 100
06/12/2016 AB Dynamics plc 9 48x -7.3 7.6 123 79
09/12/2016 Trinity Exploration & Production plc 12 n.a 0.0 66.4 18 100
12/12/2016 Marlowe plc 13 212x 0.0 11.2 113 100
34 34
Benefits of Joining AIM Access to a deep pool of capital and increased visibility
- Diverse & deep pool of
capital
- Strong support from
institutions
- Funding for acquisitions &
expansion to new markets
Access to capital
- Nominated advisers
- Accountants
- Lawyers
- Banks/Brokers
- Analysts
- Financial PR / IR
- Media
Wide support network
- Visibility
- Bargaining power with
customers & supplier
- Access to incremental
research coverage
- Marketability of stock
- Global peer group
Profile
- Disclosure requirements
tailored to growing
companies
- Based on EU FSAP
Directives & UK Prescribed
Market Regime
- Local & International
investor confidence in
regulatory framework
Balanced regulatory approach
Key eligibility requirements
Eligibility criteria
- Appointment of nominated adviser
- No minimum track record requirement or free float criteria, but company must demonstrate appropriateness to join a
public market
Admission documents
- Pre-admission announcement at least 10 business days prior to admission
- AIM admission document
- Nomad declaration of appropriateness
Rulebooks - AIM Rules for Companies and Nominated Advisers
Corporate governance - Adoption of corporate governance measures as appropriate for the business
- UK Corporate Governance Code / QCA Corporate Governance Code as best practice
Continuing obligations
Adviser - To retain a nominated adviser at all times, failure to do so may result in suspension in the company’s shares
Periodic reporting - Audited Annual Report
- Half yearly financial report
Disclosure requirements
- Price sensitive information to be made public without delay
- Significant shareholder notification
- Directors’ dealings notification
- Company website with up-to-date regulatory information, including disclosure of corporate governance arrangements
Corporate transactions
- Class tests to assess transactions
- Notification of substantial transactions, related party transactions
- Shareholder approval for reverse takeovers, fundamental disposals & cancellation
35
The AIM Framework Admission and ongoing responsibilities
36
AIM NYSE MKT TSX Venture NASDAQ CAPITAL
Regulation
EU Directives/Regulation as
applicable/Home
legislation/Exchange Rules
US Securities Law as
applicable, Home legislation,
NYSE MKT Rules
Provincial Securities Law as
applicable, Home Legislation,
TSX –V Rules
US Securities Law as
applicable, Home legislation,
NASDAQ Rules
Eligibility criteria Flexible - Nomad consideration
of appropriateness
Varied - minimum financial
standards and free float
standards
Sector specific criteria
Varied - minimum financial
standards and free float
standards
Minimum free float
Nomad Assessment of
appropriateness. Exchange
may refuse admission.
One of three Options. Minimum
numbers of shares/public
holders/stock price/market
value requirements.
Yes – based on number of
shares/public holders and
percentages, by sector No
minimum market value
requirements
Minimum $4 million stockholder
equity, with minimum
shareholder requirements.
Revenue criteria No minimum requirements No minimum. If nil, other
eligibility criteria apply Sector- specific numerical tests
No minimum. If nil, other
eligibility criteria apply
Adviser required Nomad must be retained at all
times.
Not required however usual for
transactions
Sponsorship may be required
on admission and for certain
transactions.
Not required however usual for
transactions
Corporate governance
Expected market practice &
guidance from Nomad.
Disclosure of whether code
followed.
NYSE minimum requirements
Canadian/Provincial
requirements apply to TSX-V
listed issuers
Nasdaq Minimum requirements.
On-going financial reporting Half-yearly report (unaudited)
and audited annual reports
SEC requirements
differentiated for
domestic/international issuers.
US issuers report quarterly
Quarterly financial statements
(unaudited) and annual
financial statements (with
auditor’s report)
SEC requirements
differentiated for
domestic/international issuers.
US issuers report quarterly
Significant transactions Disclosure required
Shareholder approval may be
required if management
participate/shares are issued
Shareholder approval may be
required if transaction is on a
non-arm’s length basis. Filings
and Exchange approval.
Shareholder approval may be
required if management
participate/shares are issued
Cancellation 75% shareholder approval
Board approval – process
governed by SEC. Certain
disclosure obligations may
continue.
Board/Exchange approval
Board approval – process
governed by SEC. Certain
disclosure obligations may
continue.
Comparison of Listing Requirements Across selected growth markets
Informal discussions
& fact finding
Appoint a nominated
adviser
Review of corporate structure,
governance & Board
Due diligence & drafting of admission document
Investor discussions
& placing agreements
Placing finalised & completion
meeting
IPO
THE START OF THE
JOURNEY
AIM pre-admission
announcement
(10 days prior to
admission)
Costs of IPO
Advisory & due diligence These include nomad, reporting accountants, lawyers and other due diligence costs. These are mainly dependent on
complexity of the business & sector, but can be significantly higher for the Main Market due to legal costs of producing a
Prospectus approved by the UKLA
Exchange fees Incremental based on company’s market value
Broker commission Actual % depends on the quantum & can be affected by sector and complexity of deal
Ongoing compliance – can vary with corporate activity
Nomad/Corporate
adviser
Similar for AIM & Main Market companies – as Main Market companies usually retain a corporate adviser
Auditors • Similar for comparable companies on AIM & the Main Market
• Can vary dependent on complexity of the business
Internal Costs Include corporate governance costs including non-executive directors as well as increased public relations & investor relations
efforts
Other Include exchange fees, registrars, website, AGMs etc
Fees may vary significantly depending on the size, complexity and sector of a company. 37
Understanding the Admission Process Timeline and costs
Who are nomads?
- An investment bank, a corporate finance or accountancy firm approved to act in the capacity of a nomad by London Stock
Exchange
- It is important a company choses a nomad firm with relevant sector experience and understands the business. It is likely
that the company will have a long and close relationship with their nomad
- A company can change its nomad firm as circumstances arise but must retain a nomad throughout its time on market
What does the
nomad do? - Undertakes due diligence to determine whether the company and directors are suitable for AIM
- Prepares the company for life on a public market and provides support in appointing team of advisers
- Co-ordinates the preparation of the admission document which details the company’s investment proposition
- Confirms to London Stock Exchange that the company is appropriate for AIM
- Acts as the primary regulator throughout a company’s time on AIM by ensuring the company continues to understand its
obligations under the AIM Rules
- Gives corporate finance advice in relation to transactions whilst on AIM
Why is the nomad
role important? - To support and guide companies to achieve their growth potential
- To help companies provide an assessment of their business and prospects for investors
- A regulatory role to ensure a company meets its on-going obligations
- To safeguard the integrity of the market. Strict criteria in place for becoming an approved nomad ensures companies
have access to the high-quality advice they deserve
AIM companies are supported by a large and highly experienced community of advisers - nomads, brokers, accountants, lawyers, public relations
and investor relations firms. The role of the nomad is the most critical as the AIM rules require every company to retain a nomad at all times.
38
Nominated Advisors Their role within the AIM community
- 73% of AIM investors agree that good corporate governance is increasingly important
- FTSE AIM 100 companies that had a majority of Non-Executive Directors on their board saw their share price increase by an average
of 22% per annum between 2010 and 2013
- Larger AIM companies are increasingly adopting the UK Corporate Governance Code, whilst an increasing number of small AIM
companies are following the QCA Corporate Governance Code
Sources: Data taken from Baker Tilly “Taking AIM Report 2012 and 2013”, Practical Law Company “Corporate Governance Analysis”, Edward
Drummond & Co research, “QCA & UHY Hacker Young Corporate Governance Report 2013”
Requirements - Adoption of corporate governance measures as appropriate for the business
- Disclosure on a company’s website of the corporate governance code applied, details of how it is applied and if no code
is adopted to state this with current corporate governance arrangements
- UK Corporate Governance Code / QCA Corporate Governance Code as best practice
Areas of good
disclosure - Description and work of each board committee and its role
- Information about the identity and suitability of executive and non-executive directors and their committee membership
- Responsibilities and accountability of each committee
Areas requiring further
focus - Evaluation of how procedures have evolved from previous years and the action taken
- Lack of clear articulation of how the company’s corporate governance structures and behaviour support the long-term
strategy and success of the company
- Reasons explaining why a non-executive director is considered to be independent
- Investors feared a potential conflict where the company secretary was also a director
39
Corporate Governance Proven to be important for investors and the share price
Week 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Test marketing
Negotiation of agreements for the
engagement of Nomad & broker, reporting
accountant and registrars
Review corporate structure with key
advisers
Financial due diligence & reports:
long form report; financial information;
working capital
Drafting of AIM admission document
Senior executive employment
arrangements and terms of appointment of
non-executive directors
Negotiation of placing agreement
Legal due diligence report produced and
verified
Pathfinder completion meeting
Marketing
Placing list finalised
Placing proof prepared & Placing proceeds
received by broker
AIM pre-admission announcement
Completion meeting
Admission to AIM and dealings commence
Proceeds of the placing paid to the
company
40
AIM IPO Transaction Timeline
Appendix I
Selected Tech Case Studies
42
Company FreeAgent Holdings Plc
Market AIM
Sector Software & Computer Services
Main Country of Operation UK
Admission Date 16 Nov 2016
Money Raised at Admission £10.7 million
Market Cap at IPO £34.1 million
Current Market Cap £42.45 million
NOMAD N+1 Singer Advisory LLP
Case Study FreeAgent
Listing Story FreeAgent is a provider of cloud-
based Software-as-a-Service
(SaaS) accounting software
solutions and mobile applications
designed specifically for UK micro-
businesses (sole traders and
companies with fewer than 10
employees) and their accountants.
Since the business was established in 2007,
the focus has been on building its UK
subscriber base in parallel with developing
new features for its business and accounting
software solutions.
Headquartered and operating from Edinburgh,
Scotland the number of active subscribers
using FreeAgent's SaaS solutions is currently
c. 52,000.
FreeAgent was listed on AIM in November 2016.
At admission, the company raised a total of
£10.7 million and giving it a market capitalisation
of approximately £34.1 million.
N+1 Singer Advisory LLP acted as Nominated
Advisor.
Source: Company website, Dealogic, FactSet, January 2017
Price performance rebased to 100 as at date of IPO
“We are very pleased to have today been admitted to trading on AIM - this is a transformational event for FreeAgent. I am
delighted by the interest shown in FreeAgent by investors, resulting in our successful placing, and equally delighted to
welcome on board our new shareholders. Our entry to the AIM market is a positive step that marks the next phase of
FreeAgent’s development as we progress our growth strategy.”
Ed Molyneux, Chief Executive Officer of FreeAgent
43
Company Big Sofa Technologies Group Plc
Market AIM
Sector Software & Computer Services
Main Country of Operation UK
Admission Date 19 Dec 2016
Money Raised at Admission £6.1 million
Market Cap at IPO £9.5 million
Current Market Cap £13.4 million
NOMAD SPARK Advisory Partners Limited
Case Study Big Sofa Technologies
"The market is growing at a substantial pace and Big Sofa has a growing list of blue chip customers. Our listing on AIM gives
us the means to accelerate our growth ambitions both domestically and internationally in order to create a highly profitable
business of scale. We have a fantastic team in place and are excited to enter our next phase of growth as a listed company.“
Simon Lidington, Chief Executive Officer of Big Sofa
Listing Story The Company will be the holding company for Big Sofa
Limited. Big Sofa Technologies is a b2b technology
company providing video analytics at an enterprise
level.
Its proprietary, cloud-based analytics platform enables
users to ingest, manage, search and perform detailed
analysis on the content of any video, from any device,
across any spoken language. Big Sofa's current office
and head office is based in London.
The main country of
operation is the U.K.
Admission is being sought
following completion of the
reverse takeover of
unlisted HubCo
Investments plc.
Big Sofa Technologies was listed on AIM in
December 2016.
At admission, the company raised a total of £6.1
by placing approximately 56 million ordinary
shares and giving it a market capitalisation of
approximately £9.5 million.
SPARK Advisory Partners Limited acted as
Nominated Advisor.
Source: Company website, Dealogic, FactSet, January 2017
Price performance rebased to 100 as at date of IPO
44
Case Study LoopUp
Company LoopUp Group Plc
Market AIM
Sector Software & Computer Services
Main Country of Operation England and Wales
Admission Date 24 August 2016
Money Raised at Admission £8.5 million
Market Cap at IPO £40.8 million
Current Market Cap £58.3 million
NOMAD Panmure Gordon (UK) Limited
Listing Story LoopUp Group Plc is a global
software-as-a-service ("SaaS")
provider of remote meetings. Founded
in 2003, it ‘s headquartered in
Shoreditch, London and has offices in
San Francisco, New York, Boston,
Hong Kong and Barbados, employing
a total of 96 people.
LoopUp Group Plc was listed on
AIM Market in August 2016. On
admission, the company raised a
total of £8.5 million by Placing of
8.5 million ordinary shares with
investors at a placing price of
100 pence per ordinary share.
Streamlined and intuitive, LoopUp is
designed to eliminate common
frustrations associated with conference
calls to deliver a premium remote
meeting experience for mainstream
business users along with the quality,
security, and reliability expected by
global blue-chip enterprises
Panmure Gordon
(UK) Limited
("Panmure Gordon")
was acting as
Nominated Advisor
and sole Broker to
the Company.
"The completion of the IPO process marks an important and exciting milestone on LoopUp’s journey as a UK-headquartered
and internationally-minded technology company, and provides a significant catalyst for our continued growth. The reception from
investors has been positive and encouraging, and reinforces our belief that our differentiated product, business model and plans
for the future provide the foundation needed to deliver on our potential as a public company.
Our focus will continue to be on delivering an exceptional product and service to our customers around the world, supported
by the funds we’ve raised and emboldened by the faith our new shareholders have placed in us. These are exciting times.”
Steve Flavell, Co-Chief Executive Officer
Source: Company website, Dealogic, FactSet, January 2017
Price performance rebased to 100 as at date of IPO
45
Case Study Blue Prism
Company BLUE PRISM PLC
Market AIM
Sector Software & Computer Services
Main Countries of Operation UK and US
Admission Date 18 March 2016
Money Raised at Admission $29 million
Market Cap at IPO $68 million
Current Market Cap $404.3million
Nomad Investec
“We are delighted to have been admitted to trading on AIM today.
The increased visibility will further improve the confidence our
customers and partners place in us, while the listing will help us
attract, retain and incentivise staff.”
Alastair Bathgate, Chief Executive Officer of Blue Prism
Apr-16 Jun-16 Aug-16 Oct-16 Dec-16
50
100
150
200
250
300
350
400
450
500
Price r
ebased to 1
00
Blue Prism Group Plc vs FTSE AIM All Share
Blue Prism Group Plc FTSE AIM All Share
Top 5 Institutional Investors (value held $m)
Schroder Investment Management 33
Hargreave Hale 20
Threadneedle Asset Management 11
The Independent Investment Trust Plc 11
Old Mutual Global Investors
7
Listing Story Merseyside-based Blue Prism
Group was established in 2001 by
CEO Alastair Bathgate and CTO
David Moss. The Group has
developed software robots that can
automate back-office tasks.
The Group has been entirely
self-funded since 2008, prior to
which it raised approximately
£1.7 million from a number of
venture capital funds and high-
net worth individuals.
The placing of 27
million ordinary
shares at 78 pence
each raised gross
proceeds of £21.2
million.
Approximately £10 million will be
used to underwrite the Group’s
growth plans and provide
balance sheet strength to
contract with the Group’s blue-
chip customers and partners.
The remainder is for the benefit
of selling shareholders.
Source: Company website, Dealogic, FactSet, January 2017
Price performance rebased to 100 as at date of IPO
46
Case Study Purplebricks
Company Purplebricks Group PLC
Market AIM
Sector Real Estate Services
Main Countries of Operation United Kingdom
Admission Date 17 December 2015
Money Raised at Admission $88 million
Market Cap at IPO $362 million
Current Market Cap $466.2 million
Nomad Zeus Capital
Purplebricks is a national UK estate
agency and lettings business driven by
a combination of professional Local
Property Experts (LPEs), technology
and customer facing software designed
to change the whole experience of
selling, buying and letting property.
The Company has grown rapidly since
its regional launch in April 2014, with its
revenue in September 2015 being
around 10 times greater than the
previous year.
Purplebricks has also emerged as the
market leader in the hybrid and online
sector.
Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16
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Price r
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Purplebricks Group Plc vs FTSE AIM All Share
Purplebricks Group Plc FTSE AIM All Share
“The IPO will represent a major milestone in the rapid development
of Purplebricks, which is already the fourth largest estate agency in
the UK based on a monthly run rate of the Company's transaction
numbers.”
“The funds raised will allow us to further deepen our presence
across the UK through additional investment in people, technology,
infrastructure and marketing to deliver our ambitious growth plans
and create value for our shareholders.”
Michael Bruce, Chief Executive of Purplebricks
Top 5 Institutional Investors (value held $m)
Woodford Investment Management 136
Old Mutual Global Investors (UK) 32
Artemis Investment Management 21
Fidelity Investment Advisors (UK) 16
TIAA-CREF 8
Listing Story
Source: Company website, Dealogic, FactSet, January 2017
Price performance rebased to 100 as at date of IPO
47
Case Study Cerillion
Company Cerillion Plc
Market AIM
Sector Software & Computer Services
Main Countries of Operation United Kingdom
Admission Date 18 March 2016
Money Raised at Admission $14.4 million
Market Cap at IPO $32.3 million
Current Market Cap $54.7 million
Nomad Shore Capital
“I am delighted that Cerillion is joining AIM today. It marks an
important milestone for the Company and we will use this as a
platform to continue to grow the business, both organically and
inorganically.”
Louis Hall, Chief Executive Officer
Listing Story Cerillion plc is a UK-based vendor of a pre-
integrated suite of business support
systems (BSS) and operational support
systems (OSS) for the telecommunications
industry. The business has a global
customer base, across 40 countries and its
customers include Cable & Wireless, KDDI
and MTN.
Cerillion Plc priced its IPO at
76p per share giving a market
cap at admission of £22.4
million.
The Placing consisted of 13
million new Ordinary Shares and
6.3 million Existing Ordinary
Shares.
After the first
day of trading
the shares
closed up
4.6%.
Apr-16 Jun-16 Aug-16 Oct-16 Dec-16
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Cerillion Plc vs FTSE AIM All Share
Cerillion Plc FTSE AIM All Share
Established in 1999
following a management
buyout from Logica plc,
Cerillion develops,
installs and supports
billing, charging and
CRM solutions.
Source: Company website, Dealogic, FactSet, January 2017
Price performance rebased to 100 as at date of IPO
48
Company Fusionex International Plc
Market AIM
Sector Software & Computer Services
Main Country of Operation Malaysia
Admission Date 18 December 2012
Money Raised at Admission $18.6 million
Market Cap at IPO $104.4 million
Current Market Cap $104.5 million
Bookrunner Panmure Gordon (UK) Limited
Case Study Fusionex
“I am delighted with the positive response we have received from
investors with the placing being significantly oversubscribed.
We have a clearly defined growth strategy and believe our
business is well placed to continue to capitalise on a number of
strategic growth initiatives.
I look forward to our new life as an AIM-listed company continuing
to build shareholder value for our new high-quality institutional
shareholder base.”
Mr. Ivan Teh, Chief Executive Officer
Listing Story
Top 5 Institutional Investors (value held $m)
Standard Life Investments Ltd. 8
Credit Suisse AG 4
JPMorgan Asset Management (UK) Ltd. 4
Jarvis Investment Management Ltd. 3
West Yorkshire Pension Fund 3
Jan-13 Jan-14 Jan-15 Jan-16
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250
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400
Price r
ebased to 1
00
Fusionex International Plc vs FTSE AIM All Share
Fusionex International Plc FTSE AIM All Share
Fusionex International
Plc is an information
technology software
company specializing in
Analytics, Big Data and
the Internet of Things
(IoT).
Fusionex joined AIM in
December 2012.
The offer consisted of
7,666,667 shares at 150p
per share.
Fusionex will use the
net proceeds of the
Placing to fund product
development, expand its
sales capabilities and
provide additional
working capital.
Fusionex conducted an
accelerated bookbuild in
October 2015 raising £14
million ($21.4 million).
Source: Company website, Dealogic, FactSet, January 2017
Price performance rebased to 100 as at date of IPO
49
Appendix II
Selected Life Science Case Studies
50
Case Study Creo Medical Group Plc
Company Creo Medical Group Plc
Market AIM
Sector Health Care Equipment & Services
Main Country of Operation England and Wales
Admission Date 09 Dec 2016
Money Raised at Admission £20.0 million
Market Cap at IPO £61.3 million
Current Market Cap £63.4 million
NOMAD Cenkos Securities plc
Listing Story Creo Medical is a UK based medical device company
focused on surgical endoscopy, a recent development
in minimally invasive surgery.
The Company has developed an electrosurgical
platform that can deliver microwave and bipolar
radiofrequency through a single accessory port
making it possible to conduct endoscopic surgery by
enabling miniature devices to cut, coagulate and
ablate with precision.
The Company has a portfolio of
intellectual property including 76 granted
patents and 184 patents pending and a
broad pipeline of products at various
stages of development. The Company
expects to obtain regulatory approval for
its first device in Europe during 2017 and
in the US in 2018.
Creo Medical was listed on AIM in Dec
2016.
On admission, the company raised a total
of £20 million & Market Capitalization was
£61.3 million.
Cenkos Securities plc acted as sole
Nominated Adviser and Broker to Creo for
the IPO.
Source: Company website, Dealogic, FactSet, January 2017
Price performance rebased to 100 as at date of IPO
“We are very excited to have received such strong support from UK
and European investors in raising £20 million. The AIM market in
London has allowed us to attract the type of long-term institutional
investors whose outlook fits nicely with our vision for the growth of
the Company and execution of our business model. London is a
great market and we believe the AIM market is an excellent platform
from which we will continue to build a leading British medical device
company.”
- Craig Gulliford, Chief Executive Officer
Leading Institutional Investors Value Held
($m)
Hargreave Hale Ltd. 15
Legal & General Investment Management Ltd. 3
51
Case Study Oxford BioDynamics Plc
Company Oxford BioDynamics Plc
Market AIM
Sector Pharmaceuticals & Biotechnology
Main Country of Operation England and Wales
Admission Date 06 Dec 2016
Money Raised at Admission £20.0 million
Market Cap at IPO £136 million
Current Market Cap £133.5 million
NOMAD Stifel Nicolaus Europe Limited
Listing Story Oxford BioDynamics is a revenue-generating,
biotechnology company focused on the discovery and
development of novel epigenetic biomarkers for use
within the pharmaceutical and biotechnology industry.
The Company's proprietary technology platform,
EpiSwitch, aims to accelerate the drug discovery and
development process, improve the success rate of
therapeutic product development and take advantage of
the increasing importance of personalised medicine.
The Company's core business operations
and primary laboratory is located in the
UK, with a second laboratory in Malaysia.
Currently, its primary source of contractual
agreements has been with companies
based in the United States.
Oxford BioDynamics Plc was listed on
AIM in Dec 2016.
On admission, the company raised a total of
£20 million by Placing of approximately 12.5
million Ordinary at158 pence per Share.
The market capitalisation of Oxford
BioDynamics on admission was £133.5
million.
Stifel Nicolaus Europe Limited acted as
Nominated Advisor & Broker.
Source: Company website, Dealogic, FactSet, January 2017
Price performance rebased to 100 as at date of IPO
"We are delighted to be joining AIM at such a pivotal time in the
Company's development. The successful IPO is another significant
milestone for Oxford BioDynamics, and we wouldn't have been able
to achieve this without the dedicated hard work of all our
employees. “
- Christian Hoyer Millar, Chief Executive Officer
Leading Institutional Investors Value Held
($m)
Vulpes Investment Management Pte Ltd. 21
Odey Asset Management LLP 16
Dec 16 Dec 16 Dec 16 Jan 17
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120
Oxford BioDynamics PLC vs. FTSE AIM All Share
Indexed Price Performance Price (Indexed to 100)
Oxford BioDynamics PLC FTSE AIM All Share
52
Company Mereo BioPharma Group PLC
Market AIM
Sector Pharmaceuticals & Biotechnology
Main Country of Operation England & Wales
Admission Date 09 Jun 2016
Money Raised at Admission £14.8 million
Market Cap at IPO £142.2 million
Current Market Cap £172.1 million
NOMAD Cantor Fitzgerald Europe
Case Study Mereo BioPharma
“We are very excited to be joining AIM, allowing the Company to take the next logical step towards realising our vision of becoming
a leading speciality biopharma company. We have raised over £90 million from institutional investors since July 2015 which has
allowed us to acquire three carefully selected clinical stage pipeline assets from Novartis and quickly advance these product
candidates into new clinical studies. We intend to initiate registration studies for our lead product in the second half of this year”
Denise Scots-Knight, Chief Executive Officer
Listing Story Mereo’s focus is the
development of innovative
medicines that have the potential
to significantly transform the lives
of patients suffering from rare
and other specialised conditions
around the world.
Mereo’s initial portfolio of three
Phase 2 product candidates was
acquired from Novartis and the
Company has already commenced
two new Phase 2 clinical studies in
2016 and it also intends to
commence registration studies for
its lead product during H2 2016.
Cantor Fitzgerald Europe
has acted as Nominated
Adviser, Private Placement
Agent and Broker.
Source: Company website, Dealogic, FactSet, January 2017
Price performance rebased to 100 as at date of IPO
On admission, the company
raised a total of £14.8 million
comprises a private placement
of Ordinary Shares raising
£11.35m at a price of 225p per
share, and a £3.46m
convertible note from on one of
its existing investors, Novartis.
80
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160
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16
Mereo BioPharma vs FTSE AIM All Share
Mereo BioPharma FTSE AIM All Share
53
Company Oncimmune Holdings Plc
Market AIM
Sector Pharmaceuticals & Biotechnology
Main Country of Operation England & Wales
Admission Date 18 May 2016
Money Raised at Admission $15.9 million
Market Cap at IPO $95.7 million
Current Market Cap $82.1 million
NOMAD Zeus Capital Limited
Case Study Oncimmune
“This is an important day for Oncimmune. Our EarlyCDT®-Lung test has the potential to detect lung cancer up to four years earlier
than other methods and our platform can be widely applied to other cancer types. The funds raised will allow us to expand into new
markets, particularly Asia, and continue to develop our platform for other indications
We are excited to be joining the AIM market today and would like to thank our new and existing investors for their support and
confidence in our EarlyCDT® platform technology”
Geoffrey Hamilton-Fairley, Chief Executive Officer
Listing Story Oncimmune is a leading early
cancer detection company. It has
pioneered the development of
autoantibody tests that have the
potential to detect cancer up to four
years earlier than other methods
and can be applied to a very wide
range of solid tumour types.
Oncimmune's first product,
EarlyCDT®-Lung, was launched in
2012, as a CLIA test in the USA.
Since then over 140,000 commercial
tests have been sold. It also intends
to develop an EarlyCDT®-Lung test
'Kit' & expand into new geographic
markets, in particular Asia.
Zeus Capital Limited
has acted as Nominated
Adviser and Broker in
relation to the Admission.
Source: Company website, Dealogic, FactSet, January 2017
Price performance rebased to 100 as at date of IPO
On admission, the company
raised gross proceeds of
$15.9 million at a price of
130p per share. It had a
market capitalisation of
$95.7 million at the placing
price.
Aug-16 Sep-16 Oct-16 Nov-16
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110
115
120
Oncimmune Holdings Plc vs FTSE AIM All Share
Oncimmune Holdings Plc FTSE AIM All Share
54
Case Study Shield Therapeutics Plc
Company Shield Therapeutics Plc
Market AIM
Sector Pharmaceuticals & Biotechnology
Main Country of Operation United Kingdom
Admission Date 26 Feb 2016
Money Raised at Admission £32.5 million
Market Cap at IPO £162 million
Current Market Cap £187.0 million
NOMAD Liberum Capital Limited
Listing Story Shield Therapeutics is a specialty
pharmaceutical company focused on the
development and commercialisation of
secondary care-focused pharmaceuticals.
The Company's key products are Feraccru and
PT20, two late-stage pharmaceuticals for the
treatment of iron deficiency anaemia and
systemic phosphate accumulation (otherwise
known as hyperphosphatemia), respectively.
Shield Therapeutics raised £32.5 million through the
placing and subscription of 21,666,662 new Ordinary
Shares at a price of 150p per Ordinary Share and the issue
of 11,666,658 Warrants to subscribe for Ordinary Shares.
Liberum Capital Limited is the Nominated Adviser and Sole
Broker to the Company, the legal advisor is Stephenson
Harwood LLP and Consilium Strategic Communications is
the financial PR advisor to the Company
The placing price per share was
150p and price now stands at 185p
indicating an increase of 23% in the
first month of trading.
Liberum Capital Limited acted as
Nominated Advisor.
Source: Company website, Dealogic, FactSet, January 2017
Price performance rebased to 100 as at date of IPO
"This is an important day in the company's development and in
spite of the clearly challenging market conditions I am delighted by
the enthusiasm we have received from investors.”
- Chief Executive Officer Carl Sterritt
Leading Institutional Investors Value Held
($m)
Aviva Investors Global Services 10
JPMorgan Asset Management (UK) 10
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
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95
100
105
110
115
120
125
Shield Therapeutics Plc vs. FTSE AIM All Share
Indexed Price Performance Price (Indexed to 100)
Shield Therapeutics Plc FTSE AIM All Share
55
Appendix III
US Issuer Case Studies
56
Company MaxCyte INC
Market AIM
Sector Health Care Equipment & Services
Main Country of Operation United States
Admission Date 29 March 2016
Money Raised at Admission $14.2 million
Market Cap at IPO $43.3 million
Current Market Cap $94.6 million
NOMAD Panmure Gordon
Case Study MaxCyte
“We are excited to bring MaxCyte to the AIM market today. The successful
completion of our IPO will permit MaxCyte to continue to build
enhancements to our proprietary cell engineering technology and support
our Partners’ ongoing and future needs.”
Doug Doerfler, Chief Executive Officer
Listing Story MaxCyte is an established and revenue-
generating US-based developer and supplier of
electroporation technology and instrumentation to
biotechnology and pharmaceutical firms engaged
in cell therapy, drug discovery and development,
bio manufacturing, gene editing and immuno-
oncology.
MaxCyte raised £10.0 million on admission to
AIM. The proceeds will be used to accelerate its
growth by investing in further developing its
CARMA platform, expand the reach of the
Company's cell therapy business to Europe, Asia
and other global markets and expand the
Company's direct sales teams in the US and
Europe, and expand its network of distributors in
Asia and globally.
The stock traded up 7.14% at open
and up 9.29% at close of the first day
of trading on AIM.
Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16
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160
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200
220
240
MaxCyte, Inc. vs FTSE AIM All Share
Price (Indexed to 100)
MaxCyte, Inc. FTSE AIM All Share
Top 5 Institutional Investors (value held $m)
Harbert Fund Advisors, Inc. 8
Legal & General Investment Management Ltd. 8
Blackrock Investment Management (UK) Ltd. 5
Unicorn Asset Management Ltd. 5
Hargreaves Hale Ltd. 1
Source: Company website, Dealogic, FactSet, January 2017
Price performance rebased to 100 as at date of IPO
57
Company PureTech
Market Main Market
Sector Financial Services
Main Country of Operation United States
Admission Date 24 June 15
Money Raised at Admission $195 million
Market Cap at IPO $570 million
Current Market Cap $377.2 million
Joint Bookrunners Jefferies, Peel Hunt
Case Study PureTech
"We are delighted with the reception of
PureTech's initial public offering and strong
institutional support for PureTech's business
model. We would like to thank this broad group
of investors for supporting our listing and
sharing our vision.“
Daphne Zohar, Chief Executive Officer of
PureTech
Listing Story PureTech is a Boston-Based
research and development
company engaged in the
development of treatment
programs for obesity, cognitive
disorders, baldness,
depression, allergy and
autoimmune.
The company priced 68 million shares
at 160p. PureTech raised a total of
$169.8m giving it an initial market
capitalisation of $570.5m. The 15%
overallotment option was fully
exercised.
The $171 million (£108 million)
proceeds of the fundraising will
help PureTech bring their most
advanced product candidates
towards commercialisation and
launch.
PureTech opened 6.25% up and
closed 11.25% up after its first
day of trading.
The top 10 investors were
allocated 80% of the deal. The
book was around 50 lines long
and mainly UK with some US
investors.
Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17
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100
105
110
PureTech Health PLC vs FTSE All-Share
PureTech Health PLC FTSE All-Share
PureTech’s financials
Revenue EBITDA Net Income
2012 $8.0m -$5.5m -$10.2m
2013 $8.5m -$2.6m -$4.8m
2014 $2.2m -$17.1 -$41.6m
Top 5 Institutional Investors (value held $m)
Invesco Asset Management Ltd. 120
Baillie Gifford & Co. 20
Lansdowne Partners (UK) LLP 19
Aviva Investors Global Services Ltd. 16
Legal & General Investment Management
7
Source: Company website, Dealogic, FactSet, January 2017
Price performance rebased to 100 as at date of IPO
58
Company Verseon Corporation
Market AIM
Sector Pharmaceuticals & Biotechnology
Main Country of Operation United States
Admission Date 07 May 2015
Money Raised at Admission $100.5 million
Market Cap at IPO $461.9 million
Current Market Cap $296.6 million
Nomad Cenkos Securities
Case Study Verseon
"The AIM market in London has allowed us to
attract the type of long-term institutional
investors whose outlook fits nicely with our
vision for the growth of the company and
execution of our business model,“
Adityo Prakash, Verseon Chief Executive Officer
Listing Story Verseon is a tech-based pharmaceutical
company that employs proprietary
technology to design novel therapeutics.
It also generates multiple chemically-
diverse drug candidates for each
discovery programme and, as such, is
not reliant on the success or failure of
just a single drug candidate in the clinic.
The Offer price was set at 202 pence
per share, giving Verseon a market cap
of $461.9m at admission.
Proceeds from the placing will be
invested in Verseon’s drug
programmes, expanding the pipeline
and developing its existing drug
discovery platform.
Cenkos Securities acted as lead
manager and lead bookrunner.
Verseon opened up at 3.9% and
closed its first day of trading at
6.2% up, 215 pence per share.
Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17
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120
Verseon Corp vs FTSE AIM All-Share
Verseon Corp FTSE AIM All Share
Verseon’s financials
EBITDA Net Income
2012 -$9.7m -$7.7m
Top 3 Institutional Investors (value held $m)
Woodford Investment Management 43
JPMorgan Asset Management 7
Henderson Global Investors 2
Source: Company website, Dealogic, FactSet, January 2017
Price performance rebased to 100 as at date of IPO
59
Company Motif Bio
Market AIM
Sector Pharmaceuticals & Biotechnology
Main Country of Operation United Kingdom
Admission Date 02 April 2015
Money Raised at Admission $4.2 million
Market Cap at IPO $19.1 million
Current Market Cap $58.2 million
NOMAD Northland Capital Partners
Case Study Motif Bio
“Since our IPO, we have delivered on our promises, with
agreement from the FDA with our Phase III plans and the granting
of QIDP status. This fund-raising is key to progressing iclaprim
rapidly through Phase III trials. We are confident that we remain
on target.”
Graham Lumsden, CEO
Listing Story Originally founded as a
population genetics company,
Motif has, since 2009, focused
on drug discovery and
development and in late 2013, it
was decided that Motif should
focus exclusively on antibiotics.
In June 2015, the Company
conditionally placed 44m new ordinary
shares, through Zeus Capital and
Northland Capital Partners as joint
brokers to the Company, at a placing
price of 50p per ordinary share with
institutional investors to raise $34.9m.
The net proceeds of the Placing
and Subscription will be used to
complete preparations to enter
Phase III trials with iclaprim and
to provide working capital.
The stock closed its first day of
trading on AIM up 50%.
Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17
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260
Motif Bio Plc vs FTSE AIM All-Share
Motif Bio Plc FTSE AIM All Share
Source: Company website, Dealogic, FactSet, January 2017
Price performance rebased to 100 as at date of IPO
Top 2 Institutional Investors (value held $m)
Invesco Asset Management 8
Aviva Investors Global Services 3
60
Company Constellation Healthcare
Technologies
Market AIM
Sector Health Care Equipment & Services
Main Country of Operation United States
Admission Date 08 December 2014
Money Raised at Admission $15 million
Market Cap at IPO $117.9 million
Current Market Cap $254.9 million
NOMAD finnCap Ltd
Case Study Constellation Health
“The Group intends to play a leading role in the
consolidation of the RCM market through selective
acquisitions of competing businesses”
John Johnston, Chairman of Constellation Healthcare
Technologies
Listing Story Constellation Healthcare
Technologies, Inc. is a
healthcare services organisation
providing outsourced business
services to the physician market
in the United States.
.
Constellation Healthcare Technologies,
Inc was admitted to the AIM Market in
December 2014. The net proceeds of
the placing were for future acquisitions
and the company stated that one of the
considerations for choosing AIM as its
market was because it is an ideal
platform for M&A
The stock closed its first day of
trading on AIM up 3.7%.
The company returned to market
in May and December 2015
raising a further $17.1m and
$45.3m respectively.
CHT has made 4 acquisitions to
date since its IPO on AIM.
Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17
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170
CHT vs FTSE AIM All-Share
Constellation Healthcare Technologies, Inc. FTSE AIM All Share
CHT’s financials
Revenue EBITDA Net Income
2014 $54.6m $14.2m $1.6m
2015 $117.3 Not
available $10.7m
Top 5 Institutional Investors (value held $m)
City Financial Investment 14
Legal & General Investment Management 7
Hargreave Hale 5
Henderson Global Investors 5
AXA Investment Managers UK Ltd. 4
Source: Company website, Dealogic, FactSet, January 2017
Price performance rebased to 100 as at date of IPO
61
Company ClearStar
Market AIM
Sector Software & Computer Services
Main Country of Operation Guernsey
Admission Date 11 July 14
Money Raised at Admission $15.1 million
Market Cap at IPO $35.5 million
Current Market Cap $26.2 million
Nomad Cenkos Securities
Case Study ClearStar
We are delighted to be joining AIM. We believe
our listing will enhance our credibility and profile
within the background screening industry, and
will assist us in achieving our strategic
objectives.
Robert Vale, CEO of ClearStar
Listing Story
ClearStar is a technology and
service provider to the
background check industry,
supporting background
screening companies, employers
and employees with their
recruitment and employment
application decisions.
.
Clearstar raised $15.1m at IPO, all in
primary proceeds, via a placing of
15,500,000 new Ordinary Shares at a
price of 57 pence per share.
The deal will help the company
to raise its profile, as well as
providing financial means for
future acquisitions. Additionally,
the company plans to use the
proceeds to support R&D as well
as marketing to expand its
customer base.
The stock closed its first day of
trading on AIM up 5.26%.
ClearStar’s financials
Revenue EBITDA Net Income
2013 $8.0m $0.9m $0.7m
2014 $10.9m -$0.5m -$1.8m
2015 $15.5m -$1.0m -$2.3m
Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17
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ClearStar, Inc. vs FTSE AIM All-Share
ClearStar, Inc. FTSE AIM All Share
Top 3 Institutional Investors (value held $m)
River & Mercantile Asset Management LLP 1
Baillie Gifford & Co. 1
Lansdowne Partners (UK) LLP 1
Source: Company website, Dealogic, FactSet, January 2017
Price performance rebased to 100 as at date of IPO
62
Company Allied Minds
Market Main Market
Sector Financial Services
Main Country of Operation United Kingdom
Admission Date 25 June 14
Money Raised at Admission $220 million
Market Cap at IPO $675 million
Current Market Cap $1,332 million
Joint Bookrunners Jefferies
Case Study Allied Minds
“The successful completion of this initial public
offering marks the beginning of an exciting new
phase of growth and opportunity for Allied Minds
and our diversified portfolio of 18 businesses.”
Chris Silva, Chief Executive Officer
Listing Story Allied Minds is an early-stage
technology commercialisation
company with 22 subsidiary
businesses at varying stages of
maturity across the life sciences
and high technology sectors
Allied Minds raised $199m at IPO in
June 2014, rising to $220m on full
exercise of the overallotment option.
The company raised primary proceeds
of $164m, with the remaining $56m
coming from selling shareholders.
The deal priced at 190p, at the
bottom end of a tight range (190-
200p). After three months of
trading on AIM, the share price
had increased by 50%.
In May 2015 shareholders
returned to the market to
monetise $142m worth of
shares.
Allied Minds’ financials
Revenue EBITDA Net Income
2012 $1.2m -$33.2m -$27.2m
2013 $2.9m -$39.8m -$34.5m
2014 $7.7m -$53.6m -$45.5m
Jul-14 Nov-14 Mar-15 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16
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350
400
450
Allied Minds PLC vs FTSE All-Share
Allied Minds PLC FTSE All-Share
Top 3 Institutional Investors (value held $m)
Invesco Asset Management 362
Woodford Investment Management 352
Sand Aire Ltd. 57
Source: Company website, Dealogic, FactSet, January 2017
Price performance rebased to 100 as at date of IPO
63
Sarah E Baker
Head of Strategic Engagement, North America
LSEG New York office
+1 917 582 1815
Chris Mayo
Head of Primary Markets, Americas
LSEG Chicago & New York offices
+1 646 925 9811
Robert Barnes
Global Head of Primary Markets
LSEG London office
+44 207 797 3757
64
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