Praised for its ‘extensive experience, depth of practice and the quality of the individuals’, the equity capital markets practice at Allen & Overy LLP maintains its reputation as a market leader in the space. The practice has a demonstrably strong track record acting on landmark issuer and underwriter-side mandates, particularly complex IPOs and equity fundraisings. With respect to its jurisdictional reach, the London team leverages the firm’s international strength to provide deep sector expertise across the UK, US, EMEA and Middle East regions. From the group’s deep bench, co-head of UK equity capital markets (ECM) James Roe focuses on strategic work in the space, and is recognised by clients as ‘an authority in UK equity transactions and the rapidly changing regulatory landscape’. Fellow co-head Michael Bloch is a 'deeply knowledgeable' lawyer who advises a range of corporate and banking clients on IPOs and follow-on offerings. Head of US ECM Adam Wells, a pre-eminent US securities lawyer, advises companies, sponsors and investment banks on highly complex and transformative deals.
Equity capital markets – mid-large cap in London
Allen & Overy LLP
James Roe; Michael Bloch; Adam Wells
Other key lawyers:
Jeff Hendrickson; David Broadley
‘James Roe is a highly technical lawyer who is heavily involved in guiding various industry groups through the multitude of regulatory reform initiatives currently ongoing in the ECM sector. He has a calm and composed manner that puts clients at ease – you know that you are in safe hands with him.
‘Michael Bloch is quietly efficient and is able to navigate complex issues with unerring ease.’
‘A&O are rightly at the top table in terms of ECM advice. Extensive experience, depth of practice and the quality of the individuals mean that they deliver robust, actionable advice across EMEA and on US market access.’
Minister for Finance of Ireland of the Republic of Ireland
Allied Irish Banks
Hellenic Financial Stability Fund
Noventiq PLC (previously Softline)
- Advised Delek Group as selling shareholder on the GBP 2.5 billion IPO and premium listing on the London Stock Exchange’s main market of its portfolio company, Ithaca Energy.
- Advised TUI on its EUR 1.8 billion capital increase for repayment of WSF state aid and reduction of the KfW credit lines to strengthen its balance sheet.
- Advised on the UK and US ECM aspects of numerous Middle Eastern IPOs, including Borouge, TECOM, Abraj Energy, ADNOC Gas, Americana Restaurants and Empower.
Clifford Chance LLP is home to a multidisciplinary equity capital markets practice group with a deep bench of experts, covering IPOs, secondary offerings, rights issues and GDR issues. Vastly experienced acting for both banks and issuers, the team leverages a firm-wide international network to provide clients with corporate finance options available across various European and Middle East jurisdictions. A ‘senior statesman within the ECM sector’, Adrian Cartwright co-leads the team and specialises on the issuance of shares and global depositary receipts in the international market. Fellow co-head Simon Thomas has extensive experience in IPOs, rights issues, global depositary receipts and equity placings, including those in emerging markets. Christopher Roe is a key name to note for the full-range of UK equity capital markets transactions. The highly regarded equity capital markets lawyer John Connolly retired in 2023.
Adrian Cartwright; Simon Thomas
Other key lawyers:
Christopher Roe; James Koessler
‘A balanced practice acting for both issuers and banks. They have some standout associates and the partners are excellent.’
‘Adrian Cartwright is a senior statesman within the ECM sector and is able to leverage this experience to guide clients through tricky issues.’
‘James Koessler is an exceptional associate. He has strong technical capabilities and is measured in the advice he gives.’
Americana Restaurants International PLC
Gotion High Tech Co., Ltd
CLSA Limited (“CLSA”)
Huatai Financial Holdings (Hong Kong) Limited
Guotai Junan Securities (Hong Kong) Limited
Haitong International Securities Company Limited
Ningbo Shanshan Co., Ltd.
UBS AG London Branch (“UBS”),
HSBC Bank plc (“HSBC”)
China International Capital Corporation (UK) Limited (“CICC”)
Lepu Medical Technology (Beijing) Co., Ltd
EJF Investments Limited
PensionBee Group PLC
Hangzhou Great Star Industrial Co., Ltd
Jiangsu Eastern Shenghong Co., Ltd
HSBC Continental Europe
Crédit Agricole CIB
- Advised Pfizer Inc. on the demerger and listing of Haleon plc in London and New York, the largest listing in London for many years and one of the largest ever demergers in Europe.
- Advised Americana Restaurants International PLC on its initial public offering. This global offering is the first ever dual listing on the Abu Dhabi Securities Exchange and the Saudi Stock Exchange, and consisted of three concurrent offer tranches: a UAE retail offer, a KSA retail offer, and a global institutional offer.
- Advised UBS, HSBC and CLSA (as joint global coordinators) and CICC and HTI (as joint bookrunners) on Ming Yang Smart Energy Group Limited’s global depositary receipts offering and listing on the Shanghai-London Stock Connect segment of the London Stock Exchange.
Latham & Watkins‘ UK-based ECM practice is recognised throughout the market for its expertise advising on cross-border deals, particularly complex fund raisings and transformative M&A, as well as large IPOs and direct listings on the London Stock Exchange (LSE). In addition to its strong UK presence, the team regularly lends its expertise to high-profile deals throughout the EMEA region. Technology-related transactions are also a core pillar of the group’s practice in the space, advising some of the world’s largest tech companies on critical transactions. James Inness and Chris Horton jointly lead the team: Horton is a key name for advising listed companies, investment banks, and asset managers on a variety of complex ECM, M&A, and regulatory matters, while Inness is the go-to name in the department for listings on the LSE. The team was bolstered by the arrival of renowned ECM practitioner Mark Austin from Freshfields Bruckhaus Deringer LLP in June 2023. Other key figures include Anna Ngo, who acts on primary and secondary equity capital markets transactions and public M&A transactions.
James Inness; Chris Horton
Other key lawyers:
Mark Austin; Anna Ngo; Ryan Benedict
‘Excellent client service. Always working at the forefront of legal developments. L&W are our go-to law firm with experts in ECM throughout each region.’
‘Chris Horton and James Inness deliver best in class legal advice, always working with sensible commercial views and good humour in often pressurised situations.’
‘Supremely knowledgable on all things capital markets yet still a pleasure to work with and amazingly down to earth. Have built one of the largest teams based in London giving unprecedented strength in depth. The are the best, arguably only, firm that can provide the highest quality of ECM legal advice on either a UK or US listing, with an impressive private fund raising team as well.’
‘Chris Horton – extremely hands on and approachable, pragmatic and sensible all underpinned by 20 years of experienced.’
‘James Innes – thorough, friendly and pleasure to deal with daily. ‘
Linklaters LLP is regarded by some clients as ‘the best team in the ECM markets globally’ and remains among the market leaders for ECM work. The team is equally adept on both bank and issuer-side mandates and boasts deep knowledge in primary and secondary offerings, ‘dual-track’ processes, direct listings, equity private placements, and governance and compliance advice – particularly across UK, US and EMEA markets. Leading US ECM lawyer Pam Shores and seasoned corporate practitioner James Wootton now lead the team as global co-heads of equities following John Lane's retirement in April 2023. Shores advises clients on the full lifecycle of their ECM transactions, from early stage fund raising through to IPOs and secondary market capital raisings, as well as on debt capital markets transactions. Wootton is a go-to name for the full range of corporate and ECM transactions, frequently advising global corporate and financial institutions. Elsewhere in the department, former practice co-head and renowned ECM lawyer Jason Manketo handles complex cross-border transactions in the space, whilst Tom Thorne comes recommended for both his listing rules driven transactions and general equity capital markets expertise.
Pam Shores; James Wooton
Other key lawyers:
Jason Manketo; Mike Bienenfeld; Tom Thorne
‘This is the best team in the ECM markets globally.’
Dr. Ing. h.c. F. Porsche AG
Oaktree Capital Management (OCM Luxembourg Chemical Tankers S.à r.l.)
Ming Yang Smart Energy Group Limited
Qatar Investment Authority
Capital on Tap
Instructed by an array of leading investment banks, public and private companies (particularly in the life sciences and technology sector), and private equity firms, White & Case LLP‘s premier London ECM practice integrates both UK and US expertise to act on a diverse range of transactions through the UK, US and EMEA regions, including IPOs, SPACs and de-SPACs, private placements, direct listings and PIPEs. A ‘stalwart of the UK ECM market’, Inigo Esteve is an expert on IPOs and secondary offerings who is praised for his ‘exceptional depth of knowledge and breadth of contacts’. He co-leads the department in conjunction with vastly experienced and well-respected ECM lawyers Jonathan Parry and Laura Sizemore. US-qualified Sizemore is head of EMEA capital markets, handling complex transactions on behalf of some of the firm’s most high-end clients, while Parry has over 20 years of experience advising on LSE - including IPOs, rights issues, placings and accelerated book-builds.
Inigo Esteve; Jonathan Parry; Laura Sizemore
‘Inigo Esteve is a stalwart of the UK ECM market, his depth of knowledge and breadth of contacts is exceptional.’
Goldman Sachs, Morgan Stanley, HSBC, Jefferies, BofA and ING Bank (Ithaca Energy)
J.P. Morgan, Morgan Stanley, Mediobanca and Barclays (888 Holdings)
Hiro Metaverse Acquisitions I
New Energy One Acquisition
Citi and Peel Hunt (Coats Group)
Qatar Investment Authority (Glencore and VINCI)
MENA IPOs: DEWA and Empower
Barclays and Numis (Diploma)
Icelandic State Financial Investments (ISFI)/Íslandsbanki
- Advised Goldman Sachs and Morgan Stanley as joint global co-ordinators, HSBC Bank, Jefferies and BofA Securities as joint bookrunners and ING Bank as co-lead manager on the IPO of Ithaca Energy PLC and its premium listing on the London Stock Exchange.
- Advised Dubai Electricity and Water Authority PJSC (DEWA), the utility company for the Emirate of Dubai, in its US$6.1 billion IPO.
- Advised Emirates Central Cooling Systems Corporation PJSC (Empower) on its US$724 million initial public offering (IPO) on the Dubai Financial Market.
Ashurst frequently acts for issuers, shareholders and leading investment banks on high-profile work, with its broad practice spanning de-mergers, US securities law and sector-specific transactions across real estate funds, renewables, tech, healthcare, mining, and oil & gas. Practice co-chair and global head of equity capital markets Nicholas Holmes has extensive experience advising corporate clients and investment banks. Simon Bullock and Stuart Rubin round out the leadership group, as head of UK equity capital markets and head of US securities, respectively.
Nicholas Holmes; Simon Bullock; Stuart Rubin
Bank of America Merrill Lynch
- Advising Citigroup Global Markets Limited, Goldman Sachs International and Merrill Lynch International on the $40 billion demerger by GSK plc of its consumer healthcare business to form Haleon plc.
- Advising Liberum Capital as Capital Markets Adviser to Dar Global PLC on the direct listing of its entire issued ordinary share capital to admission on the standard listing segment of the Official List of the FCA and to trading on the London Stock Exchange’s Main Market for listed securities.
- Advising Jefferies, Peel Hunt and Panmure Gordon in relation to the proposed £600m IPO of Marley Group.
Davis Polk & Wardwell LLP
Davis Polk & Wardwell LLP has long maintained a robust deal flow in the equity capital markets space. The team covers IPOs and capital raisings in both London and major European stock exchanges, in additon to advising on UK and European company listings and capital raisings in the US. The highly experience co-chair Simon Witty focuses his practice on public and private securities offerings and M&A. Witty jointly leads the team with Reuven Young, who specialises in public and private cross-border equity offerings for companies. Elsewhere in the department, corporate partner Connie Milonakis – well-versed in both debt and equity transactions – is another key contact.
Simon Witty; Reuven Young
Other key lawyers:
Connie Milonakis; Dan Hirschovits
Canada Pension Plan Investment Board (CPPIB)
Royal Schiphol Group
- Advised the underwriters on the £175 million IPO and London standard listing of New Energy One Acquisition Corporation.
- Advised the underwriters on the £150 million IPO and London standard listing of Financials Acquisition Corp.
- Advised NewMed Energy Limited Partnership on its proposed combination with Capricorn Energy PLC and premium listing.
Herbert Smith Freehills LLP
Herbert Smith Freehills LLP is regarded as a ‘safe set of hands for any complex ECM transaction’. The ‘pragmatic and forward thinking team’ is well-known for its broad service offering that encompasses IPOs and secondary offerings across major stock exchanges, as well as its capabilities in SPAC and de-SPAC transactions and the emerging PIPE market. Head of US securities Tom O’Neill, who co-chairs the team, is a go-to name for corporate finance and securities offerings. Fellow co-head Michael Jacobs specialises in ECM, growth capital and M&A, with a focus on private equity, financial institutions and fintech-driven work. Dinesh Banani advises on IPOs, rights issues and secondary share placings, as well as debt capital markets transactions including bond offerings and structured financings. Other names to note include Sarah Ries-Coward, who is lauded as ‘consistently excellent in all respects’, and Thomas Vaughan - noted for his capabilities across the energy, oil & gas, real estate, and financial services sectors.
Tom O’Neill; Michael Jacobs
Other key lawyers:
Mike Flockhart; Dinesh Banani; Sarah Ries-Coward; Thomas Vaughan
‘The HSF team are a safe set of hands for any complex ECM transaction; they are responsive and manage large transactions efficiently. There is a good depth in the practice including a number of experienced senior associates and counsel.’
‘Sarah Ries-Coward provides great service and executes large complex transactions well.’
‘Where complex issues have arisen we have found HSF to have been pragmatic and forward-thinking, while also not being against the exploration of more unique structures where suitable.’
Acacia Research Corporation
Bank of America Merrill Lynch
Disruptive Capital Acquisition Company Limited
Hipgnosis Songs Fund Limited
Keefe, Bruyette & Woods
Marble Point Loan Financing Limited
New Energy One Acquisition Corporation
RBC Capital Markets
RTW Venture Fund Limited
SCA Investments Limited (t/a Gousto)
Severn Trent plc
WH Smith PLC
- Advised New Energy One Acquisition Corporation, sponsored by LiveStream LLC and Italian-listed energy company Eni International B.V., on its £175 million SPAC listing on the London Stock Exchange.
- Acted on both the IPO on Euronext Amsterdam of Disruptive Capital Acquisition Company (“DCAC”), a special purpose acquisition company (SPAC) incorporated in Guernsey, and thereafter on its proposed business combination/de-SPAC with Saxo Bank A/S (“Saxo”), a leading global digital trading and investment platform.
- Advised Citigroup, as the sole global coordinator and bookrunner, on the US$125 million SPAC listing on the London Stock Exchange of ACG Acquisition Company Limited (“ACG”).
Praised for possessing a ‘wide geographic footprint, including in jurisdictions where other leading ECM firms don’t have a presence’, the team at Norton Rose Fulbright is equally adept acting on major London transactions and across emerging markets, representing issuers in Africa, the Middle East and Latin America. The practice group advises on the entire range of equity and equity-related transactions across the full spectrum of issuers, and is particularly strong with respect to London listed funds. The team has also seen a hive of activity in the real estate and technology sectors over recent years. Raj Karia leads the practice group, which includes US corporate finance expert Thomas Vita and Fiona Millington who advises on IPOs, equity fund raisings and public M&A.
Other key lawyers:
Thomas Vita; Fiona Millington
‘The team is able to draw upon a wide geographic footprint, including in jurisdictions where other leading ECM firms don’t have a presence (e.g. in Africa).’
‘Fiona Millington is always available to work through the issues and keen to develop strong relationships.’
‘Alexander Green is a rising star and has a strong grasp on developments within the sector. He is calm and affable when providing advice.’
‘Great under pressure Communication was top notch Felt like an extension of our team Pleasure to work with throughout.’
‘Strong grasp of the commercial implications of legal points and speed to act on key points when needed is good.’
‘Fiona Millington and Thomas Vita display quick decision-making and actions.’
Dar Global PLC
Barclays Bank plc
Numis Securities Limited
Xior Student Housing
J.P. Morgan Securities plc.
Goldman Sachs International
Canaccord Genuity Limited
Ecora Resources PLC
Picton Property Income Limited
Management Consulting Group PLC (MCG)
Investec Bank plc
BMO Capital Markets
Slaughter and May
Slaughter and May is home to a ‘strong team, from partner through to associate level’ and is known for its ardent issuer-side focus on the full spectrum of complex ECM transactions. Supporting early stage UK companies, particularly those arising out of the technology sector, is a core pillar of the group’s practice. Rebecca Cousin leads the team, focusing on equity raises, right issues, placings, and IPOs. Co-head of corporate and M&A Richard Smith and highly experienced ECM lawyer John Papanichola are other key names within the practice group.
Other key lawyers:
Richard Smith; John Papanichola
‘Strong team, from partner through to associate level. Very outcome orientated and able to provide pragmatic solutions.’
‘Strong communication and counsel – helped to convey sensitive and complex topics in an effective manner to a range of audiences, including board level. Work extremely hard. Willing to take responsibility for terms, rather than pushing everything onto the client. Hywel Davies and Filippo de Falco are excellent partners; associate David Griffiths-Jones is definitely up and coming – capable beyond his PQE.’
Coats Group plc
International Distributions Services plc (formerly Royal Mail plc)
Accsys Technologies plc
Oxford Science Enterprises plc
- Advised GSK plc on the demerger of its Consumer Healthcare business into a separately listed group named Haleon. The demerger created a new public company (Haleon plc) which achieved a premium listing on the main market of the London Stock Exchange.
- Advised Marshalls plc on an equity capital raising to contribute funding to the acquisition of Marley Group, which also included a simultaneous issue of listed consideration shares.
- Advised Shell in relation to its development of a programme to conduct repurchases of its shares listed on Euronext Amsterdam and other non-LSE exchanges, in addition to advising on its programme of repurchases of its shares listed on the LSE.
The London-based English and US-law team at Baker McKenzie has a long-standing reputation for its strength in emerging markets but equally advises on a full range of key ECM transactions in the UK – also seeing an increasing share of underwriter-side mandates to complement the firm’s strong issuer-side deal flow. The team also possesses demonstrable strength in the tech, healthcare and medtech sectors. Global chair Adam Farlow has extensive experience in securities laws and transaction management.
Other key lawyers:
James Thompson; Megan Schellinger; George Marshall
‘Strong understanding of the capital markets space.’
‘Get things done within tight timelines and challenging, complex situations.’
Olam International Group and Olam Food Ingredients Limited
Barclays Bank Ireland PLC
Lingyi iTech (Guangdong) Company.
Carnegie Investment Bank AB (publ)
SNB Capital Company
Jadwa Industrial Investment Company
Al-Nahdi Medical Company
Media and Games Invest plc
Atomico III LP
ABG Sundial Collier
- Advised the joint underwriters on The Power and Water Utility Company for Jubail and Yanbu’s USD 897 million (SAR 3.36 billion) IPO and listing on the Saudi Stock Exchange, with a market capitalisation on listing of USD 3.1 billion.
Cooley (UK) LLP
Cooley (UK) LLP‘s ‘strong and very approachable’ team is praised for its ‘unique combination of US law expertise paired with extensive knowledge of the European capital markets’, particularly in cross-border mandates. The team works on a wide range of ECM transactions, representing issuers, investment banks and investors on IPOs and secondary offerings, with a growing focus on founder-led and VC-backed companies in the technology and life sciences sectors. Claire Keast-Butler and David Boles jointly head up the team: Keast-Butler represents issuers, investment banks and investors on capital markets and securities regulation matters, while Boles is praised as ‘an outstanding capital markets lawyer with deep commitment to clients, who always goes the extra mile.’
Claire Keast-Butler; David Boles
‘Cooley is focused on helping founder-led businesses access the capital markets and combines market-leading experience advising on U.S. IPOs by European companies. Deep experience working on listings on key exchanges across Europe.’
‘David Boles is an outstanding capital markets lawyer with deep commitment to clients and always goes the extra mile.’
‘Unique combination of US law expertise paired with extensive knowledge of the European capital markets, in particular regarding Germany.’
Super Group Limited
- Advised Silence Therapeutics in a USD56.5 million registered direct offering of 5,950,000 American Depositary Shares, each representing three ordinary shares, at a price of USD9.50 per ADS.
- Advised Redx Pharma plc, on its placing of ordinary shares to existing and new investors raising £34.2m
An ‘excellent team in terms of both experience and knowledge’, Dentons' focus encompasses cross-border equity fundraisings and other stock exchange transactions, including IPOs, secondary fundraisings and M&A transactions for both issuers and their sponsors, nominated advisers, brokers, underwriters and lead managers. The firm leverages its extensive multi-jurisdictional presence to great effect, with a robust track record for deals in emerging markets overseas. Global ECM practice leader Nikolas Colbridge focuses on international financing transactions, while head of corporate Neil Nicholson is a key name for share sales, business sales, joint ventures, fund establishments and restructurings.
Nikolas Colbridge; Neil Nicholson
Other key lawyers:
‘Sound commercial advice whilst respecting legal duties.’
‘Nikolas Colbridge is always available, balanced and pragmatic legal advice, expert handling of complex issues and a great pleasure to work together.’
‘Excellent team in terms of both experience and knowledge. The team is client-oriented, focused on understanding business needs and finding the best and most effective solutions. Their assistance gives a lot of comfort, which is very helpful on ECM transactions, which, by definition, are quite challenging in terms of time pressure and complexities. I also appreciate their transparency and flexibility when it comes to billing matters.’
‘Cameron Half is a top-notch partner for ECM mandates. Cameron combines deep knowledge, practical approach and high standards of work. He is always there for the client and manages work in a transparent and effective manner. Cameron is also a fine negotiator. It always a pleasure to work with Cameron.’
Housing Development Finance Corporation (HDFC)
Avia Solutions Group
PRS REIT plc
D P Eurasia NV
O’Key Group S.A.
- Acted as international and US counsel on a €303 million rights offering by VGP NV, including a placement to existing US shareholders.
- Acting for Hidroelectrica on an IPO in CEE. The offering size is expected to be approximately €2 billion.
- Acting for Air Astana on its privatisation and proposed Rule 144A/Reg S IPO and triple listing on London Stock Exchange, KASE and the AIX.
DLA Piper‘s global reach sees them well placed to handle complex cross-border work involving helping clients across the US, Europe, Asia and Australia access London’s capital markets. The team’s experience encompasses the listing of shares and related securities through various structures, on both the primary markets of the LSE and other major global stock exchanges in relation to dual listings. UK ECM leads Robert Newman and Martin Penn are the key contacts.
Martin Penn; Robert Newman
Dechra Pharmaceuticals plc
Aptitude Software Group plc
PureTech Health plc
Keller Group plc
Philip Morris International
Hutchison China Meditech
Learning Technologies Group plc
RPS Group plc
John Menzies plc
Keyword Studios plc
- Advising Dechra Pharmaceuticals plc on its placing and retail offer raising gross proceeds of c. GBP184 million.
- Advising John Menzies plc on its GBP571million recommended takeover by Agility Public Warehousing.
- Advising RPS Group plc on its GBP636million recommended takeover by TetraTech Inc following a competing offer by WSP Global Inc.
Gibson, Dunn & Crutcher
Gibson, Dunn & Crutcher‘s ‘first class’ team is recognised in the marketplace for expertise in IPOs (including multi-track processes), rights issues, placings and other equity offerings on behalf issuers, selling shareholders and underwriters. The group has considerable sector-specific expertise in technology and e-commerce transactions, in addition to experience acting on the London listings and IPOs of SPACs and cash shells. The ‘effortlessly capable’ Steve Thierbach is renowned for his broad cross-border equity and debt capital markets transactions practice. He co-leads the team with Chris Haynes, who is an expert IPOs, rights issues and other equity offerings.
Steve Thierbach; Chris Haynes
Other key lawyers:
‘The team is absolutely first class. Makes us feel very supported with expert knowledge whenever wherever it is required. They have also called in other capabilities from around the firm as required.’
‘Chris Haynes and Steve Thierbach are both absolutely excellent. Full confidence in their advice across a range of topics that is always available.’
‘Strong team with great knowledge of ECM.’
Well versed in both issuer and underwriter work, Hogan Lovells International LLP is noted for its cross-jurisdicitional capabilities across IPOs, equity capital raisings, secondary offerings, and private placements of securities, among other work. Key names to note include Daniel Simons, whose recent highlights include high-value SPAC deals and placings, often with a cross-border element.
Daniel Simons; Jonathan Baird; Tom Brassington; Nicola Evans; Erik Jamieson
Barclays Bank PLC
Jefferies International Limited
Numis Securities Limited
Electra Private Equity plc
Clipper Logistics plc
Internet Mobile Communications Limited
- Advised EFIC1, a special purpose acquisition company (known as a SPAC), on its business combination with Dutch tech firm Azerion, at an enterprise value of €1.3 billion.
- Advised JP Morgan Cazenove and Akur as joint bookrunners on the IPO and placing programme of Digital 9 Infrastructure and subsequent fundraises under that programme raising a total of £845 million in the company’s first year of operations.
- Advised Liberum as sponsor and Numis as joint bookrunner in relation to the launch by Chrysalis Investment Limited of a £600 million open offer, initial placing and placing programme, as well as a number of offers launched under that programme.
Drawing high praise from clients, the ‘exceptionally talented, very commercial and highly experienced team’ at Milbank represents issuers and underwriters, including investment banks, corporates and private equity sponsors on the full spectrum of corporate finance transactions, including IPOs and other international equity offerings. The London-based team is led by David Dixter – noted for his ‘wealth of experience’ – who steers the team as it advises on a range of ECM matters in the EMEA market.
‘We primarily work with David Dixter and have always been very satisfied with his and his team’s performance. They are hands-on, available, nice to work with and efficient and know what they are doing.’
‘David Dixter stands out for his knowledge and experience in relation to U.S. securities law and Nordic ECM transactions, primarily IPOs.’
‘Exceptionally talented, very commercial and highly experienced team. They are solutions driven.’
‘David Dixter has a wealth of experience mixed with a great ability to always keep an eye on the bigger picture whilst comfortably assisting clients navigate complex issues.’
- Advised Kalera in connection with a definitive merger agreement with Agrico Acquisition Corp., a special purpose acquisition company.
- Acted as US counsel to Axfood AB in connection with its rights issue in May 2022.
- Acted as counsel to the underwriters in connection with the capital increase of Agilyx ASA.
Noted for its particular expertise in SPAC and de-SPAC transactions, Skadden, Arps, Slate, Meagher & Flom (UK) LLP‘s capital markets practice handles the full range of public and private financings, US Rule 144A securities offerings, and listings on major European and US stock exchanges. Danny Tricot leads the team and acts for issuers and underwriters on a broad range of equity and debt transactions. Maria Protopapa is noted, acting for clients in cross-border restructurings and capital market transactions.
Other key lawyers:
‘A truly international and diverse team, both in terms of people and competencies, who are able to provide high quality legal advice on both UK and US matters. The team works seamlessly with their other international offices.’
‘Danny Tricot is truly commercial in his approach to law.’
‘Maria Protopapa is close to the perfect associate, delivering consistently solid and timely.’
Cool Company Ltd
Borr Drilling Limited
Israel Corporation Limited
Atlantica Sustainable Infrastructure plc
Renaissance Securities Limited
Stevanato Group S.p.A
Valar Ventures LLC
MJ Gleeson plc
Globalworth Real Estate Investments Ltd
Build a Rocket Boy Limited
Phoenix Group Holdings plc
- Advised Cool Company Ltd. on its dual listing on the New York Stock Exchange.
- Advised FREYR Battery on its first SEC-registered follow-on offering of 23,000,000 Ordinary Shares at a price of $11.50 per share.
- Advised Cool Company Ltd. on its private placement to raise gross proceeds of $270 million, including a primary and a secondary offering.
Travers Smith LLP particularly stands out for its significant long-standing relationships in the London-based investment bank market. Its ECM work spans IPOs, secondary issues and other transactional matters – including class 1 transactions, reverse takeovers, block trades and tender offers – acting on behalf of issuers, financial institutions, management, selling shareholders and cornerstone investors. Andrew Gillen leads the practice alongside head of corporate Spencer Summerfield.
Andrew Gillen; Spencer Summerfield
Other key lawyers:
Richard Spedding; Adrian West; Tom Coulter; Brent Sanders
‘A good blend of technical and commercial advice.’
‘Strong partners supported by capable associates.’
‘Particularly strong in M&A and PE.’
‘Richard Spedding is a class act. Hugely knowledgeable and a pleasure to deal with.’
‘Brent Sanders is smart, pragmatic and very user friendly.’
Auction Technology Group
McColl’s Retail Group
Distribution Finance Capital
J.P Morgan Cazenove
Cleary Gottlieb Steen & Hamilton
Cleary Gottlieb Steen & Hamilton has extensive experience of cross-border transactions, advising a broad range of clients that includes emerging markets issuers, global corporations and international investment banks. Sebastian Sperber leads the team, which also includes David Gottlieb and Chrishan Raja.
Other key lawyers:
David Gottlieb; Chrishan Raja
‘Dedication to clients, with creativity and a focus on results’.
‘An excellent team based in London with a thorough understanding of capital markets and US securities laws.’
Burning Rock Biotech Ltd.
Credit Suisse Group
ACG Acquisition Company Limited
UBS AG London Branch
Seacrest Petroleo Bermuda Limited
- Advised GSK plc in the demerger of its consumer healthcare company to form Haleon plc and the listing of Haleon’s shares on the London Stock Exchange and New York Stock Exchange (in the form of ADRs).
- Represented Burning Rock Biotech in its direct listing on the London Stock Exchange.
- Represented Credit Suisse Group AG in connection with its CHF 4 billion share capital increase.
Mayer Brown International LLP represents both issuers and underwriters on a wide array of ECM work, from public offerings and private placements, to stock exchange listings, rights offerings, and share buy-backs – among other matters. Practice leader Kate Ball-Dodd is noted for being ‘technically able, hands-on and (ensuring) that the team delivers a quality work product’. She has extensive experience in corporate finance work, M&A, equity fund raisings, joint ventures and corporate governance matters. Rob Flanigan is praised by clients for his experience in EMEA ECM, and Iberian ECM in particular.
Other key lawyers:
‘The team offers strong partner engagement on matters.’
‘Kate Ball-Dodd is able to approach difficult issues from a first principles perspective and come up with solutions. She is technically able, hands on and ensures that the team delivers a quality work product.
‘Rob Flanigan is highly experienced at offering US securities law advice in the Iberian ECM market, acting for both issuers and banks. He is excellent at collaborating with local firms on joint mandates.’
‘Robert Flanigan is our first reference for equity capital markets in Spain and we reach out to him whenever we are involved in a cross-border transaction. His fluency in Spanish, and understanding of both the Spanish and international issues arising in these deals always allows for an efficient and positive result for our clients. He’s a safe pair of hands for complex transactions.’
‘Mayer Brown has an outstanding equity capital markets practice and provides deep understanding of both the cross–border and local issues affecting our deals.’
- Advised Beazley plc on a £350 million equity fundraise on the London Stock Exchange, alongside an additional retail share offer.
- Advised Grenergy Renovables SL on its EUR-90-million accelerated equity offering (AEO).
- Advised VAALCO Energy on its stock-for-stock strategic business combination with TransGlobe Energy Corporation.
Sullivan & Cromwell LLP
Sullivan & Cromwell LLP‘s record in the equity capital markets space reflects its even-handed ability across issuer and underwriter-side mandates, with the team regularly acting on transactions with an international element. Vanessa Blackmore, Oderisio De Vito Piscicelli, John Horsfield-Bradbury and Evan Simpson co-lead the team.
Vanessa Blackmore; Oderisio de Vito Piscicelli; John Horsfield-Bradbury; Evan Simpson
‘Professionalism and capacity to solve problems.’
Praised by clients for its 'pragmatic approach' and 'responsive and effective service’, Willkie Farr & Gallagher (UK) LLP is also noted for the strength of its securities offering, particularly in relation to US law aspects. The team's advice includes offerings by public companies, the issuances of high-yield and investment grade bonds, and common and preferred stock in the UK, US and foreign markets. Jennifer Tait and Joseph Ferraro co-lead the team.
Jennifer Tait; Joseph Ferraro
‘The Willkie team provide a very effective US law service in relation to securities advice in particular. They have a pragmatic approach and provide a responsive and effective service.’
‘Jennifer Tait is super-responsive, helpful and pragmatic.’
GoldenTree Asset Management LP
- Advised GoldenTree Asset Management LP on a block trade of shares in BAWAG Group AG.
- Representing Fidelis Insurance Group in its upcoming IPO.