Following the merger of Allen & Overy and Shearman & Sterling to form A&O Shearman in May 2024, the combined London team is capable of handling a growing volume of fundraising matters and IPOs, both domestically and across the wider EMEA region, with a strong track record of advising both issuer and banking clients on premium offerings, de-SPAC transactions, and high-value share disposals. The practice dispenses regular advice to foreign-listed and dual-listed companies on their transactional and fundraising activities, with key partner Jeff Hendrickson standing out for hisadvice on Middle Eastern IPOs, and practice co-head Adam Wells leading a capable US securities team. Heading up the practice alongside Wells are Michael Bloch, who advises companies on rights issues and corporate finance matters, and James Roe, who handles the governance, finance, and regulatory aspects of IPOs for companies in the life sciences, retail, and mining sectors, among others.

Clifford Chance LLP maintains a strong equity capital markets offering capable of covering the full range of matters and transactions for a roster of blue-chip manager- and issuer-side clients. The team handles a steady stream of high-value IPOs on the London Stock Exchange, as well as on Middle Eastern and European exchanges, and it also regularly works with the firm’s well-regarded corporate team to advise on impactful public M&A and reverse takeover deals. Practice head Simon Thomas is well-positioned to handle both domestic and international IPOs and equity placings, while former team co-lead Adrian Cartwright continues to serve as a key contact for advice on issuances and global depositary receipts on international exchanges. Christopher Roe is well-regarded for his expertise in public M&A and equity restructuring, and James Koessler is active across a broad and growing range of high-value equity transactions.

Latham & Watkins’ ECM team excels at handling cross-border work, with a strong and consistent record of advising large corporates as well as major banks such as JP Morgan on global IPOs and secondary placings, reverse takeovers, and demerger transactions. The London team regularly collaborates with the firm’s international partners to guide clients through listings on the LSE, NYSE, and European exchanges, and it is particularly well-regarded for its work with IPO candidates in the tech and renewable energy sectors. Banking clients furthermore benefit from the team’s ability to offer integrated advice on transactional and financial regulatory issues. James Inness regularly advises on London IPOs and co-heads the team with US securities and M&A expert Mark Austin, who joined the firm from Freshfields in June 2023. Further key contacts include Chris Horton, who is well-regarded for his expertise in public M&A and SPAC transactions, and Anna Ngo, who handles a varied caseload of primary and secondary offerings.

Linklaters LLP remains a market-leading destination for domestic and international IPOs and secondary offerings, direct listings, private placements, and SPAC transactions, with both bank and issuer clients relying on the team’s deep-seated transactional and regulatory expertise. Having recently acted on several of the largest recent and ongoing UK IPOs, including those of CAB Payments and Raspberry Pi, the practice also serves as key point of contact for high-value infrastructure privatisations and IPOs on European and Middle Eastern exchanges. Jason Manketo is a key contact for international IPOs and de-SPACs along with Pam Shores, who additionally handles rights issues and block trade transactions for blue-chip clients. Shores co-heads the practice with James Wootton, whose practice encompasses ECM work as well as private and public M&A. Further key contacts include US securities expert Mike Bienenfeld as well as Asad Ahmed and Tom Thorne, who handle a diverse array of equities transactions. Former practice co-head John Lane has now retired, while Richard Spedding joined from Travers Smith LLP.

Fielding ‘one of the leading ECM practices in London’, White & Case LLP’s team of US- and English-qualified lawyers stands out for its expertise in NYSE and Nasdaq listings, which it handles for major underwriters as well as for a diverse array of issuers chiefly active in the financial, infrastructure, and life sciences sectors. The team is also very active in handling secondary fundraises and corporate transactions with equity elements, and it is active across a growing volume of offerings on Middle Eastern exchanges. ‘Exceptional partner’ Jonathan Parry is a key contact for EMEA ECM matters and jointly heads up the team together with US offerings expert Laura Sizemore and Inigo Esteve, who handles a diverse array of fundraising and SPAC transactions.

Ashurst’s equity capital markets team is noted for the strength of its relationships with leading investment banks, brokerage firms, and fund clients, who rely on the ‘fully integrated team’ for advice on domestic and international transactions. The team handles a diverse array of public and private rights issues, including IPOs and private placements, and it is also well-regarded for its expertise in handling share mergers in the asset management space. Simon Bullock is a key contact for this line of work and co-leads the team together with Nicholas Holmes, who is a well-regarded expert on the corporate and regulatory aspects of equity transactions, and Stuart Rubin, who heads up the practice’s international and US securities offering.

Davis Polk & Wardwell LLP’s combined US and UK equity capital markets practice handles a diverse workload of listings and equity offerings across American, British, and European exchanges, and it is also capable of advising on the capital markets aspects of high-value corporate finance and de-SPAC transactions. The team’s recent workload includes advising a syndicate of 28 underwriters on the US IPO of British semiconductor company Arm Holdings, underscoring its capabilities in advising on US-UK cross border matters particularly in the tech and infrastructure sectors. US securities expert Reuven Young jointly heads the team with Simon Witty, a UK capital markets specialist who acts across public and private offerings. US-qualified Connie Milonakis is a further key contact in the team and has extensive experience advising on IPOs in the Nordics.

A key choice for a litany of UK-listed clients, Herbert Smith Freehills Kramer LLP advises issuers, banks, and sponsors on high-value and high-profile deals, including a number of Main Market IPOs on the London Stock Exchange. Recent engagements have seen the team include advising on the 3i Infrastructure placing, block sales for foreign issuers, SPAC IPOs, and emerging PIPE transactions. Practice co-heads Tom O’Neill and Michael Jacobs bring over 30 years of global experience, handling the full lifecycle of ECM transactions across private and public capital markets.

Norton Rose Fulbright’s globally networked team is well-equipped to handle a steady workload of domestic and international securities exchanges and fundraises, notably including its recent advice to Dar Global on its direct listing on the LSE Main Market. The practice actively advises both underwriters as well as issuers, particularly in the real estate and tech sectors, and it is particularly noted for its ability to provide advice on equity issuances in EMEA growth markets. Raj Karia is a key contact for this line of work, while Thomas Vita stands out for his US securities expertise. Fiona Millington is a key contact for domestic fundraises and public M&A.

Slaughter and May’s equity capital markets practice is particularly well-regarded for its issuer-side work and regularly leverages the firm’s strong corporate and private equity capabilities to guide established entities and growth companies in the tech sector through IPOs, rights issues, and a diverse array of other fundraising matters. The team is also well-versed in advising domestic and internationally listed companies on share buyback programmes and handles a growing volume of equity investments. Richard Smith heads up the team and regularly advises on IPOs as well as secondary capital raisings. Former practice head Rebecca Cousin remains active, advising on the data privacy aspects of corporate transactions.

Baker McKenzie’s equity capital markets team boasts notable strengths in handling equity transactions in emerging markets and is also increasingly active in advising UK issuers and underwriters on high-value offerings and private placements. The team is particularly well-versed in handling transactions in the life sciences and biotech sectors and regularly guides public companies in this space through IPOs, accelerated bookbuild offerings, and share buybacks. Practice head Adam Farlow is dual US- and UK-qualified lawyer and accordingly handles a diverse caseload of European listings and offerings subject to US securities regulations. George Marshall is noted for his experience handling equity transactions in Middle Eastern markets.

In addition to handling fundraising matters and equity transactions for clients trading on European exchanges, Cleary Gottlieb Steen & Hamilton’s team is noted for providing ‘exceptional advice on US securities law’ to British issuers and underwriters. The team regularly collaborates with US partners to handle US-registered IPOs, and it is also very active in the Nordic region, where it has handled a diverse array of SPAC transactions and rights issues. Team head Sebastian Sperber is a key contact for this line of work, while David Gottlieb stands out for his expertise advising on IPOs in emerging markets. Sarah Lewis and Chrishan Raja are key contacts for US securities law matters.

The ‘commercial, highly competent’ equity capital markets team at Dentons has a wide geographic reach, handling a varied caseload of IPOs, secondary fundraisings, and take-private transactions across the UK and EMEA regions. The team is well-regarded for its ability to advise issuers and underwriters on privatisation IPOs in emerging markets, and it also regularly advises companies in a diverse array of sectors on redomiciliations and dual listings. Emerging markets expert Nikolas Colbridge is a key contact for this line of work and co-heads the team with Neil Nicholson, who handles ECM matters as well as advising on public and private M&A. US securities expert Cameron Half is a further key contact.

Gibson, Dunn & Crutcher works with corporate issuers and underwriters on primary and secondary offerings across UK, US, and European markets and also serves as key port of call for investment funds and brokers seeking assistance with high-value equity investments in the biotech and e-commerce sectors, among others. Chris Haynes is well-regarded for his experience handling ECM transactions in the tech sector and serves as a key contact for SPAC IPOs. Haynes co-heads the team with Steve Thierbach, who is well-regarded for his ability to guide clients through cross-border equity transactions.

Key areas of focus for the Hogan Lovells International LLP team include international IPOs and secondary issuances as well as privatisation transactions and private placements. The team is well-versed in handling US fundraising matters and also serves as key port of call for a series of investment managers seeking advice on fund mergers and buyouts. The practice is jointly led by domestic and international IPO expert Daniel Simons alongside Jonathan Baird, Tom Brassington, Nicola Evans, and Erik Jamieson.

Milbank’s London team chiefly advises on international IPOs and secondary offerings, leveraging strengths in US securities matters and close client relationships in the Nordic and Middle Eastern markets to handle issuer- and underwriter-side fundraising and privatisation transactions. David Dixter is well-regarded for his ability to handle IPOs and liability management transactions across the EMEA region and co-heads the team with Apostolos Gkoutzinis, who has driven the practice’s recent growing caseload of IPOs in the Greek market.

The US and UK equity capital markets team at Skadden, Arps, Slate, Meagher & Flom (UK) LLP serves as a key port of call for a wide roster of European and UK issuer-side clients seeking advice on IPOs, listings, and secondary share offerings on American exchanges. The practice is well-versed in handling dual listings, redomiciliations, and cross-border public and private placements, and it also regularly advises issuers and underwriters on early-stage fundraisings in the tech sector. Danny Tricot heads up the team and is well-regarded for his ability to advise on IPOs and secondary fundraisings in growth markets. Public M&A expert Adam Howard is also a name to note. Pranav Trivedi retired in December 2023.

With activities spanning the Main Market and AIM of the London Stock Exchange as well as international exchanges, Travers Smith LLP is well-placed to advise issuers, plc clients, and investment funds on a diverse array of middle-market equity transactions, including IPOs and secondary fundraises, relistings, de-SPAC transactions, and equity transfers. Corporate finance expert Spencer Summerfield jointly heads up the team with Adrian West, who handles a diverse array of ECM and public M&A transactions. Former practice head Andrew Gillen was made the firm’s senior partner in November 2023, and Richard Spedding departed the firm in May 2024.

CMS acts for a diverse array of underwriters and issuers on both Main Market and AIM transactions, with a demonstrable record of handling primary and secondary fundraisings as well as a growing volume of public M&A and takeover deals. The team regularly leverages the firm’s global presence to handle transactions involving listed clients in the US and mainland Europe. Practice head Alasdair Steele has extensive experience advising on domestic and international equity transactions in the infrastructure and tech sectors, while James Parkes is a key contact for advice on takeovers.

US and UK securities expert Claire Keast-Butler heads up the team at Cooley (UK) LLP following the April 2024 departure of David Boles and is particularly well-versed in handling IPOs, public M&A, and dual listings for UK clients. The practice maintains close relationships with a host of clients in the life sciences sector, who routinely instruct it to act on primary and follow-on fundraises with both debt and equity elements. Simon Amies, who joined the team from Covington & Burling LLP in May 2023, is a key contact for this line of work.

Cravath, Swaine & Moore LLP fields a team of ‘meticulous, rigorous and exceptionally hard-working' London-based lawyers who specialise in handling transatlantic equity transactions, including public and private issuances as well as de-SPAC transactions, for blue-chip corporate clients and investment banks. In addition to working with US issuers and underwriters, the team is capable of guiding domestic clients through their equity offerings and also provides advice on SEC-registered transactions for clients across EMEA. Philip Boeckman handles US and European IPOs and secondary listings for a wide range of corporate and banking clients and is also noted for his commercial lending expertise. Boeckman co-heads the team with George Stephanakis, who is a key contact for high-yield financings and hybrid transactions.

DLA Piper leverages a wide network that spans several UK offices as well as presences in Europe, Southeast Asia, and the United States to act on a diverse array of transactions both on the Main Market and AIM as well as on international exchanges. The team has extensive experience guiding UK clients through dual listings, and it also frequently acts on cross-border share transactions and takeover deals. The UK team is jointly led by Martin Penn, who is well-versed in advising clients in the tech and life sciences sectors on primary and secondary offerings as well as on ECM regulatory matters, and Robert Newman, who focuses on guiding UK regional clients through ECM transactions.

Greenberg Traurig, LLP’s London-based equity capital markets team regularly leverages the firm’s US and international presences to handle private placements, primary and secondary offerings, debt and equity restructurings, and take-private transactions for both New York- and London-listed clients. Dorothee Fischer-Appelt is particularly noted for her US-UK cross-border expertise and regularly advises on US offerings as well as on the US securities and regulatory aspects of share issuances for UK and European corporate clients. Andrew Caunt heads up the team and handles fundraises in the UK as well as in emerging markets. UK ECM expert James Mountain is also a name to note.

Willkie Farr & Gallagher (UK) LLP maintains a robust transatlantic capital markets offering which encompasses the full spectrum of advice on public and private placements and rights offerings, de-SPACs, and liability management transactions. The practice regularly advises UK-listed investors and brokers on the US securities aspects of their equity transactions, and it stands out in particular for its expertise in the insurance capital markets space, with Joseph Ferraro regularly advising UK-based and offshore corporate insurers on their fundraising activities. Ferraro co-heads the team with Jennifer Tait, who handles both US and UK equity issuances. David Griffiths is a further name to note and handles a range of public M&A and ECM transactions.