Firms To Watch: Equity capital markets – mid-large cap

Orrick, Herrington & Sutcliffe (UK) LLP is increasingly active across the spectrum of ECM matters, notably IPOs, secondary offering, SPACs and de-SPACs. Led by Ed Lukins, the team is particularly strong in the energy, infrastructure, technology and life sciences sectors.

Equity capital markets – mid-large cap in London

Allen & Overy LLP

Known for its ‘great knowledge of the market and ability to deliver under pressure’, Allen & Overy LLP stands out for its expertise in complex IPOs and SPAC deals. Leading transactions from London, the firm combines regulatory expertise with international strength, including in the Middle East, Africa and an extensive US offering. In addition to its work, the team continues to drive change in the broader ECM space. Particular fortes for the practice are technology, regulatory technology, and ESG advice. Co-head of the global corporate team, David Broadley handles complex strategic transactions, notably in the financial services sector; he spearheads the team with Adam Wells, who is a US corporate finance lawyer based in London and leads the firm’s US ECM practice. Other key names in the area include UK ECM and corporate law expert James Roe; Michael Bloch, who advises corporate and banking clients on IPOs and follow-on offerings in the UK and Europe; and recently promoted counsel Harsha Kumar, whose focus is on IPOs for innovative businesses and UK-listed companies.

Practice head(s):

David Broadley; Adam Wells

Other key lawyers:

James Roe; Laura Green; Jeff Hendrickson; Harsha Kumar; Michael Bloch

Testimonials

‘Great knowledge of the market and ability to deliver under pressure. Diverse team, with individuals who are responsive and great to work with.’

‘James Roe is an experienced ECM lawyer, bringing a wealth of knowledge to advise clients. A very engaged Partner, he took responsibility to ensure a successful outcome for us.’

‘Inspiring, knowledgeable, hardworking individuals from different countries and different origins.’

‘James Roe – experience, sense of humour, understanding the client, focus on the client needs, extraordinarily dependable and engaged.’

‘Laura Green – ambitious, humble, hardworking young talent, able to go several extra miles to meet the client’s needs and expectations.’

Key clients

Moonpig

Exponent Private Equity

Softline

Eurowag

TP ICAP

Network International

The Gym Group

Ebusco

NX Filtration

Climate Transition Capital Acquisition 1 (CTCA1)

European Fintech IPO Company 1 (EFIC1)

ESG Core Investments

Dutch Star Companies II

SPEAR Investments

Babylon Health

STJ Advisors

RPC LLP

RPC Tyche

Work highlights

  • Advised Exponent Private Equity and its portfolio company, Moonpig, on the demerger of Moonpig from another Exponent portfolio company, Photobox Group, and the subsequent £1bn IPO of Moonpig on the LSE.
  • Advised Softline, a global provider of IT solutions and services, on its IPO on the LSE and a secondary listing on the Moscow Stock Exchange.
  • Advised W.A.G payment solutions plc (Eurowag) on its €200m IPO on the London Stock Exchange.

Clifford Chance LLP

The ‘outstanding ECM team’ at Clifford Chance LLP is ‘responsive, reliable and highly experienced’ in a broad range of transactions, including major IPOs, SPACs, de-SPACs, and ECM-related M&A. The firm ‘brings the full spectrum of its many practice experts to bear to resolve issues and problems on ECM deals‘, with a particular strength in cross-border matters. The London team is a hub for a range of European ECM, notably related to France, Belgium, Italy and the Netherlands, as well as having a niche in London-Shanghai stock connect matters. Practice head Adrian Cartwright specialises in equity capital markets including issuances of shares and global depositary receipts in the international markets. Notable names in the team are John Connolly, who is known for US securities law advice; Simon Thomas, who represents underwriters and issuers on a wide range of equity capital markets transactions; and ECM transactions expert Christopher Roe, whose experience covers IPOs, rights issuances and secondary capital issuances.

Practice head(s):

Adrian Cartwright

Other key lawyers:

John Connolly; Simon Thomas; Christopher Roe

Testimonials

‘An outstanding ECM team. Responsive, reliable and highly experienced.’

‘They pre-empt and solve issues very effectively; work with each client to achieve the right balance on any ECM deal; and bring the full spectrum of their many practice experts to bear to resolve issues and problems on ECM deals.’

‘Always partner led as it should be, they delivery consistently excellent outcomes whether acting for the issuers or the banks. Great lawyering and execution skills, attention to the details and buckets of common sense and reasonableness. Always listen to the client, advise as needed and do what they say.’

‘Technically superb with an efficient and commercial approach.’

‘Chris Roe and team were excellent as sponsor and underwriters counsel on the IPO.’

Key clients

Citigroup Global Markets Limited

J.P. Morgan Cazenove

Morgan Stanley

BNP Paribas

BofA Securities

Goldman Sachs Bank Europe SE

J.P. Morgan A.G.

ABN AMRO Bank N.V.

Barclays Bank

Jeffries International Limited

Bom Maklerski Banku Handlowego S.A.

ING Bank N.V.

Pekao Investment Banking S.A.

Erste Group Bank AG

Van Lanschot Kempen Wealth Management N.V.

UBS AG

Raiffeisen Bank International AG

Barclays

Santander

Biuro Maklerskie Pekao

Trigon

Merrill Lynch International

Numis Securities Limited

PensionBee Group plc

Stelrad Group PLC

C&C Group plc

Volvo Cars and its main shareholder Geely

Hostmore plc

SYNLAB

Cinven

Novo Holdings and OTPP

Work highlights

  • Advised Citigroup Global Markets as the sole global coordinator and bookrunner on the proposed IPO and London standard listing of Hambro Perks Acquisition Company Limited, a special purpose acquisition company.
  • Advised Volvo Car AB and its main shareholder, Geely Sweden, in connection with Volvo Cars’ proposed IPO and listing on Nasdaq Stockholm.
  • Advised J.P. Morgan and Morgan Stanley as Joint Global Co-ordinators, with J.P. Morgan acting as Sole Sponsor in relation to Bridgepoint’s c.£3bn IPO, and BNP, Citigroup and BofA Securities as Joint Bookrunners.

Latham & Watkins

Latham & Watkins is recommended for its ‘market and technical understanding combined with excellent understanding of business‘. The ‘market leaders in equity capital markets transactions’ advise on large, complex deals, with a particular specialism in cross-border ECM, utilising its extensive network of international offices, notably in the US. Technology is another forte for the practice, including fintech IPOs; SPACs and de-SPACs also feature in the firm’s resume. James Inness focuses on London Stock Exchange transactions and co-leads the team with Chris Horton, whose expertise includes advising listed companies, investment banks and asset managers on a range of ECM, M&A and regulatory matters. Another key name in the area is Anna Ngo, who represents issuers, investment banks, and investors on primary and secondary ECM transactions and public M&A transactions.

Practice head(s):

James Inness; Chris Horton

Other key lawyers:

Anna Ngo; Ryan Benedict

Testimonials

‘James Inness is a very strong partner, good on international and domestic work.’

‘Chris Horton is one of the best ECM lawyers in the market.’

‘Excellent market and technical understanding combined with excellent understanding of the business.’

‘The L&W team are excellent and incredibly active and therefore market leaders in equity capital markets transactions.’

‘Chris Horton is our go-to partner for complicated high value ECM transactions. He is a leader in the field and provides a true, partner led service. The L&W team always deliver top quality legal advice.’

‘Ryan Benedict is also strong on US Securities matters and guides clients effectively through the complex regulatory environment.’

Key clients

Abcam plc

Bank of America Merrill Lynch

Citi Group

Darktrace

Diversified Energy Company

Goldman Sachs

J.P. Morgan

Jefferies

Numis

Morgan Stanley

TI Fluid Systems

UBS

YouGov

Work highlights

  • Advised Darktrace in its £1.7bn IPO on the Main Market of the London Stock Exchange.
  • Advised on the direct listing of Wise, a London-based fintech payments company, on the Main Market of the London Stock Exchange (LSE).
  • Advised the joint global coordinators and joint bookrunners, sponsor, and co-lead manager on Made.com’s initial public offering.

Linklaters LLP

The broad practice of Linklaters LLP is strong in UK high-end listings and ‘able to bring in subject-matter experts as required as well as a wide team in their continental office network’. Recommended as ‘peerless in advising and steering the ECM industry at large’, the firm supports banks in changing the London regulatory environment, and is active in international deals including in the Netherlands and UAE. Expertise covers SPACs, de-SPACs, IPOs and M&A in the ECM space. John Lane acts for issuers and underwriters on equity transactions and has experience in private and public M&A. He co-leads the team with Jason Manketo, who advises clients across the life cycle of their equity capital markets activities. Other key names on the deep bench are Pam Shores, who is US lawyer based in London with strength in equity and debt capital markets; Tom Thorne, who specialises in equity capital markets and listing rules driven transactions; and James Wootton, who assists corporate and financial institutions on a wide range of corporate transactions.

Practice head(s):

John Lane; Jason Manketo

Other key lawyers:

Tom Thorne; James Wootton; Pam Shores; Peter Bevan; Nik Kiri

Testimonials

‘An outstanding ECM legal practice. Hugely experienced and talented team – with best in class legal and regulatory knowledge, drafting and negotiation skills, attention to details, consistency, rigour and responsiveness to cover any and all ECM deals, allied with superb client and execution skills, and consummate care, attention and efficiency.’

‘They are entirely trusted, reliable and effective whether acting for the banks, issuers or sellers – ensuring efficient execution, practical solutions, common sense and successful and well-thought-out results.’

‘They are peerless in advising and steering the ECM industry at large, assisting on countless involved and time consuming ECM practitioner working groups, to tackle the plethora of new regulation and the complexities of market practice change and development that has affected ECM in the UK and throughout EMEA over the last two decades, and shows no sign of abating.’

‘In London, ECM partners such as John Lane, Jason Manketo, James Wooton, Tom Thorne, and Pam Shores stand out, ably supported by their stand-out regulatory partners such Peter Bevan and Nik Kiri who cover ECM.’

‘They are able to bring in subject matter experts as required as well as a wide team in their continental office network.’

‘John Lane is one of the deans of the UK ECM markets.’

Key clients

Unilever plc

VAM Investments SPAC B.V.

TDR Capital

Modulaire

Wise plc

Endeavour Mining

Energy Transition Partners B.V.

Alphawave IP

Anglo American plc

Thungela Resources

Travis Perkins

Vodafone

Vantage Towers

Petrofac Limited

Brait plc

ekaterra

Work highlights

  • Advising Unilever PLC on the dual-track process for the sale of its tea business ekaterra (ultimately a €4.5bn sale to CVC).
  • Advising Wise plc on its £8bn Direct Listing on the London Stock Exchange.
  • Advising the underwriters on the £3.5bn IPO of Oxford Nanopore Technologies.

White & Case LLP

The White & Case LLP ECM team ‘continues to be at the forefront of UK and European ECM transactions, providing first-class advice and commercial acumen in abundance’. Core strengths of the broad practice include SPACs, IPOs and rights issuances. The firm can also leverage its multi-jurisdictional strength, particularly in the US, which it combines with a range of industry expertise, notably in the life sciences and technology sectors. Spearheading the team are Inigo Esteve, who focuses on IPOs and secondary share issuances; Jonathan Parry, whose expertise lies in LSE IPOs and share issuances by listed companies; and the US-qualified Laura Sizemore, who heads up the firm’s capital markets section in EMEA.

Practice head(s):

Inigo Esteve; Jonathan Parry; Laura Sizemore

Other key lawyers:

Allan Taylor; Josh Hirschowitz; Marcus Dashper; Johanna Wagner

Testimonials

‘Quick to react and make themselves available at short notice.’

‘Highly knowledgeable and guided us through our IPO in a helpful and practical way. Helped us through some relatively complex restructuring prior to IPO process.’

‘Helped us reach our critical deadlines at each point in the process. Particular mention to Jon Parry, Allan Taylor and Josh Hirschowitz, Marcus Dashper and Johanna Wagner.’

‘White & Case ECM team continue to be at the forefront of UK and European ECM transactions, providing first-class advice and commercial acumen in abundance.’

‘Jon Parry is at the top of his field, cutting through problems to get to the heart of issues and provide outstanding service to his clients on a wide range of ECM matters – extremely user friendly.’

Key clients

Ashtead Technology

Barclays, J&E Davy, HSBC and Numis (C&C Group)

Alpha Bank

Islandsbanki

Hepsiburada

CTP

Work highlights

  • Advised SPAC sponsors on all LSE-listed SPAC IPOs to date since changes to the FCA rules in 2021 (Hambro Perks Acquisition Company, Hiro Metaverse Acquisitions I and New Energy One Acquisition Corporation).
  • Advised Citigroup and Morgan Stanley as joint sponsors, joint global co-ordinators and joint bookrunners, Jefferies as joint global co-ordinator and joint bookrunner, and Numis and UBS as joint bookrunners, on Eurowag’s £186m premium LSE IPO.
  • Advised Barclays, J & E Davy and HSBC acting as joint global co-ordinators, joint bookrunners and underwriters, and Numis acting as joint bookrunner and underwriter on C&C Group’s £152m rights issuance to bolster its balance sheet.

Ashurst

The Ashurst ECM team ‘remains at the forefront of ECM work with a strong bench and excellent advice’. Experienced in assisting on the bank and issuer side, the firm provides a breadth of practice that includes strength in de-mergers, US securities law and technology sector matters. Nicholas Holmes advises corporate clients and investment banks across the spectrum of equity, M&A and corporate finance transactions. He co-leads the practice with Jennifer Schneck, whose forte is global securities work; and Stuart Rubin, who handles international equity capital markets and M&A transactions across Europe and Asia.

Practice head(s):

Nicholas Holmes; Jennifer Schneck; Stuart Rubin

Testimonials

‘Ashurst ECM Legal team remains at the forefront of ECM work with a strong bench and excellent advice.’

‘Nicholas Holmes remains a partner with tremendous experience that clients can count on for in-depth advice and analysis.’

‘The ECM team led by Nicholas Holmes are excellent. They often display excellent technical skills and great knowledge of the banking sector. We have worked on some challenging transactions and the Ashurst team have always been responsive, supportive and technically strong in working their way through the difficult issues.’

‘Nicholas Holmes – very technically strong and commercially minded.’

‘Great commercially minded team. Good communication on fees and solving the usual last minute issues.’

‘The Ashurst ECM team is very experienced for UK ECM deals. Unlike with other law firms, you get lots of involvement from the partners and they are very detail-oriented whilst also being easy to work with. They take a collegiate and collaborative approach in working with clients and opposing counsel in trying to find mutually agreeable solutions to help get transactions executed smoothly.’

‘Stuart Rubin is a fantastic US securities lawyer, with a wealth of knowledge and experience of advising on US securities laws issues across the full spectrum of capital markets transactions. Nicholas Holmes is a veteran of UK ECM.’

‘Nicholas Holmes is a very smart technical lawyer.’

Key clients

Goldman Sachs

Morgan Stanley

Softcat

Jefferies

Barclays

Bank of America Merrill Lynch

Numis

EnQuest

Citi

Credit Suisse

Chesnara

Tritax EuroBox

Lamprell

J.P. Morgan

Advanced Biofuels Solutions

Peel Hunt

Deutsche Bank

Work highlights

  • Acting as English and US counsel to Numis Securities Limited and J.P. Morgan Cazenove on the IPO and premium listing on the London Stock Exchange of Auction Technology Group plc.
  • Advising Goldman Sachs and Citigroup in connection with the proposed $40bn demerger of GlaxoSmithKline.
  • Advised Jefferies and Peel Hunt, in connection with the £600m IPO of Marley Group.

Davis Polk & Wardwell LLP

Specialist in public and private securities offerings and M&A Simon Witty spearheads the Davis Polk & Wardwell LLP practice and advises issuers and underwriters on a range of capital markets transactions. The firm covers domestic transactions for London-listed companies and European-wide equity capital markets transactions, as well as assisting UK and European companies listing in the US. Another key name in the team is counsel Connie Milonakis, whose strengths span debt and equity advice related to complex transactions.

Practice head(s):

Simon Witty

Other key lawyers:

Connie Milonakis

Key clients

EQT

ContourGlobal

Freeline

HusCompagniet

Made.com

Trifork

Mountain & Co.

Target Global

Peel Hunt

Ocado Group

Herbert Smith Freehills LLP

The ‘excellent ECM practice’ of Herbert Smith Freehills LLP is ‘always on top of the legal and regulatory issues and ensures efficient and effective legal execution and problem solving’. The firm is particularly active in secondary activity, advising issuers on fundraisings, but also provides expertise in IPOs and SPACs, acting for issuers and banks. Mike Flockhart co-leads the team and specialises in primary and secondary equity capital markets transactions in the UK. Fellow co-head Tom O’Neill is experienced advising issuers, selling shareholders and major investment banks on international mandates across equity and debt capital markets products. Other key names in the practice include senior associate Sarah Ries-Coward, who handles IPOs and secondary fundraisings; and Dinesh Banani, who advises issuers and investment banks on international equity capital markets transactions.

Practice head(s):

Mike Flockhart; Tom O’Neill

Other key lawyers:

Dinesh Banani; Sarah Ries-Coward; Michael Jacobs; Tom Vaughan; James Palmer; Greg Mulley

Testimonials

‘Excellent ECM practice – always on top of the legal and regulatory issues and ensures efficient and effective legal execution and problem solving. Great experience and skill in ECM deals, very client focused and solution oriented, whilst also ensuring great attention to detail, rigour and consistency.’

‘One draws great comfort from having HSF on either side of ECM deals.’

‘Tom O’Neill is an excellent US capital markets partner ensuring quality and focus at all times, and great balance and consistency, when acting for both banks and issuers.’

‘Michael Jacobs is an excellent addition to the UK ECM partner line up, as well as strong senior associate Tom Vaughan. Other highly experienced partners in ECM and corporate such as James Palmer and Greg Mulley amplify the ECM team skill sets and effectiveness.’

‘Senior resource on transactions is better than peers, you get the senior partner on the calls and really leading the deals, not just the associates.’

Key clients

Bank of America

Merrill Lynch

Goldman Sachs

JP Morgan

Lazard

Morgan Stanley

Keefe, Bruyette & Woods

Rothschild

UBS

Barclays

Citigroup

Credit Suisse

Deutsche Bank

HSBC

Moelis

Numis

BNP Paribas

Jefferies

easyJet plc

Tryg A/S

Marex Group plc

Disruptive Capital Acquisition Company Limited

Hammerson plc

Saga plc

Hipgnosis Songs Fund Limited

WH Smith PLC

Synthomer plc

Severn Trent plc

Acacia Research Corporation

Made.com Group plc

Jet2

SCA Investments Limited (t/a Gousto)

Work highlights

  • Advised Tryg A/S on its DKR36.9bn (£4.4bn) standby underwritten rights issuance to fund the £7.2bn break up bid for RSA plc.
  • Advised easyJet on its £1.3bn rights issuance, the largest UK rights issue of the year for the issuer.
  • Advised Petershill Partners on its $5bn FTSE-100 IPO.

Norton Rose Fulbright

Norton Rose Fulbright’s sweet spot is mid-market deals, particularly those related to emerging markets and the pharmaceuticals, REIT and real estate sectors. Other specialisms for the firm include energy, infrastructure, technology and financial services industry deals. Advising on the issuer and bank side, the practice is also recommended as ‘excellent at solving problems, combined with a real focus on the client and collaborating with other advisers’. Raj Karia leads the practice and can call on the expertise of Thomas Vita, whose strength is advising on international securities transactions and London ECM work.

Practice head(s):

Raj Karia

Other key lawyers:

Thomas Vita; Fiona Millington; Clementine Hogarth; Ian Forbes

Testimonials

‘Excellent at solving problems, combined with a real focus on the client and collaborating with other advisers.’

‘Clementine Hogarth and Ian Forbes provided a great service to solve problems and deal with unprecedented deal situations.’

Key clients

JTC PLC

Aedefica

Numis Securities Limited

Xior Student Housing

J.P. Morgan Securities plc.

Goldman Sachs International

Canaccord Genuity Limited

Societe Generale

Orascom

Picton Property Income Limited

Ekopak

Management Consulting Group PLC (MCG)

Vodafone

Investec Bank plc

BMO Capital Markets

e-finance for Financial and Digital Investments

Taaleem Management Services

M&G Investments

Barclays

Berenberg

Cantor Fitzgerald

Citigroup

HSBC

Peel Hunt

RBC

Stifel

Beltone Capital

CI Capital

Renaissance Capital

Is Yatirm

Yapi Kredi

Work highlights

  • Advised Investec Bank plc as sponsor, sole global co-ordinator and sole bookrunner on the £274m IPO and premium listing on the London Stock Exchange of Stelrad Group PLC.
  • Advised Peel Hunt LLP and Stifel Nicolaus Europe Limited and Grant Thornton on leading UK mid and small cap investment bank’s Peel Hunt Limited’s £280m placing of new and existing shares, an intermediaries offer, an employee offer and admission to trading on AIM.
  • Advised Taylor Maritime Investments Limited on its IPO and premium listing on the London Stock Exchange.

Slaughter and May

Well regarded for its ‘deep experience in ECM’, Slaughter and May has an issuer focus and handles a range of transactions in the space. The forte for the firm is its relationships with early-stage technology companies, assisting them to scale and grow. Practice head Rebecca Cousin has particular strength in supporting clients on equity raises, right issuances, placings and IPOs. Her team ‘has mastery of this area’.

Practice head(s):

Rebecca Cousin

Other key lawyers:

David Johnson; Harry Hecht

Testimonials

‘Slaughter & May have deep experience in ECM. The differentiator is that they don’t just tell you the law, they can tell you how regulators and market players will behave in practice. They have mastery of this area.’

‘David Johnson – experienced operator with a practical approach that gets problems solved. Harry Hecht – exceptionally competent and ego-free lawyer. I am extremely comfortable putting him in front of my Board of Directors to explain tricky issues and ECM processes.’

Key clients

Oxford Nanopore Technologies

Prudential

BHP Group

The Restaurant Group

Pepco Group

ASOS

Cineworld

Accsys Technology

GlaxoSmithKline plc

Shell plc

Ascential

Telegram

Work highlights

  • Advised Oxford Nanopore Technologies PLC on its initial public offering.
  • Advised BHP on the unification of its dual-listed company structure under its parent entity, Limited.

Baker McKenzie

The ‘lovely team’ at Baker McKenzie is ‘very responsive, proactive and innovative in its ECM support’. The firm is known for its strength in emerging markets, such as being at the forefront of the Saudi international IPO market, but it also has experience advising on a range of UK market transactions. Particular sector fortes for the practice include the technology, healthcare and medtech spaces. New York and English qualified partner Adam Farlow leads the team from London and focuses on US securities laws and transaction management. Also notable is corporate finance specialist George Marshall, who is recommended for his ‘detailed knowledge of the Middle East’.

Practice head(s):

Adam Farlow

Other key lawyers:

George Marshall; James Thompson; Tom Quincey

Testimonials

‘Technical expertise in the Middle East.’

‘George Marshall – detailed knowledge of the Middle East.’

‘Lovely team, very responsive, proactive and innovative in their ECM support.’

‘Strong individuals demonstrate clear commercial acumen and deliver strong customer service. Provide a pragmatic approach to often complex matters. James Thompson and Tom Quincey are recommended.’

Key clients

J.P. Morgan

Credit Suisse Securities (Europe) Ltd.

Citibank, N.A./ Citigroup Global Markets Limited

Morgan Stanley

HSBC

China Pacific Insurance (Group) Co.

Kempen & Co.

Banque du Caire

UBS

Sequana Medical NV

MdXHealth

Mithra Pharmaceuticals

Natixis

Berenberg

IP Group

Carnegie

Barclays Bank PLC

OFI Group

Work highlights

  • Advising Olam International Group and Olam Food Ingredients Limited, the issuer, on a cross-border IPO in the London market.
  • Advised the underwriters on the IPO of Huuuge, Inc., the first listing of a US incorporated company on a continental European exchange with a 144A tranche.
  • Advised the issuer on a large technology IPO in the Nordic market.

Cooley (UK) LLP

The ‘incredibly business savvyCooley (UK) LLP ‘understands the market, the drivers and the movements’, particularly when it comes to advising UK and European companies on listings in the US. The firm combines its US securities expertise with experience in Amsterdam and Stockholm listings. Notable sector strengths for the practice include the technology and life sciences industries, especially advising founder-led disruptive businesses. Another area of activity for the team is SPACs and de-SPACs. Claire Keast-Butler leads the practice and assists issuers, investment banks and investors to handle their IPOs and secondary offerings. She can call on the expertise of David Boles, who focuses on capital markets and US securities regulation.

Practice head(s):

Claire Keast-Butler

Other key lawyers:

David Boles; Ryan Naftulin

Testimonials

‘The team is incredibly business savvy and understands the market, the drivers and the movements probably better than any other firm. This really allows the firm to be more than just a “legal adviser” and to truly enable its clients.’

‘Ryan Naftulin – extremely strong at breaking down even the most complex matters so everyone can understand them. He has built up a world class team of partners and it’s amazing to work with him and the team.’

‘David Boles I find one of the best SEC-lawyers ever. He really cares about getting to know you and your needs as a client, which allows him to provide the best advice ever.’

‘Claire Keast-Butler is amazing on so many levels and such a strong leader.’

‘Cooley is a relative newcomer to the market, having opened an office in London in 2015, but is already working on many of the largest and most complex deals in the market. Most importantly Cooley’s approach to the market is different: Lawyers focus on building long-term relationships with founder led businesses.’

‘I have primarily worked with David Boles whom I have known for more than ten years. David is one of the leading US securities lawyers based in London and has advised on more US IPOs than any other US lawyer based in London. For many capital markets matters across Europe, David is my go-to person and trusted adviser.’

‘A solid team that always comes up with pragmatic solutions and is always responsive.’

‘David Boles is the best US ECM lawyer I have worked with and in particular his prospectus skills stands out.’

Key clients

Exscientia

Immunocore

WeRock (owner of WeTransfer)

Wizz Air

Valneva

Bicycle Therapeutics

Autolus Therapeutics

Silence Therapeutics

SimilarWeb

Goldman Sachs

Morgan Stanley

Jefferies

Berenberg Capital Markets

Alvotech Holdings

Biote

Mutares

Borussia Dortmund

Work highlights

  • Advised Exscientia on its $510.4m upsized Nasdaq IPO of American Depository Shares and concurrent private placements to Softbank and the Bill & Melinda Gates Foundation.
  • Advised late-stage biotechnology company Immunocore on its $312.1m equity offering, which consisted of a $297.1m IPO of American Depository Shares.
  • Advised French vaccines company Valneva SE on its Nasdaq $107.6m IPO of American Depository Shares and a concurrent private placement of ordinary shares in Europe and other countries outside the US.

Dentons

Combining expertise in equity fundraisings and other stock exchange transactions, Dentons can draw from an extensive global network to advise on complex cross-border matters. The firm is experienced in IPOs, secondary fundraisings and M&A transactions for issuers and sponsors, nominated advisers, brokers, underwriters and lead managers. The group also has a particular forte in aviation sector deals. Nikolas Colbridge focuses on international financing transactions within capital markets across a range of stock exchanges. He co-leads the practice with head of corporate Neil Nicholson, who advises on share sales, business sales, joint ventures, fund establishments and restructurings.

Practice head(s):

Nikolas Colbridge; Neil Nicholson

Key clients

airBaltic

Housing Development Finance Corporation (HDFC)

Avia Solutions Group

PRS REIT plc

Air Astana

VGP NV

D P Eurasia NV

O’Key Group S.A.

Frasers Group

Work highlights

  • Advising Club Brugge, the leading football team in Belgium, as to US securities and English law on its proposed Rule 144A/Regulation S IPO and listing on Euronext Brussels.
  • Advising VGP N.V. on an €300m Rule 144A/Regulation S accelerated bookbuilt offering.
  • Advising a shareholder on the company’s IPO on the New York Stock Exchange.

DLA Piper

Focusing on the mid-market, DLA Piper is a business law firm with international reach and broad experience in equity funded M&A activity. The practice is particularly active in secondary fundraisings, but also provides expertise in IPOs. Alex Tamlyn spearheads the team and covers corporate finance, UK and international securities offerings, Class 1 acquisitions and disposals, schemes of arrangement, corporate governance and securities regulation matters.

Practice head(s):

Alex Tamlyn

Other key lawyers:

Martin Penn

Key clients

Watkins Jones

Dignity Funerals plc

PureTech Health plc

Allied Minds plc

Dechra Pharmaceuticals plc

Aptitude Software Group plc

Learning Technologies Group plc

RPS Group plc

Medica Group plc

John Menzies plc

Knights Group Holdings plc

Mothercare plc

Staffline Group plc

International Personal Finance plc

Montana Aerospace AG

Eurasia Mining plc

Science Group

Abry Partners

Brickability Group plc

Keyword Studios plc

MKS Instruments

Philip Morris International

HUTCHMED China

Keller Group plc

Work highlights

  • Advising Learning Technologies Group on its placing of new ordinary shares, which raised gross proceeds of £85m (before expenses).
  • Advising global biopharmaceutical company HUTCHMED on its Hong Kong public offering.
  • Advising John Menzies on its cash box placing and direct subscription by certain shareholding directors raising £22m.

Gibson, Dunn & Crutcher

Recommended for its ‘great capability and always excellent advice’, Gibson, Dunn & Crutcher assists issuers, selling shareholders and underwriters on a range of equity capital markets transactions, including IPOs and placings. The firm’s expertise covers IPOs, multi-track processes, rights issuances, placings and other equity offerings, with particular strength in technology and e-commerce sector transactions. Steve Thierbach focuses on cross-border equity and debt capital markets transactions, and co-leads the practice with ‘stand-out partnerChris Haynes, whose forte is advising corporates, investment banks and selling shareholders across the ECM transaction spectrum.

Practice head(s):

Steve Thierbach; Chris Haynes

Testimonials

‘Great capability and always excellent advice.’

‘Chris Haynes – standout partner.’

‘Partner lead engagement – great to work with.’

‘Very engaged and attentive to client needs.’

‘Chris Haynes and Steve Thierbach make a great team.’

Key clients

Amryt Pharma

AO World

Barclays Bank

Citigroup

Credit Suisse

Emirates NBD

Goldman Sachs

J.P. Morgan

Morgan Stanley

Numis Securities

THG

Trustpilot

UBS

Greenberg Traurig, LLP

The Greenberg Traurig, LLP team ‘has very in-depth knowledge of equity capital markets, both from a regulations perspective and market practice’. The firm provides ‘innovative solutions to difficult issues’, particularly in US securities matters, including Rule 144A offerings, cross-border tender offers, and high-yield and mainstream debt capital markets. Well regarded for its expertise working across markets and jurisdictions, the practice also has experience in SPACs and de-SPACs. Andrew Caunt leads the team and advises issuers and underwriters on capital markets transactions, notably on equity offerings across developed and emerging markets. A key name in the area is Dorothee Fischer-Appelt, whose forte is securities work, advising on cross-border European and US deals.

Practice head(s):

Andrew Caunt

Other key lawyers:

James Mountain; Patrick Lilly; Dorothee Fischer-Appelt

Testimonials

‘Helpful and responsive, especially Patrick Lilly.’

‘Patrick Lilly was a great help on our most recent deal with GT. Great client service!’

‘The team has a very in-depth knowledge of Equity Capital Markets, both from a regulations perspective and market practice. It always gave good advice as well as providing innovative solutions to difficult issues that arose in the transaction. One of the most knowledgeable teams in ECM that I have worked with.’

‘The individuals I have worked with are incredibly hard working and diligent. During the transaction, they were always available and able to help on a myriad of issues. They also communicated incredibly well to all parties involved to make sure the work streams proceeded smoothly. Specific stand-out partners and associates are: Andrew Caunt, James Mountain and Patrick Lilly.’

Key clients

UBS

Numis Securities Limited

Joh. Berenberg, Gossler & Co. KG

Peel Hunt

EverArc Holdings

Nomad Foods Limited

Citigroup Global Markets

Goldman Sachs

Jefferies GmbH and Jefferies International Limited

EarlyBird Capital, Inc.

ABN AMRO

HSBC

mBank

Erste Group Bank AG and Erste Securities Polska S.A.,

HORNBACH Holding AG & Co. KGaA

Work highlights

  • Represented London listed EverArc on its $1.2bn international equity private placement (PIPE) to fund its $2bn reverse takeover of Perimeter Solutions as well as advising on the acquisition and the combined entity’s subsequent re-listing on the New York Stock Exchange and all associated FCA and LSE matters.
  • Represented Goldman Sachs and UBS as Global Coordinators and Joint Bookrunners, and mBank and PKO BP Biuro Maklerskie, as Joint Bookrunners on STS Holding S.A.’s $1.8bn IPO on the Warsaw Stock Exchange, including a Rule 144A placement into the US.
  • Represented Goldman Sachs, Citi and Trigon Dom Maklerski, acting as Global Coordinators and Joint Bookrunners, Numis Securities Limited as a Joint Bookrunner and mBank as a Co-Manager on Grupa Pracuj S.A.’s $1.2bn IPO on the Warsaw Stock Exchange, including a Rule 144A placement, and acquisition of shares from TCV.

Hogan Lovells International LLP

Hogan Lovells International LLP’s broad experience includes IPOs, equity capital raisings and secondary offerings, retail share offerings, private placements of securities and REITs, as well as US public offering and private placement mandates. Technology and energy matters are a forte for the firm, which is also active in SPAC and de-SPAC deals. A key name in the area is Daniel Simons, who focuses on corporate transactions, particularly ECM work and domestic and cross-border M&A. He co-leads the team with Jonathan Baird, Ben Garcia, Tom Brassington, Nicola Evans and Erik Jamieson.

Practice head(s):

Daniel Simons; Jonathan Baird; Ben Garcia; Tom Brassington; Nicola Evans; Erik Jamieson

Key clients

Barclays Bank PLC

Jefferies International Limited

Numis Securities Limited

Electra Private Equity plc

Southern Energy

J.P. Morgan

UBS

Marathon Group

Goldman Sachs

Grainger plc

Clipper Logistics plc

Shaftsbury plc

Peel Hunt

Work highlights

  • Advised EFIC1, a special purpose acquisition company, on its business combination with Dutch technology company Azerion, at an enterprise value of €1.3bn.
  • Advised Goldman Sachs, Berenberg, Stifel and Cenkos as joint bookrunners on Marlowe PLC’s £100m equity placing.
  • Advised Grainger on its £209m placing of new shares in the company and admission to the premium segment of the Main Market of the London Stock Exchange.

Milbank

Stand-out’ partner David Dixter joined Milbank in 2021 and brought expertise in equity and debt capital markets and liability management transactions, as well as securities law and corporate governance matters. The firm’s experience runs the gamut of corporate finance transactions, notably IPOs and international equity offerings. The firm has particular strength in ECM matters in the EMEA market. Other specialisms include US securities law, high-yield matters and liability management transactions, advising issuers and underwriters across the space. Under Dixter’s lead, the practice has also established itself in the Nordic markets.

Practice head(s):

David Dixter

Other key lawyers:

Apostolos Gkoutzinis

Testimonials

‘David Dixter is exceptionally good.’

‘Easy to work with, experienced, high availability.’

‘David Dixter stands out. He is easy to work with, has high availability and is very familiar with local practices.’

Key clients

Kalera AS

Storskogen Group AB

Acast AB

Goldman Sachs Bank Europe SE

J.P. Morgan AG

Carnegie Investment Bank AB

Danske Bank A/S

Jefferies

ABG Sundal Collier AB

Goldman Sachs Bank Europe SE

Citigroup Global Markets Europe AG

Nordea Bank ABP

Swedbank AB

Credit Suisse

BNPP

BofA

Deutsche Bank

Skadden, Arps, Slate, Meagher & Flom (UK) LLP

Experienced in SPACs, IPOs and secondary offerings, Skadden, Arps, Slate, Meagher & Flom (UK) LLP’s UK and US qualified lawyers work closely together, positioning the practice well to advise European and UK companies looking to list in the US. Danny Tricot is head of the European capital markets team and acts for issuers and underwriters on a broad range of equity and debt transactions. A key name in the area is Pranav Trivedi, who focuses on international corporate finance work, including initial public offerings and privatisations, cross-border M&A, joint ventures and private equity issues. Counsel Adam Howard is also active in UK listings work.

Practice head(s):

Danny Tricot

Other key lawyers:

Pranav Trivedi; Adam Howard

Testimonials

‘Very strong knowledgeable team with experienced capital markets professionals.’

‘Pranav Trivedi is an absolutely excellent lawyer, with strong commercial interests, solution oriented and full of common sense.’

Key clients

Antares Vision

Atlantica Sustainable Infrastructure plc

Berenberg Capital Markets

Blue Whale Acquisition Corp I

BofA Securities Europe SA

Citigroup Global Markets Inc.

Craig-Hallum Capital Group LLC

Deutsche Bank Securities Inc

Goldman Sachs

Hochschild Mining plc

J.P. Morgan Securities plc

Jefferies International Ltd

Levere Holdings Corp

Mizuho Securities USA LLC

Odyssey Acquisition

SDCL EDGE Acquisition Corporation

Stevanato Group S.p.A

UBS AG London Branch

Valar Ventures LLC

Work highlights

  • Represented Fix Price in connection with its $2bn IPO with a listing of global depositary receipts on the London Stock Exchange and the Moscow Stock Exchange.
  • Advised Valar Ventures, the largest shareholder of Wise plc, in Wise’s $11bn direct listing on the London Stock Exchange.
  • Represented Stevanato Group S.p.A. in its $672m IPO with a listing of its ordinary shares on the New York Stock Exchange.

Travers Smith LLP

The ‘strong partner-led team’ at Travers Smith LLP provides ‘a depth of knowledge across the group’. Combining securities expertise with strong technology and financial services practices, the team is ‘proactive and efficient and shows a pragmatic approach to achieve desired outcomes’. Head of corporate Spencer Summerfield co-leads the practice with Andrew Gillen, who advises companies and underwriters on a range of ECM transactions, including IPOs and secondary fundraisings.

Practice head(s):

Spencer Summerfield; Andrew Gillen

Other key lawyers:

Dan McNamee; Brent Sanders; Ella Sharpley

Testimonials

‘A strong partner led team, with a depth of knowledge across the group. Proactive and efficient and shows a pragmatic approach to achieve desired outcomes.’

‘Dan McNamee (Partner, US Securities) Brent Sanders (Senior Counsel, US Securities) Ella Sharpley (Associate, Corporate, M&A and ECM) are recommended.’

Key clients

Auction Technology Group

Chrysalis Investments Limited

Ideagen plc

Numis Securities

Peel Hunt

Goldman Sachs

Goodbody

RBC Capital Markets

Berenberg

TA Associates

Jefferies

Work highlights

  • Advised Auction Technology Group on its £600m Main Market IPO.
  • Advised IP Group plc, as major selling shareholder in Oxford Nanopore Technologies on its £3.38bn Main Market IPO.
  • Advised Canaccord and Jefferies on the £422m placing by Jet2 plc.

Cleary Gottlieb Steen & Hamilton

Key names in the ‘smart, responsive, proactive, thoughtful and commercially oriented‘ ECM practice at Cleary Gottlieb Steen & Hamilton include David Gottlieb, who provides ‘strategic thinking and practical approach‘; and Chrishan Raja, who is ‘extremely diligent and has exceptional delivery’.

Other key lawyers:

Sebastian Sperber; David Gottlieb; Chrishan Raja

Testimonials

‘Smart, responsive, proactive, thoughtful, commercially oriented, focused on the result. The best lawyers I worked with.’

‘David Gottlieb – strategic thinking and practical approach.’

‘Chrishan Raja is extremely diligent and has exceptional delivery.’

CMS

The ‘highly committed, pragmatic and preparedCMS practice provides a full service for banks, as well as acting on the issuer side of ECM matters. Known for its broad sector expertise and mid-market work, the firm is particularly active in AIM deals. Alasdair Steele leads the large team and is experienced in capital markets and corporate law, advising banks and issuers on Main Market and AIM matters, and acting for trading companies, listed funds and both domestic UK and overseas issuers.

Practice head(s):

Alasdair Steele

Other key lawyers:

Charles Howarth; Paul Blackmore

Testimonials

‘Very good UK ECM partners – with excellent ECM legal, execution and client skills and much experience in UK and EMEA-wide ECM deals.’

‘Charles Howarth is a trusted ECM adviser – reliable, responsive, experienced and gets the balance right between protecting his clients on all legal and regulatory matters and ensuring efficient and effective deal execution and best results.’

‘CMS have played an invaluable role over the last 12 months supporting the company through a critical period, most notably in a Corporate Transaction that was transformational and essential to the ongoing sustainability of the business.’

‘The CMS team provided great support. Highly committed, pragmatic and prepared to think laterally to help progress what was a complex and dynamic transaction.’

‘Paul Blackmore has provided excellent support. Paul is pragmatic and practical in the advice provided and robust in fighting our corner. He has led a team that delivered high quality support under significant time pressure.’

Key clients

Big Yellow Group

Sequoia Economic Infrastructure Income Fund

LondonMetric Property

NewRiver REIT

Hollywood Bowl Group

L&G Capital Investments

Capital & Regional

Aquila Energy Efficiency Trust

Numis Securities

Peel Hunt

Stifel Nicolaus

Work highlights

  • Advised Aquila Energy Efficiency Trust on its launch to a premium listing on the Main Market.
  • Advising L&G Capital Investments as joint venture shareholder on the £352m Main Market IPO of Pod Point.
  • Advised LondonMetric Property Plc on a £175m placing of new ordinary shares to institutional investors and an offer to retail investors.

Mayer Brown International LLP

Mayer Brown International LLP represents issuers, investment banks, sponsors, placement agents and selling shareholders across the spectrum of ECM transactions including public offerings and private placements, stock exchange listings, rights offerings, capital reorganisations, share buy-backs and demergers. In terms of IPO transactions, the firm’s activity covers a number of cash shell company/SPAC transactions, as well as capital raising and block trades. Practice head Kate Ball-Dodd handles corporate finance work, M&A, equity fund raisings, joint ventures and corporate governance matters.

Practice head(s):

Kate Ball-Dodd

Testimonials

‘Mayer Brown have provided clear and commercial advice on both US and UK ECM matters.’

‘Kate Ball-Dodd is fantastic to work with. She provides clear and practical advice and helps resolve issues in a commercial manner.’

Key clients

Investec Bank plc

Liberbank, S.A.

Numis Securities Limited

Peel Hunt LLP

Velocys plc

Metrovacesa, S.A.

Vitruvian Partners

Lunglife AI

Promotora de Informaciones, S.A.

Work highlights

  • Acting for Investec as sponsor and Investec and Peel Hunt as joint broker in connection with a £465m placing by Main Market listed issuer JD Sports Fashion plc, conducted through an accelerated bookbuild process.
  • Advised Vitruvian Partners on its sell down of shares as part of the high-profile £1.1bn IPO of Trustpilot on the premium segment of the Official List and the Main Market of the London Stock Exchange.
  • Acted for Vitruvian in respect the sale of a block of its shares in Trustpilot Group plc, following its IPO. The sale was conducted by way of an accelerated book build

Shearman & Sterling LLP

Particularly active in the Middle East market, Shearman & Sterling LLP provides ‘knowledge, proactivity, engagement and holistic approaches to transactions’, as well as being recommended for its ‘excellent relationships with all key decision makers – whether the regulator, exchanges, issuers or investment banks’. The firm’s experience includes IPOs and secondary offerings, SEC-registered offerings, private placements and spin-offs. Trevor Ingram focuses on international capital markets transactions and leads the team that includes Pawel Szaja, who has ‘a unique ability to be able to see a transaction from a macro and micro level, which is invaluable’.

Practice head(s):

Trevor Ingram

Other key lawyers:

Pawel Szaja; Marwan Elaraby

Testimonials

‘The team – specifically the capital markets team – are the leading firm in the Middle East. Their knowledge, proactivity, engagement and holistic approaches to transactions set them apart from the competition.’

‘They have excellent relationships with all key decision makers – whether the regulator, exchanges, issuers or investment banks. Their ability to call on knowledge from their global practice is also a significant positive, which helps them introduce best practices to the UAE. Their Arabic speaking skills are also a key differentiator, as this is from junior associate level through to lead partners.’

‘Key individuals to highlight are Marwan Elaraby and Pawel Szaja, both partners. Both individuals are extremely engaging, and available to assist with any matters – whether on a live transaction or to bounce ideas off. Both clear subject matter experts, who provide extremely valuable advice.’

‘Marwan Elaraby has unrivalled relationships with the regulator / exchanges here which is invaluable when working on an IPO, and very knowledgeable in this area.’

‘Pawel Szaja has a unique ability to be able to see a transaction from a macro and micro level, which is invaluable. This approach means that he is able to foresee issues that may arise, whilst also managing day-to-day issues. He also has an ability to provide tailored structuring advice for different transaction structures.’

‘Shearman & Sterling is excellent not only in legal matters but one of their important strengths is in providing strategic advice to clients. They do not go with ready-made solutions but actually listen to client needs and address their services and advice accordingly. Very good knowledge by capital market lawyers in tech (also fintech) and energy sectors.’

‘We have worked with Pawel Szaja and he was absolutely great in managing a large international IPO and all questions arising in the process. It was a true pleasure to watch him negotiate some of the most important documents in the deal. Thanks to his understanding of the client there are no off-the-shelf solutions and this is what the clients value. He had excellent knowledge of the situation in the Baltics, both politics and general economic situation but also about the most important market players. Would work with him again any time.’

Key clients

Jacobs Holding AG

Abu Dhabi National Oil Company (ADNOC)

Gulf Marine Services

ADNOC and ADNOC Drilling Company PJSC

Enefit Green AS – Citigroup, Nordea and Swedbank

Fertiglobe plc and ADNOC

MCI Capital SA

Technogym S.p.A – Morgan Stanley

Work highlights

  • Acted as international counsel to Jacobs Holding AG in connection with a private placement of shares of Barry Callebaut AG by way of accelerated bookbuilding.
  • Advised Abu Dhabi National Oil Company (ADNOC), in connection with its $1.64bn combined offering of existing shares in ADNOC Distribution and issuance of equity-linked bonds.
  • Advised Gulf Marine Services, a company listed on the premium segment of the London Stock Exchange, on its capital raising through a placing and open offer.

Simmons & Simmons

The ‘great team‘ at Simmons & Simmons provides ‘deep knowledge of the product and is proactive and helpful’. Jamie Corner is active in the area and brings ‘clarity to tricky issues’.

Other key lawyers:

Jamie Corner; Andrea Tompkins; James Spencer; Colin Bole

Testimonials

‘Simmons and Simmons provide excellent, Magic Circle style service to their clients at cost effective pricing.’

‘Jamie Corner is a partner that will go out of his way to assist clients and is a rising star with a vast range of knowledge that will assist any client in solving issues. Colin Bole is an established partner with a great experience to bring to bear on matters.’

‘A great team – deep knowledge of the product and proactive and helpful.’

‘Jamie Corner has been a great addition to the team and together with Andrea Tompkins and James Spencer have created a strong ECM group.’

‘Jamie Corner has been very helpful and supportive bringing simplicity and clarity to tricky issues. James Spencer is excellent – energy, enthusiasm and technical knowledge.’

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP is active in a range of ECM work, drawing from its broad geographical footprint to advise on cross-border deals. The team is co-led by Chris Beatty, Vanessa Blackmore, Oderisio De Vito Piscicelli, John Horsfield-Bradbury and Evan Simpson.

Practice head(s):

Chris Beatty; Vanessa Blackmore; Oderisio de Vito Piscicelli; John Horsfield-Bradbury; Evan Simpson

Willkie Farr & Gallagher (UK) LLP

Known for its insurance sector strength, Willkie Farr & Gallagher (UK) LLP is particularly active in the insurance capital markets space, as well as handling SPACs, private equity and fund work. The firm has experience across various global exchanges, aided by its strong US network. Dual qualified in the UK and NY, Jennifer Tait represents issuers and underwriters in capital markets transactions in the US and Europe in public and private offerings. She co-leads the practice with corporate insurance capital markets specialist Joseph Ferraro.

Practice head(s):

Jennifer Tait; Joseph Ferraro

Key clients

Dragon SPAC

GoldenTree Asset Management LP

Peel Hunt

Select Equity

Conduit Holdings Limited

SCOR

Platinum Equity / Solenis

GLAS

MS Amlin and Phoenix 2

Arkema

Lancashire Holdings Limited

Fidelis and Herbie Re

Socium

Kinesis

Viribus

Work highlights

  • Advised Dragon SPAC S.p.A. and its founders on an initial financing round for gross proceeds of approximately $10m funded by Jaguar Health, Inc.