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London IPO Activity Skyrockets in Q1 2021

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London IPO Activity Skyrockets in Q1 2021 London IPO activity skyrockets in Q1 2021 IPO Eye An overview of the London Stock Exchange listings in Q1 2021 Market overview A busy start to 2021 for the London markets Main Market AIM Twelve floats Raised: Eight admissions Raised: The London Stock Exchange witnessed the best start to a year since 2007 with 20 issuers raising £5.6b in the first quarter of 2021, more than half of the £9.4b £5.2b £441m raised in the whole of 2020. The Main Market saw 12 IPOs which raised a combined £5.2b, whilst the Alternative Largest IPO: Largest IPO: Investment Market (AIM) saw eight admissions in the quarter raising £441m. The Dr Martens plc tinyBuild Inc largest Main Market IPO in the period was Dr Martens plc which raised £1.5b, and the largest AIM admission was tinyBuild Inc which raised £154m. Raised: Raised: The performance during the first three months of 2021 is in stark contrast to the same period in 2020 when there were just three IPOs on the Main Market and two £1.5b £154m on AIM, which raised a combined total of £615m — a value nine times lower than this year’s opening quarter. The UK has maintained both its position as the leading listing location in Europe for fund raising and, on a global basis, remains in third place behind the US and China for funds raised via IPO. The markets also had three cross border IPOs in In addition to the extensive IPO activity, the London markets also continued to the quarter including FixPrice, the retailer from the Russian Federation, that raised offer support to existing issuers with over £9b being raised in further offers and £1.2b through the issue of Global depository receipts (GDRs). transactions in the quarter, demonstrating the depth of market available. This represents 25% of total follow-on funds raised in EMEIA in Q1 2021. Confidence in the UK IPO markets as an exit route has been reinforced by the significant Private Equity (PE) activity in the quarter. Three PE-backed IPOs (the same number as in the whole of 2020) were responsible for 41% of funds raised in Q1 2021, including Dr Martens plc as detailed above. 1 IPO markets — historical performance 6,000 20 Main Market 1 1 17 5,000 16 Main Market — 1 1 1 12 IPOs raised 4,000 12 12 £5.2b in Q1 12 12 2021. The 11 3,000 10 largest by funds No. of IPOs 9 Funds raisedFunds £m 8 raised was 7 8 8 2,000 6 Dr Martens plc 6 — which raised 5 4 £1.5b. 1,000 4 4 4 3 3 2 2 2 0 0 Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 2016 2017 2018 201 2020 2021 Funds raised £m No. o IPOs 2 IPO markets — historical performance IPO 1,000 1 16 16 16 AIM market 00 16 00 1 AIM — Seven 1 700 AIM admissions 12 600 raised £441m 10 10 in Q1 2021. 9 9 500 The largest by 8 8 No. of IPOs funds raised raisedFunds £m 00 7 7 6 6 was tinyBuild 300 5 5 5 Inc — which 4 raised £154m. 200 4 3 3 100 2 1 2 2 0 0 0 Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 2016 2017 2018 201 2020 2021 Funds raised £m No. o IPOs 3 Market overview Market performance 140.00 FTSE 100 The Main Market indices have continued a gradual rise over the quarter, reflecting FTSE 250 both an increase in confidence in the global and UK economy. 130.00 FTSE All-Share The AIM market has continued to trade particularly well, and the market performance FTSE AIM All-Share reflects the share performance of a number of companies that have traded well under 120.00 COVID-19 conditions, including both internet-based enterprises and healthcare and technology businesses. 110.00 Global IPO activity 100.00 Global IPO markets have had the best start to the year in over 20 years with more than $65b being raised in over 300 IPOs. This excludes US-focused Special Purpose Acquisition Company (SPAC) listings which have also been extensive in the quarter 90.00 with around 300 SPACs raising over $90b — compared to some $80b in the whole of 2020. 80.00 NASDAQ was the leading global exchange, hosting 72 IPOs and raising over $24b in the process. US markets combined hosted 99 IPOs and raised $41b with Greater 70.00 China markets hosting a further 133 IPOs raising $29b. Outside of the US, China and the UK, mainland Europe also came alive with 60.00 Amsterdam and Frankfurt posting some of the large IPOs in Q1 2021 helping to propel global IPO activity to its current heights. 50.00 Globally, technology IPOs led again by both numbers and proceeds in Q1 2021, with big technology IPOs driving high valuations and getting a lion’s share of the IPO proceeds. Meanwhile, energy IPOs are making a comeback as one of the better- 01-01-2020 01-02-2020 01-03-2020 01-04-2020 01-05-2020 01-06-2020 01-07-2020 01-08-2020 01-09-2020 01-10-2020 01-11-2020 01-12-2020 01-01-2021 01-02-2021 01-03-2021 01-04-2021 performing sectors, particularly the renewable energy sector. 4 Market listings New Issues — Main Market Private Country of Market cap. Funds Placing Closing Closing Quarter end % Date of Equity (PE) primary on admission raised price price (after first price at change in price admission Company backed business Sector (£m) (£m) (p) day of trading) QTR end (p) from IPO 29-Jan-21 Dr Martens plc Y United Kingdom Personal Goods 3,700 1,489.0 370.0 450.0 453.0 22% 02-Feb-21 VH Global Sustainable Energy Opportunities plc United Kingdom Equity Investment Instruments 243 243.0 100.0 101.0 99.2 -1% 02-Feb-21 Moonpig Group plc Y United Kingdom General Retailers 1,200 540.0 350.0 410.0 424.6 21% 09-Feb-21 Foresight Group Holdings Ltd United Kingdom Financials 455 227.0 420.0 460.0 425.0 1% 16-Feb-21 Cordiant Digital Infrastructure Ltd United Kingdom Equity Investment Instruments 370 370.0 100.0 99.0 99.2 -1% 26-Feb-21 Auction Technology Group plc Y United Kingdom General Retailers 600 300.0 600.0 800.0 820.0 37% 26-Feb-21 Cellular Goods PLC United Kingdom Personal Goods 25 13.0 5.0 19.0 9.6 91% 10-Mar-21 Fix Price Group Ltd Russian Federation General Retailers 5,958 1,248.0 699.9 700.3 708.1 1% 19-Mar-21 Caerus Mineral Resources Plc United Kingdom Mining 5 2.0 10.0 13.0 12.6 26% 22-Mar-21 Roquefort Investments plc United Kingdom Investment Banking and Brokerage Services 2 1.0 5.0 6.8 8.3 65% 23-Mar-21 Trustpilot Group Plc Denmark Technology 1,080 473.0 265.0 265.0 265.0 0% 26-Mar-21 Digital 9 Infrastructure plc United Kingdom Financials 300 300.0 100.0 99.5 99.5 -1% New Issues — AIM Private Country of Market cap. Funds Placing Closing Closing Quarter end % Date of Equity (PE) primary on admission raised price price (after first price at change in price admission Company backed business Sector (£m) (£m) (p) day of trading) QTR end (p) from IPO 13-Jan-21 Nightcap plc United Kingdom Travel & Leisure 14 4.0 10.0 14.0 27.0 170% 01-Feb-21 Supreme plc United Kingdom Household Goods & Home Construction 156 68.0 134.0 150.0 180.0 34% 02-Mar-21 Virgin Wines UK plc United Kingdom General Retailers 110 48.0 197.0 228.0 225.0 14% 09-Mar-21 tinyBuild Inc United States Leisure Goods 340 154.0 169.0 217.5 227.5 35% 12-Mar-21 AMTE Power Plc United Kingdom Electronic & Electrical Equipment 61 14.0 175.0 233.5 246.0 41% 15-Mar-21 In The Style Group plc United Kingdom General Retailers 105 60.0 200.0 237.0 222.0 11% 29-Mar-21 ActiveOps Ltd United Kingdom Technology 120 75.7 168.0 186.5 190.0 13% 31-Mar-21 Parsley Box Group plc United Kingdom Consumer 84 17.0 200.0 185.0 185.0 -8% 5 Looking forward — 2021 The London markets have sprung back from the initial lockdown and we are Investor sentiment may also be dampened by disappointing 2020 earnings released expecting activity to continue at pace as companies take advantage of the current by companies in sectors that have been more negatively impacted by COVID-19 market window. In the first week of the second quarter, the markets hosted the (e.g., traditional retail, aviation and hospitality) and face the potential of another biggest tech listing on record and more tech listings are slated to follow in the “lost summer”. remainder of the quarter. In response, investors may pause to review their portfolios and rebalance their IPO pipelines remain full and the increase in UK activity, which began in the latter investment allocations among different asset classes. half of 2020, is expected to continue at pace as confidence in the post-pandemic In the meantime, investors will continue to look for investment returns and landscape builds and the UK’s credentials as an international leader hold fast.
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