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The IPO Market Aimhigh the IPO Market Foreword AIMHigh The IPO Market AIMHigh The IPO Market Foreword At finnCap we believe passionately in the power of well as a unique insight into the state of the market. London’s capital markets. As a leading adviser to stock There are many voices debating the advantages and market-listed companies, we know the transformative disadvantages of the capital markets, and rightly so. HOSTED BY effect an IPO has on ambitious businesses. A listing Here, we seek to extend that debate by hearing directly on London’s junior market helps a company expand from those who run listed companies, those who advise Contents into new marketplaces and start conversations with them, and those who invest in them. In short, we look at partners and investors. If a company lists at the right how the theory is being put into practice. 03 Foreword time, it can lead to explosive growth. I’d like to thank all of our speakers and contributors and Sam Smith But the process can appear daunting, and it is often I hope that you find their insight useful when considering difficult to find clear, unbiased advice amongst the the next step in your business’s growth. finnCap noise. This need for clarity was the motivation behind the inaugural AIM High: The IPO Summit, held at At finnCap we want to keep the conversation going. Bloomberg Headquarters in April 2016. The challenge Don’t hesitate to contact one of our team if you would 05 AIM Perspectives we set our speakers was clear: what are the key issues like to discuss the content of this report or how we can PARTNERS an ambitious company should think about when help your business. Marcus Stuttard considering an IPO, what are the main pitfalls, and London Stock Exchange when is the right time? Sam Smith The conclusions are brought together in this report, CEO, finnCap which seeks to provide independent advice from some 06 Chapter One of the most recognisable names working on AIM, as The Entrepreneurs 12 The Inspiration Charles Rolls Fever-Tree 14 Chapter Two The Advisers 17 Chapter Three The Investors 22 The Inspiration OFFICIAL MEDIA PARTNER Gavin Petken BGF 24 Conclusion Sam Smith finnCap 2 3 AIM High The IPO Report AIM at a glance £75billion AIM Perspectives: AIM is home to 1,074 MarcusHead of UK Primary Markets, Stuttard Head of AIM, London Stock Exchange businesses, with a combined market cap of £75 billion On the eve of its twenty first birthday, AIM has become to ensure that the businesses that are thriving currently in the a market of scale and maturity. It now represents over UK are given the opportunity to develop and scale. forty different sectors, with assets, operations and billion management in over ninety different jurisdictions. This is why we work alongside the government and the £97 European Commission to ensure that the tax environment 3,602 companies have AIM has a truly global breadth and scale. It is this works in support of AIM businesses and investors. internationality, along with the quality of the advisors and wider Companies must be allowed the support and resources they been admitted to ecosystem that make AIM such a good place to do business. need to scale. AIM since its launch, The Scale-Up Market Elite It is clear that AIM has come a long way. There are now The London Stock Exchange Group is extremely proud of raising £97 billion over a thousand companies listed on the market, with a the companies that have thrived on AIM. Two years ago, we combined value of over £70bn. Research conducted at launched a programme called ELITE to support private high- last year’s twentieth anniversary showed that AIM’s UK growth businesses on their way towards a potential listing. £70million companies alone are responsible for a £25bn contribution to We have recently taken on our fifth cohort. GDP and together account for over 730,000 jobs and £50bn The average market of revenue. We are very keen to increase the profile of high-growth private companies and have produced our 1000 Companies capitalisation of an As the market grows in scale, it also grows in stature and to Inspire Britain report three years running now. The report reputation. On top of the increased access to capital, the highlights the UK’s most exciting and dynamic enterprises, AIM company has market also provides an unparalleled increase in profile and increasing their profile as they seek to grow. grown from £8.2 visibility for its companies. Founders often remark that listing billion on AIM brings in opportunities and contracts that are out of The Future £25 AIM is the market for the companies of the future. We have million in 1995 to £70 reach to private companies. The overall economic a fantastic pipeline full of the next generation of high-growth million in 2015 It is the long-term nature of the capital that really sets AIM companies looking to scale-up and access equity finance. impact of UK AIM apart from any other global growth market. There are growth companies is markets all around the world that have substantial levels of But the market only works if it works for its investors. daily trading and investor support, but none that continue to Given some of the short-term uncertainty around the EU equivalent to £25 provide such consistent access to long-term capital. referendum, we have seen a healthy and constant level of IPOs on AIM, ongoing capital raising and steady investor billion in GDP and The Integrated Market returns. IPOs are up 13% in 2016 already, and 82% of IPOs It is integral to the success of AIM that, along with all the across the market are above their float price. some 731,000 jobs London Stock Exchange’s public markets, it is very well- integrated with the economy. The London Stock Exchange Public policy, business environment and the investor Group work very closely with the early stage providers community are all showing strong support for the market of finance to ensure this cohesion, from crowdfunding and its future growth. I’m very proud with what we’ve platforms and business angels to the VC community. achieved over the last 21 years and I’m looking forward to this next period of growth. Continuity of finance from start-up to scale-up is the challenge. The aim at the London Stock Exchange Group is 4 5 AIMHigh The IPO SummitAIM Thursday High The 28 IPO April Report 2016 CHAPTER View from the Top: the listed entrepreneurs An IPO is a major milestone for any business. For an ambitious entrepreneur, it represents the start of a new chapter of growth. But although the process can be long, a listing brings almost uncapped potential. Many of those who have gone through the process 01 have become passionate advocates of the power of the public markets. We convened three leading CEOs to discuss their experience of AIM and what they learnt along the way. Together they have a market cap of £1.65bn and have increased their collective share prices by an impressive 186% since IPO. Why public markets? The management team of a high-growth, ambitious company can find itself faced with a dilemma: stay private or go public. The choice isn’t easy. What’s more, the trend for repeated rounds of high-value fundraisings means that some founders can be reluctant to consider a listing. Recent years have seen a glut of private funding rounds, predominately by tech companies with some valuations in excess of £1 billion. According to research by London & Partners, technology companies in London raised $3.6 billion in 2015, a staggering 70% year-on-year increase. Despite this, a listing has significant benefits for ambitious companies. It dramatically raises the company’s profile, allowing continuous access to capital whilst ensuring independence for management teams. It also helps a business incentivise its employees. Luke Johnson, one of Britain’s best-known entrepreneurs, has more experience that most - he’s a veteran of the public markets having been chairman of high-profile listed companies including Patisserie Valerie and Pizza Express. “An AIM listing is about creating an enduring franchise,” he says, “it’s about raising your profile and it’s about the regular access to capital to make acquisitions.” “If a company needs to raise money to do deals, the stock market is the place to be”, Johnson argues. Unlike other sources of capital, AIM is permanent. “You can be public forever,” he points out, “whereas private equity is roughly a five to six year window before they exit.” From l to r: Bob Falconer, CEO, Gamma Communications, Luke Johnson, Chairman, Risk Capital Partners, Peter Brodnicki, CEO, Mortgage Advice Bureau, Marcus Stuttard, Head of UK Primary Markets, Head of AIM, London Stock Exchange 6 7 The IPO SummitAIMHigh Thursday The 28 IPO April Report 2016 CHAPTER The introduction of independent directors during the process documentation. “Many private company finance directors also helps a business analyse its growth trajectory. AIM are not necessarily suited to being a public company finance 01 market rules stipulate a minimum of two non-executives on director,” warns Johnson. the board. A good non-exec will question everything and challenge key business decisions. Johnson has seen first-hand the impact of a well-chosen “Under-promise and non-executive. “It’s healthy and good for the long term,” he says. over-deliver” Brodnicki agrees, pointing to the ‘fresh insight’ that non- executives provide. He stresses the importance of choosing Brodnicki admitted that investor communication is a key part the right individuals.
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