IPO Watch Special Edition Dealing with the impact of COVID-19

The coronavirus (COVID-19) pandemic has brought unparalleled economic stress. This special edition of IPO Watch has been prepared as a means of helping finance and management teams: • Think about COVID-19 circumstances and the impact those have on their business; • Consider their approach to managing liquidity constraints brought about by the COVID-19 disruption; • Gain a greater understanding of the fundraisings that have taken place during lockdown; and • Assess options for future sources of finance.

The first quarter of 2020 saw low levels of IPO activity. While legacy Brexit uncertainty was beginning to dissipate, the quarter closed with the introduction of lockdown measures across the UK and much of Europe, driving a spike in market volatility and widespread economic uncertainty.

In light of the ongoing effects of COVID-19, this edition of IPO Watch has a reduced focus on our more typical IPO analysis. However, it brings in additional analysis of the UK market’s Further Offer and Placing activity since lockdown, as issuers look to strengthen their balance sheet positions.

We also comment on the changing regulatory environment and the market reaction to this as issuers have positioned themselves to access liquidity through the range of finance options available at this time.

We anticipate further and deeper issuances to the market that will require increased reflection and assessment of corporate strategy in what will be a new market. We are acutely aware of the stresses that participants are dealing with at this time and are keen to be supportive.

The market reaction since lockdown

Lockdown fundraisings Investors call for enhanced scenario analysis due to As the COVID-19 pandemic began to develop, we saw COVID-19 recognition that – due to the unparalleled economic situation – As awareness of COVID-19 has developed, we have also corporates needed a fast-track route to market and there was witnessed an understandable desire from investors for fuller a need to raise more than the normal 10% pre-emptive limit. disclosure and analysis from corporates, who will need to explain their assumptions and scenario planning in more detail On 1 April, the Pre-emption Group (PEG) relaxed its non-pre- going forward. The bar is rising for the level of disclosure and emptive guidance limits to 20% to facilitate faster access to the sophistication of the models that investors require. funding, with certain safeguards. However, the level of uncertainty for scenario planning in the The chart of fundraisings over £10m on the London market current situation is high. This has brought intense challenges against the FTSE Index sets out a steady stream of for management and boards. In particular, the CFO and transactions. The £216m placing by SSP and a £22m placing finance teams have been under acute pressure to develop by Chocolat were some of the earliest transactions to the models to assess a range of potential scenarios. markets. The Compass Group placing was notable not only due to the fact that it was the largest in this period at £2.0bn We would also add in certain sectors, the sense of the severity but also included a retail component via the Primary Bid of the potential impact has deepened and the mood has investor platform which was the first to do so in the market. become more pessimistic about how circumstances will impact business. Furthermore, it will take time to determine Heading into May several rights issues were announced and what the future holds as everyone – businesses, markets and have since been closed, from the events business Hyve, the individuals – adapts. construction company Costain and Whitbread. As the year develops, the expectation is that there will be further rights Beyond the pandemic: An opportunity to reset issues for businesses with a capital need that is greater than Having addressed immediate liquidity requirements, financing 20% of share capital. However, most commentators are drivers will for some swiftly turn to value creation with views suggesting that the climate for issuance will become more being taken on financing requirements for the environment challenging. post-COVID-19 disruption. This ‘second wave’ is expected once the initial shock of the pandemic passes and market participants start to look to the equity markets to raise long- term capital for strategic initiatives and opportunities.

Several of the recent equity raises have seen a Businesses with a strong and well-thought-through corporate “requirement for issuers to reset or renegotiate debt strategy appropriate for the new market will be best placed to financing terms. Directors have been faced with the capitalise on the opportunities that the recovery will present challenge of achieving a suitable level of headroom and to attract investor support. regarding covenants when negotiating new terms with lenders, balanced with the necessity for modelling a ’reasonable worst-case scenario’, required in conjunction with the working capital statement in the prospectus. My team has been supporting clients across a range “of sectors to help them understand and model the true An important factor in this has been the ability of the company to predict the rate of the downturn on the impact of the pandemic on their prospective financial business’ activities, the additional costs to the business, modelling and analysis. and the impact on reported profits for the period, as well as any ‘exceptional’ presentation of related costs, We leverage the latest academic models and emerging particularly concerning covenant requirements. experience with stress testing to understand the volatility and variation in forecasts, and run econometric impact It has also been critical for directors of companies assessments of likely scenarios in specific markets. Our accessing the equity markets to appropriately shape econometric models build on epidemiological modelling COVID-19-related disclosures in prospectuses under assumptions to help clients understand the potential new FCA guidance, enabling investors to form their impact of key macro factors. own view as to the depth of the ‘reasonable worst-case scenario’ based on newly permitted disclosures, often This translates into valuable operational driver analysis in conjunction with going concern disclosure in their for our clients’ business, across areas such as workforce, annual report. cashflow timings and other key metrics.

John Reilly Alpesh Shah Director Partner UK Capital Markets Group Actuarial Risk – Financial and Risk Modelling

4 | A COVID-19 IPO Watch Special Edition | PwC

Regulatory adjustments have opened participants’ access to equity markets

With a focus on maintaining functioning, supportive capital Companies, however, are still required to ensure that a markets during the pandemic, pre-emption guidelines have detailed and robust process is in place to support their been relaxed, and the FCA has temporarily permitted specific equity story for placings, working capital and going concern COVID-19-related disclosures to be made in supporting clean assessments, and that appropriate disclosures are made, working capital statements. as required by regulation.

Market participants are also being encouraged to recognise that, going forward, businesses may face material uncertainty around going concern. More companies than before may not be able to provide clean working capital statements.

Pre-Emption Group Working capital statements

The Pre-Emption Group has taken a pragmatic Responding to concerns expressed by market approach to supporting issuances by companies participants, the FCA published a ‘temporary revised of up to 20% of share capital. Compared to a rights approach to clean working capital statements’ issue (>20%), this provides an increased flexibility to allowing disclosure of key ‘reasonable worst-case’ businesses wishing to raise equity funding quickly assumptions in an unqualified working capital and in a simplified process. statement (a clean statement but setting out the specific COVID-19-related assumptions used in determining the reasonable worst case).

Going concern, disclosure and viability Distributable reserves planning

In its updated guidance on going concern A large number of the recent equity placings on considerations, the ICAEW said that – given the the public markets have been through cashbox potential impact of the COVID-19 pandemic – it is placings, which have typically been less than 20% – likely that the management of many more entities providing flexibility and rapid execution by avoiding than before will now consider there is a material pre-emption restrictions. Such cashbox structures uncertainty relating to going concern, effectively provide an opportunity for companies to create recognising this as standard going forward. distributable reserves for future returns to shareholders (rather than share premium for any The going concern considerations should be premium on the issue) and, particularly at this time, supported by regularly updated, detailed forecasts to absorb losses from impairments or otherwise. and such material uncertainties should be disclosed in the financial statements. It is worth noting that, although the pre-emption benefits are limited to a placing of less than 20%, the reserves benefits can be gained on an equity raise of any size.

6 | A COVID-19 IPO Watch Special Edition | PwC European and UK IPO trends

Equity issuance activity in Q1 was completely stifled by two black swans: the COVID-19 pandemic and the concurrent “collapse of the oil price, which triggered unprecedented swings in volatility, valuation levels, investor positioning and sentiment in both the equity and credit markets. With the enormous scope of monetary and fiscal intervention by governments and central banks, the worst in terms of market risk may already be behind us. Yet the question of the recession’s depth and length and its impact on the macro environment still remains open.

With the start of Q2, we have witnessed pick-up of primary issuance activity across European markets from industries that have been hit most directly by the economic standstill since mid-March. While market conditions are likely to remain challenging, and issuance windows could be short-lived, we would expect this wave of recapitalisations to quickly intensify and to dominate issuance activity over the next couple of quarters.

Mark Hughes Partner UK Capital Markets Leader

PwC | A COVID-19 IPO Watch Special Edition | 7 Q1 2020 IPO market activity

1 2 3 London Stock Exchange Nasdaq Nordic – Euronext – Paris 4 IPOs raised Helsinki 3 IPOs 2 IPOs €731m €190m €160m Largest sector: Largest sector: Largest sector: Industrials Consumer Services Consumer Goods Largest IPO: Largest IPO: Largest IPO: Calisen plc Musti Group Oyj Nacon Gaming SA €398m €182m €100m

• As a result of the rapidly developing COVID-19 pandemic, Outlook for the remainder of 2020 key global stock exchanges in March 2020 suffered their • The outlook for the remainder of 2020 is highly uncertain worst intra-day falls since the 2008 global financial crisis. and – until the markets become more comfortable with a This was followed by a sharp rise in Further Offer activity. consensus on the effects of the lockdown measures on • In the same month, market volatility reached its the economy and how recovery will look after unwinding highest levels since the global financial crisis due to the measures – we can expect further volatility as fund the unprecedented impact of the crisis on European managers rebalance portfolios. capital markets. • Issuers are facing challenges in ensuring the appropriate • Q1 2020 has told two stories: source of capital financing. They need to address the business’ immediate funding needs while striking the right – Initially, a clearer path forward on Brexit and some balance with its longer-term financial position. This is easing of global trade tensions led to IPO and FO increasing tension around availability of government activity levels beginning to return. support for organisations that have exhausted all other – Subsequently, the IPO market became all but financing options, including investor support. extinguished in March as the impact of the COVID-19 • Further Offers are expected to feature prominently in pandemic became apparent. Europe as companies repair their balance sheets – particularly in sectors most impacted by the disruption – and reposition for growth following short-term emergency financing measures. • Indeed equity activity has already increased as issuers have actively taken advantage of increased pre-emption rights limits shifting to 20%, increasing the speed of access to capital without requiring a prospectus. • This may constrain capacity for IPOs in the short term, other than where companies are able to demonstrate their ability to prosper during the pandemic. There are already some green shoots in the IPO market which indicate that the investors will be open to high quality issuances with well communicated equity stories.

8 | A COVID-19 IPO Watch Special Edition | PwC

European IPO and further offer trends

Figure 6: Top five European IPOs in Q1 2020

Calisen plc Musti Group Oyj Nippon Active Value BW Energy Ltd Inspecs Group plc Fund plc

Exchange London Nasdaq Nordic – London Stock Oslo Børs London Stock Stock Exchange Helsinki Exchange Exchange

IPO date 07-Feb 12-Feb 19-Feb 17-Feb 13-Feb

Money raised (€m) 398 182 124 114 113

Price range £2.25 − £2.65 €5.65 − €9.35 £1.00 − £1.00 NOK34.20 − NOK36.60 £1.95 − £1.95

Offer price £2.40 €8.75 £1.00 NOK24.40 £1.95

Figure 7: Top five European Further Offers in Q1 2020

SGS SA Ams AG Prosus NV Worldline SA lliad SA

Exchange Six Swiss Six Swiss Euronext – Euronext – Euronext – Exchange Exchange Amsterdam Paris Paris

FO date 20-Feb 31-Mar 22-Jan 4-Feb 27-Jan

Money raised (€m) 2,180 1,651 1,485 1,470 1,400

Offer price CHF 2,425 CHF 9.20 €67.50 €61.50 €12.00

10 | A COVID-19 IPO Watch Special Edition | PwC

Appendix: Further Offers by market Q1

Appendix 2: European Further Offer Data

Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Stock exchange FOs Value (€m) FOs Value (€m) FOs Value (€m) FOs Value (€m) FOs Value (€m) London Stock Exchange Group 42 7,306 82 10,278 60 6,226 64 5,874 London Stock Exchange 39 6,713 78 9,020 57 5,021 75 5,876 58 4,982 Borsa Italiana 3 593 4 1,258 3 1,205 4 1,727 6 892 Euronext 46 6,670 28 5,739 19 2,994 16 5,363 Euronext Paris 4 1,199 10 1,896 12 1983 12 1,995 11 3,436 Euronext Amsterdam 22 3,927 6 1,666 3 783 5 521 2 1,567 Euronext Lisbon 1 44 1 176 1 293 Euronext Brussels 20 1,544 5 947 4 228 6 1,245 2 67 Euronext Dublin¹ 3 399 1 90 SIX Swiss Exchange 3 356 3 787 4 529 7 1,756 7 4,862 Nasdaq Nordic 22 1,028 45 3,129 18 728 36 2,986 Nasdaq Nordic – Stockholm 18 898 37 2,428 15 505 39 2,403 34 2,483 Nasdaq Nordics – Iceland 2 119 7 685 1 193 8 346 2 503 Nasdaq Nordic – Tallin 1 16 2 30 Nasdaq Nordic – Helsinki 2 11 Deutsche Börse 11 1,092 18 4,422 15 1,837 13 837 11 2,283 Borsa Istanbul 1 71 2 570 Oslo Børs 7 454 21 909 8 573 17 1,295 16 437 Wiener Börse 1 335 4 845 2 159 Warsaw 2 194 1 162 1 14 1 51 BME 5 1,614 4 356 3 212 7 4,064 Luxembourg 1 11 1 73 Bucharest 1 19 Total 139 18,725 199 25,168 128 13,261 203 23,353 155 22,585 Total (excl dual listings) 139 18,725 197 24,694 127 13,145 203 23,353 155 22,585

1 Acquired by Euronext on the 27 March 2018.

PwC | A COVID-19 IPO Watch Special Edition | 13 Appendix: London Further Offers between 1 March and 29 May

Appendix 3: List of London Further Offer

Date Issuer Offer Type Value (£m) Stock exchange 19/05/2020 Compass Group plc FO - Accelerated Bookbuild 1,999 London Stock Exchange 16/04/2020 Informa plc FO - Accelerated Bookbuild 1,001 London Stock Exchange 29/05/2020 Flutter Entertainment plc FO - Accelerated Bookbuild 809 London Stock Exchange Irish Stock Exchange 20/05/2020 Just Eat Takeaway.com NV FO - Accelerated Bookbuild 466 London Stock Exchange Amsterdam 06/05/2020 Hiscox Ltd FO - Accelerated Bookbuild 375 London Stock Exchange 20/04/2020 Aston Martin Lagonda Global FO - Accelerated Bookbuild (Rump 372 London Stock Exchange Holdings plc Placement) FO - Rights Offer 23/04/2020 Just Eat Takeaway.com NV FO - Accelerated Bookbuild 352 London Stock Exchange Amsterdam 28/05/2020 IWG plc FO - Accelerated Bookbuild 320 London Stock Exchange 28/05/2020 Rolls-Royce Holdings plc FO - Accelerated Bookbuild 308 London Stock Exchange 19/05/2020 Beazley plc FO - Accelerated Bookbuild 247 London Stock Exchange 08/04/2020 ASOS plc FO - Accelerated Bookbuild 247 London Stock Exchange 06/05/2020 National Express Group plc FO - Accelerated Bookbuild 235 London Stock Exchange 25/03/2020 SSP Group plc FO - Accelerated Bookbuild 216 London Stock Exchange 12/05/2020 ConvaTec Group plc FO - Accelerated Bookbuild 206 London Stock Exchange 02/04/2020 Hays plc FO - Accelerated Bookbuild 200 London Stock Exchange 15/05/2020 Boohoo Group plc FO - Accelerated Bookbuild 198 London Stock Exchange 01/04/2020 Auto Trader Group plc FO - Accelerated Bookbuild 186 London Stock Exchange 07/04/2020 Assura plc FO - Accelerated Bookbuild 185 London Stock Exchange 21/05/2020 Dart Group Plc FO - Accelerated Bookbuild 172 London Stock Exchange 07/04/2020 WH Smith plc FO - Accelerated Bookbuild 166 London Stock Exchange 30/04/2020 Hargreaves Lansdown plc FO - Accelerated Bookbuild 160 London Stock Exchange 30/04/2020 JD Wetherspoon FO - Accelerated Bookbuild 141 London Stock Exchange 28/04/2020 Supermarket Income REIT plc FO - Fully Marketed 140 London Stock Exchange 05/03/2020 Urban Logistics REIT plc FO - Cash Placing 135 London Stock Exchange FO - Guaranteed Preferential Allocation 22/05/2020 AJ Bell plc FO - Accelerated Bookbuild 124 London Stock Exchange 07/05/2020 Polypipe Group plc FO - Accelerated Bookbuild 120 London Stock Exchange 21/05/2020 Renewables Infrastructure Group FO - Accelerated Bookbuild 120 London Stock Exchange Ltd 05/05/2020 LondonMetric Property plc FO - Accelerated Bookbuild 120 London Stock Exchange 12/05/2020 Polymetal International plc FO - Accelerated Bookbuild 112 London Stock Exchange 15/05/2020 Keywords Studios plc FO - Accelerated Bookbuild 100 London Stock Exchange 21/04/2020 Blue Prism Group plc FO - Accelerated Bookbuild 100 London Stock Exchange 28/05/2020 Costain Group plc FO - Cash Placing 100 London Stock Exchange FO - Guaranteed Preferential Allocation 29/05/2020 Johnson Service Group plc FO - Accelerated Bookbuild 85 London Stock Exchange 21/04/2020 Big Yellow Group plc FO - Accelerated Bookbuild 82 London Stock Exchange 29/05/2020 Learning Technologies Group plc FO - Accelerated Bookbuild 82 London Stock Exchange

14 | A COVID-19 IPO Watch Special Edition | PwC Date Issuer Offer Type Value (£m) Stock exchange 12/05/2020 Diversified Gas & Oil plc FO - Accelerated Bookbuild 69 London Stock Exchange 22/05/2020 On The Beach Group plc FO - Accelerated Bookbuild 67 London Stock Exchange 15/05/2020 Cathay International Holdings Ltd FO - Cash Placing 67 London Stock Exchange (Hong Kong) FO - Guaranteed Preferential Allocation 23/04/2020 DFS Furniture plc FO - Accelerated Bookbuild 64 London Stock Exchange 25/03/2020 BT Group plc FO - Accelerated Bookbuild 59 London Stock Exchange 09/04/2020 Restaurant Group plc FO - Accelerated Bookbuild 57 London Stock Exchange 21/05/2020 Ceres Power Holdings plc FO - Accelerated Bookbuild 52 London Stock Exchange 05/03/2020 Abal Group Plc FO - Cash Placing 42 London Stock Exchange 17/04/2020 Gym Group plc FO - Accelerated Bookbuild 41 London Stock Exchange 29/04/2020 Team17 Group plc FO - Accelerated Bookbuild 39 London Stock Exchange 06/03/2020 Aquila European Renewables FO - Accelerated Bookbuild 33 London Stock Exchange Income Fund plc 12/05/2020 Hikma Pharmaceuticals FO - Accelerated Bookbuild 33 London Stock Exchange 14/05/2020 Scapa Group plc FO - Accelerated Bookbuild 32 London Stock Exchange 03/03/2020 Gresham House Energy Storage FO - Fully Marketed 31 London Stock Exchange Fund plc 01/05/2020 MaxCyte Inc FO - Accelerated Bookbuild 25 London Stock Exchange 01/05/2020 Network International Holdings FO - Accelerated Bookbuild 24 London Stock Exchange plc 09/04/2020 IMImobile plc FO - Accelerated Bookbuild 22 London Stock Exchange 16/04/2020 City Pub Group plc FO - Cash Placing 22 London Stock Exchange FO - Guaranteed Preferential Allocation 20/03/2020 Hotel Chocolat Group plc FO - Accelerated Bookbuild 22 London Stock Exchange 17/04/2020 Foxtons Group plc FO - Accelerated Bookbuild 22 London Stock Exchange 22/05/2020 Gamma Communications plc FO - Accelerated Bookbuild 21 London Stock Exchange 05/03/2020 Knights Group Holdings plc FO - Cash Placing 20 London Stock Exchange 07/04/2020 Alpha FX Group plc FO - Accelerated Bookbuild 18 London Stock Exchange 01/04/2020 Eurocell plc FO - Accelerated Bookbuild 18 London Stock Exchange 08/04/2020 Everyman Media Group plc FO - Accelerated Bookbuild 18 London Stock Exchange 08/04/2020 MJ Gleeson plc FO - Accelerated Bookbuild 16 London Stock Exchange 22/05/2020 Trident Resources plc FO - Fully Marketed 16 London Stock Exchange 25/03/2020 Ilika plc FO - Guaranteed Preferential Allocation 15 London Stock Exchange 10/03/2020 Hornby plc FO - Cash Placing 15 London Stock Exchange FO - Guaranteed Preferential Allocation 03/04/2020 Joules Group plc FO - Accelerated Bookbuild 15 London Stock Exchange 22/05/2020 Tissue Regenix Group plc FO - Accelerated Bookbuild 15 London Stock Exchange 26/03/2020 Synairgen plc FO - Accelerated Bookbuild 14 London Stock Exchange 21/04/2020 Franchise Brands plc FO - Accelerated Bookbuild 14 London Stock Exchange 22/04/2020 Faron Pharmaceuticals Oy FO - Accelerated Bookbuild 12 London Stock Exchange Helsinki 22/05/2020 Open Orphan plc FO - Accelerated Bookbuild 12 London Stock Exchange 23/03/2020 EVR Holdings plc FO - Accelerated Bookbuild 11 London Stock Exchange 06/03/2020 Diurnal Group plc FO - Accelerated Bookbuild 11 London Stock Exchange 29/05/2020 Anexo Group plc FO - Accelerated Bookbuild 11 London Stock Exchange 17/04/2020 Hollywood Bowl Group plc FO - Accelerated Bookbuild 11 London Stock Exchange 30/04/2020 Inland Homes plc FO - Accelerated Bookbuild 10 London Stock Exchange 26/03/2020 Arena Events Group plc FO - Cash Placing 10 London Stock Exchange 18/03/2020 Eden Research plc FO - Cash Placing 9 London Stock Exchange FO - Guaranteed Preferential Allocation 08/04/2020 Safestyle UK plc FO - Accelerated Bookbuild 9 London Stock Exchange

PwC | A COVID-19 IPO Watch Special Edition | 15 Date Issuer Offer Type Value (£m) Stock exchange 17/04/2020 Bloomsbury Publishing plc FO - Accelerated Bookbuild 8 London Stock Exchange 23/04/2020 Loungers plc FO - Accelerated Bookbuild 8 London Stock Exchange 01/04/2020 REDT Energy plc FO - Cash Placing 8 London Stock Exchange FO - Guaranteed Preferential Allocation 16/03/2020 Gresham House plc FO - Cash Placing 8 London Stock Exchange 12/03/2020 Asimilar Group plc FO - Cash Placing 8 London Stock Exchange 07/05/2020 Rosslyn Data Technologies plc FO - Cash Placing 7 London Stock Exchange 09/04/2020 essensys plc FO - Accelerated Bookbuild 7 London Stock Exchange 05/05/2020 Genedrive plc FO - Cash Placing 7 London Stock Exchange 17/04/2020 Horizon Discovery Group plc FO - Accelerated Bookbuild 7 London Stock Exchange 09/04/2020 Van Elle plc FO - Accelerated Bookbuild 7 London Stock Exchange 28/05/2020 Condor Gold plc FO - Cash Placing 7 London Stock Exchange 13/03/2020 Polarean Imaging plc FO - Cash Placing 6 London Stock Exchange 08/04/2020 FireAngel Safety Technology FO - Cash Placing 6 London Stock Exchange Group plc FO - Guaranteed Preferential Allocation 13/03/2020 Trackwise Designs plc FO - Cash Placing 6 London Stock Exchange 24/04/2020 Xeros Technology Group plc FO - Cash Placing 6 London Stock Exchange 17/04/2020 Intelligent Ultrasound Group plc FO - Cash Placing 5 London Stock Exchange 26/03/2020 Ten Entertainment Group plc FO - Accelerated Bookbuild 5 London Stock Exchange 27/03/2020 PCI-PAL plc FO - Cash Placing 5 London Stock Exchange 11/05/2020 IronRidge Resources Ltd FO - Cash Placing 5 London Stock Exchange 23/04/2020 SiS (Science in Sport) Ltd FO - Accelerated Bookbuild 5 London Stock Exchange 17/03/2020 Worsley Investors Ltd FO - Guaranteed Preferential Allocation 4 London Stock Exchange 06/04/2020 Avacta Group plc FO - Cash Placing 4 London Stock Exchange 24/04/2020 Shearwater Group plc FO - Accelerated Bookbuild 4 London Stock Exchange 11/05/2020 KEFI Minerals plc FO - Cash Placing 4 London Stock Exchange 28/04/2020 Fusion Antibodies plc FO - Cash Placing 3 London Stock Exchange 09/04/2020 Bonhill Group plc FO - Accelerated Bookbuild 3 London Stock Exchange 12/05/2020 Hemogenyx Pharmaceuticals plc FO - Cash Placing 3 London Stock Exchange 15/05/2020 Arc Minerals Ltd FO - Cash Placing 2 London Stock Exchange 06/04/2020 Providence Resources plc FO - Accelerated Bookbuild 2 London Stock Exchange Irish Stock Exchange 02/04/2020 Gfinity plc FO - Cash Placing 2 London Stock Exchange 13/05/2020 N4 Pharma plc FO - Cash Placing 2 London Stock Exchange 29/04/2020 Amiad Water Systems Ltd FO - Guaranteed Preferential Allocation 2 London Stock Exchange 18/05/2020 Midatech Pharma plc FO - Cash Placing 2 London Stock Exchange 08/04/2020 Concepta plc FO - Cash Placing 2 London Stock Exchange 27/05/2020 Phoenix Copper Ltd FO - Cash Placing 2 London Stock Exchange 01/05/2020 Surface Transforms plc FO - Cash Placing 2 London Stock Exchange FO - Guaranteed Preferential Allocation 07/05/2020 C4X Discovery Holdings plc FO - Accelerated Bookbuild 2 London Stock Exchange 06/04/2020 SRT Marine Systems plc FO - Cash Placing 2 London Stock Exchange 28/04/2020 Blencowe Resources plc FO - Cash Placing 2 London Stock Exchange 11/03/2020 Hertsford Capital plc FO - Cash Placing 1 London Stock Exchange 06/05/2020 Immotion Group Ltd FO - Accelerated Bookbuild 1 London Stock Exchange 28/04/2020 UK Oil & Gas plc FO - Cash Placing 1 London Stock Exchange 03/04/2020 All Active Asset Capital Ltd FO - Cash Placing 1 London Stock Exchange 14/05/2020 All Active Asset Capital Ltd FO - Cash Placing 1 London Stock Exchange 14/05/2020 KRM22 plc FO - Cash Placing 1 London Stock Exchange 24/04/2020 Pires Investments plc FO - Cash Placing 1 London Stock Exchange 20/05/2020 Malvern International plc FO - Accelerated Bookbuild 1 London Stock Exchange

16 | A COVID-19 IPO Watch Special Edition | PwC Date Issuer Offer Type Value (£m) Stock exchange 20/04/2020 Crossword Cybersecurity plc FO - Cash Placing 1 London Stock Exchange 17/04/2020 OptiBiotix Health plc FO - Cash Placing 1 London Stock Exchange 04/05/2020 ValiRx plc FO - Cash Placing 1 London Stock Exchange 06/05/2020 Mobile Streams plc FO - Cash Placing 1 London Stock Exchange 06/03/2020 Location Sciences Group plc FO - Cash Placing 1 London Stock Exchange 01/05/2020 Tekcapital plc FO - Cash Placing 1 London Stock Exchange 18/05/2020 Vast Resources plc FO - Cash Placing 1 London Stock Exchange 27/05/2020 Physiomics plc FO - Cash Placing 1 London Stock Exchange 09/03/2020 Tern plc FO - Cash Placing 1 London Stock Exchange 27/05/2020 Fox Marble Holdings plc FO - Cash Placing 1 London Stock Exchange 10/03/2020 W Resources plc FO - Cash Placing 1 London Stock Exchange 16/04/2020 Amur Minerals Corp FO - Cash Placing 1 London Stock Exchange 07/05/2020 Cobra Resources plc FO - Accelerated Bookbuild 1 London Stock Exchange 05/05/2020 Motif Bio plc FO - Cash Placing 1 London Stock Exchange 15/05/2020 Ncondezi Energy Ltd FO - Cash Placing 1 London Stock Exchange 16/04/2020 Vast Resources plc FO - Cash Placing 1 London Stock Exchange 30/04/2020 Zenith Energy Ltd FO - Cash Placing 1 London Stock Exchange Oslo Stock Exchange TSX Venture Exchange 01/05/2020 Cadence Minerals plc FO - Cash Placing 1 London Stock Exchange 09/03/2020 Tower Resources plc FO - Cash Placing 1 London Stock Exchange 06/04/2020 ECR Minerals plc FO - Cash Placing 1 17/04/2020 ECSC Group plc FO - Cash Placing 1 London Stock Exchange 27/05/2020 Amur Minerals Corp FO - Cash Placing 1 London Stock Exchange 28/05/2020 Attis Oil & Gas Ltd FO - Cash Placing 1 London Stock Exchange 14/05/2020 Predator Oil & Gas Holdings plc FO - Cash Placing 0.0 London Stock Exchange 14/04/2020 Empyrean Energy plc FO - Cash Placing 0.4 London Stock Exchange 12/05/2020 Empyrean Energy plc FO - Guaranteed Preferential Allocation 0.0 London Stock Exchange 09/04/2020 Remote Monitored Systems plc FO - Cash Placing 0.4 London Stock Exchange 01/05/2020 Braveheart Investment Group plc FO - Cash Placing 0.0 London Stock Exchange 15/05/2020 Panthera Resources plc FO - Cash Placing 0.0 London Stock Exchange 05/05/2020 Erris Resources plc FO - Cash Placing 0.0 London Stock Exchange 20/04/2020 Catenae Innovation plc FO - Cash Placing 0.3 London Stock Exchange 29/04/2020 Braveheart Investment Group plc FO - Cash Placing 0.3 London Stock Exchange 11/05/2020 Alien Metals Ltd FO - Cash Placing 0.0 London Stock Exchange 03/04/2020 Journeo plc FO - Cash Placing 0.3 London Stock Exchange 22/04/2020 Dukemount Capital plc FO - Cash Placing 0.3 London Stock Exchange 27/03/2020 Arkle Resources plc FO - Cash Placing 0.3 London Stock Exchange 11/05/2020 Pathfinder Minerals plc FO - Cash Placing 0.0 London Stock Exchange 18/05/2020 Arkle Resources plc FO - Cash Placing 0.0 London Stock Exchange 02/03/2020 Oriole Resources PLC FO - Cash Placing 0.2 London Stock Exchange 30/03/2020 Mobile Streams plc FO - Cash Placing 0.2 London Stock Exchange 27/05/2020 Great Western Mining Corp plc FO - Cash Placing 0.0 London Stock Exchange 01/04/2020 ValiRx plc FO - Cash Placing 0.2 London Stock Exchange 12/03/2020 Richland Resources Ltd FO - Cash Placing 0.1 London Stock Exchange 08/04/2020 Nostra Terra Oil and Gas FO - Cash Placing 0.1 London Stock Exchange Company Plc

PwC | A COVID-19 IPO Watch Special Edition | 17 About IPO Watch Europe

Executing a successful IPO is typically the culmination of a Planning and good preparation are crucial to a successful IPO, complex process, whatever market you list on. From strategy, regardless of the market or stock exchange. PwC’s dedicated accounting, reporting, financial systems, governance, adviser team of capital markets professionals is here to help and make the selection, marketing process, media and investor relations, to task at hand an easier experience for you. We have deep treasury and financial risk management, legal, tax, HR, experience and knowledge of the rules and regulations governing technology – every piece of the puzzle must be in place and all major capital markets – and a successful history of working on connected before you proceed. both international and domestic IPOs. Find out more at www.pwc.co.uk/capitalmarkets

About IPO Watch Europe

IPO Watch Europe surveys all new primary market equity IPOs on Europe’s principal stock markets and market segments (including exchanges in Austria, Belgium, Bulgaria, Croatia, Denmark, Estonia, Finland, France, Germany, , Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, the Netherlands, Norway, Poland, Portugal, Romania, Serbia, , , Switzerland, and the UK) on a quarterly basis. Movements between markets on the same exchange are excluded.

The data in this report is based on data extracted from Dealogic and includes greenshoe (if exercised). Only transactions with a minimum of $5 million raised have been included. The data excludes PIPOs and transactions on Over-The-Counter exchanges. In case IPOs take place on two or more exchanges, the full amount of money raised is attributed to all exchanges. Industry classification is based on the FTSE Russell Industry Classification Benchmark (ICB).

This survey was conducted between 1 January and 31 March and IPOs based on their pricing date, and between 1 March and 29 May for lockdown analysis. All market data is sourced from Dealogic and has not been independently verified by PricewaterhouseCoopers LLP.

Basis of preparation for Global IPO Watch Global IPO Watch analyses IPO and FO trends on a quarterly basis, both at a global and regional level. It is based on data extracted from Dealogic, whereby only transactions with a minimum of $5 million raised have been included. Transaction proceeds include the overallotment option (if exercised). The data excludes PIPOs and transactions on Over-The-Counter exchanges. In case IPOs or FOs take place on two or more exchanges, the full amount of money raised is attributed to all exchanges. If a transaction is executed in two or more regions, the money raised is also attributed to all regions. Industry classification is based on the FTSE Russell Industry Classification Benchmark. Index performance is based on pricing data extracted from Bloomberg.

Contacts

Mark Hughes John Reilly Simon Williams Partner, UK Capital Markets Leader Director, UK Capital Markets Group Director, UK Capital Markets Group

M: +44 (0)7736 599759 M: +44 (0)7738 311137 M: +44 (0)7808 107167 E: [email protected] E: [email protected] E: [email protected]

This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.

© 2020 PricewaterhouseCoopers LLP. All rights reserved. PwC refers to the UK member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details

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