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Ecmi Report Q1 2021 An Acuris Company A unique look at UK ECM activity in the first quarter of 2021. April 2021 ECMi Report Q1 2021 perfectinfo.com Perfect Information ECMi Report Q1 2021 Introduction 2 Welcome to Perfect Information's ECM Insight (“ECMi”) market analysis report for Q1 2021. This report takes a unique look at UK ECM activity and examines the factors that have shaped market behaviour during the period. The information contained within is based solely on UK markets, providing a more in-depth examination than similar reviews focused on Pravin Patil Senior ECM Analyst EMEA. This analysis provides a general overview of market activity during the period before delving into some of the more interesting and noteworthy trends that have developed. In particular, this report looks at IPOs, secondary offerings, sector trends and carries out a thorough investigation of underwriting and banking fees. We have provided our own UK centric league tables for banks, legal advisers, financial advisers, reporting accountants and financial PR firms, as sorted by volume and value. perfectinfo.com Perfect Information ECMi Report Q1 2021 Contents 3 A unique look at UK ECM activity throughout the first quarter of 2021. Edited by Pravin Patil Senior ECM Analyst ECM Insight & Report Methodology 04 Overview 05 ECM Q1 2021 Highlights 06 Top 5 Deals 07 UK ECM Breakdown 08 UK ECM Overview 09 Top 5 IPOs & UK IPO Breakdown 10 Sector Analysis 11 Q1 2020 / Q1 2021 12 Q1 2020 / Q1 2021 AIM 13 Fees 14 Average Commission Breakdown 15 Average Commission 16 Fee Disclosure 17 League Tables 18 Criteria 26 Contacts 27 perfectinfo.com Perfect Information ECMi Report Q1 2021 ECM Insight Report Methodology 4 ECM Insight Report Methodology ECMi delivers fully verified ECM practice information to our This report sources its data from extracted and fully verified end users in minutes. Users can perform a detailed analysis information as published in prospectuses, admission of all completed and lapsed £20m+ primary and secondary documents, circulars, accounts and RIS notices. All graphs, deals on the London Stock Exchange’s markets since the 1st charts and tables contained within can be recreated by of January 2008, and extract salient information relating to anyone who has access to the ECMi database. The only over 400 data points. Since 1st January 2017, ECMi covers external sources that have been used are referenced within all UK transactions above £5 million, with the dataset now the document and relate to historical share pricing and index going back to 1st January 2016. All of the data on which this and transaction values. report is based is sourced from official transactional documentation that is instantly verifiable through ECMi's database at the click of a button. perfectinfo.com Perfect Information ECMi Report Q1 2021 Q1 2021 Market Overview 5 A general overview of market activity in the UK in Q1 2021. Overview perfectinfo.com Perfect Information ECMi Report Q1 2021 Q1 2021 Market Overview 6 Highlights J.P. Morgan Cazenove topped ECM Q1 2021 Highlights their respective League Tables for Volume and Value. finnCap and Canaccord Genuity repeat their Q1 2020 success by topping the AIM League Tables for Volume and Value respectively. Notes Largest IPO Deliveroo Holdings plc £1.5 billion - March Largest ECM Deal Deliveroo Holdings plc £1.5 billion - March Top Sector Financials 25.38% of total ECM Deals Busiest Month March 43.85% of total ECM Deals Adviser Volume Highlights J.P. Morgan Cazenove Led the UK ECM Senior Bookrunner rankings finnCap Led the UK ECM Senior Bookrunner rankings - AIM Travers Smith Led the UK ECM Legal Adviser rankings Pinsent Masons and Osborne Clarke Led the UK ECM Legal Adviser rankings - AIM Investec and Nplus1 Singer Led the UK ECM Financial Adviser rankings BDO Led the UK ECM Reporting Accountant rankings FTI Consulting Led the UK ECM Financial PR rankings Adviser Value Highlights J.P. Morgan Cazenove Led the UK ECM Senior Bookrunner rankings Canaccord Genuity Led the UK ECM Senior Bookrunner rankings - AIM Freshfields Bruckhaus Deringer Led the UK ECM Legal Adviser rankings Travers Smith Led the UK ECM Legal Adviser rankings - AIM Lazard Led the UK ECM Financial Adviser rankings Deloitte Led the UK ECM Reporting Accountant rankings Finsbury Led the UK ECM Financial PR rankings perfectinfo.com Perfect Information ECMi Report Q1 2021 Q1 2021 Market Overview 7 Top 5 Deals There were no pulled deals in Top 5 Deals Q1 2021, compared to 6 in Q1 2020 and 2 in Q1 2019. Deliveroo Holdings plc’s £1.5 billion IPO was the 7th biggest IPO on the LSE since 2008. Top 5 UK Deals Rank Company Transaction Size Offer Type Announcement Date 1 Deliveroo Holdings plc GBP 1,499,999,997 IPO, placing, placing (sale) and public offer 08 March 2021 2 Dr. Martens plc GBP 1,489,250,148 IPO and placing (sale) 11 January 2021 3 Fix Price Group Ltd GBP 1,250,093,769 IPO and placing (sale) 15 February 2021 4 London Stock Exchange Group PLC GBP 745,221,906 ABB (sale) 18 March 2021 5 Moonpig Group plc GBP 540,370,530 IPO, placing and placing (sale) 12 January 2021 Top 5 AIM Deals Rank Company Transaction Size Offer Type Announcement Date 1 Jet2 plc GBP 421,970,537 ABB and public offer 11 February 2021 2 Ceres Power Holdings plc GBP 180,916,348 ABB, subscription and public offer 17 March 2021 3 tinyBuild, Incorporated GBP 154,428,257 IPO, placing and placing (sale) 23 February 2021 4 Marlowe plc GBP 100,000,003 ABB 18 March 2021 5 Yellow Cake plc GBP 99,290,781 ABB and public offer 25 February 2021 perfectinfo.com Perfect Information ECMi Report Q1 2021 Q1 2021 Market Overview 8 UK ECM Breakdown Total deal volume in Q1 2021 UK ECM Breakdown increased by 116.67% over Q1 2020, with total value increasing by 232.74%. UK ECM Deals Q1 2020 Q1 2021 % Change Main Market AIM Main Market AIM Main Market AIM Total Volume 26 34 61 69 134.62% 102.94% Total Value (£m) £3,874 £913 £13,595 £2,330 250.98% 155.36% Average (£m) £149 £27 £223 £34 49.60% 25.83% Median (£m) £58 £13 £110 £17 88.61% 35.10% Volume/Value Breakdown Q1 2020 Q1 2021 Main Market AIM Main Market AIM Volume Breakdown 43.33% 56.67% 46.92% 53.08% Value Breakdown 80.93% 19.07% 85.37% 14.63% perfectinfo.com Perfect Information ECMi Report Q1 2021 Q1 2021 Market Overview 9 ECM Overview UK ECM Overview ECM Deal Volume ECM Deal Value Q1 2020 / Q1 2021 Q1 2020 / Q1 2021 140 £18,000 £16,000 120 £14,000 100 £12,000 80 £10,000 (£m) 130 60 £8,000 £15,925 Total Volume Total Value £6,000 40 60 £4,000 20 £4,786 £2,000 0 £0 Q1 2020 Q1 2021 Q1 2020 Q1 2021 perfectinfo.com Perfect Information ECMi Report Q1 2021 IPOs 10 Top 5 IPOs & UK IPO Breakdown Q1 2021 saw an influx of IPOs with their Top 5 IPOs volumes increasing by 425% from Q1 2020 alongside total value increasing by 1,116%. & UK IPO Breakdown The £7,023 million raised in main market IPOs in Q1 2021 is 23.45% more than the entirety of all UK IPOs in 2020. Top 5 IPOs Rank Company Transaction Size Announcement Date 1 Deliveroo Holdings plc GBP 1,499,999,997 08 March 2021 2 Dr. Martens plc GBP 1,489,250,148 11 January 2021 3 Fix Price Group Ltd GBP 1,250,093,769 15 February 2021 4 Moonpig Group plc GBP 540,370,530 12 January 2021 5 Trustpilot Group plc GBP 473,280,622 01 March 2021 UK IPOs Q1 2020 Q1 2021 % Change Main Market AIM Main Market AIM Main Market AIM Total Volume 2 2 13 8 550.00% 300.00% Total Value (£m) £440 £174 £7,023 £444 1494.68% 155.14% Average (£m) £220 £87 £540 £56 145.34% -36.22% Median (£m) £220 £87 £300 £54 36.24% -37.96% Volume/Value Breakdown Q1 2020 Q1 2021 Main Market AIM Main Market AIM Volume Breakdown 50.00% 50.00% 61.90% 38.10% Value Breakdown 71.66% 28.32% 94.05% 5.95% perfectinfo.com Perfect Information ECMi Report Q1 2021 Sector Analysis 11 Q1 2021 trends by industry. Sector Analysis perfectinfo.com Perfect Information ECMi Report Q1 2021 Q1 2021 Market Overview 12 Sector Analysis Q1 2020 UK Sector Breakdown * Utilities - 0.00% Q1 2021 UK Sector Breakdown * Utilities - 0.00% 1.67% 6.67% 9.23% 10.77% 3.33% 25.00% 13.85% 18.33% 25.38% 3.33% 7.69% 10.00% 0.77% 5.38% 15.00% 9.23% 17.69% 16.67% Oil & Gas Basic Materials Industrials Oil & Gas Basic Materials Industrials Consumer Goods Health Care Consumer Services Consumer Goods Health Care Consumer Services Telecommunications Financials Technology Telecommunications Financials Technology perfectinfo.com Perfect Information ECMi Report Q1 2021 Q1 2021 Market Overview 13 Sector Analysis Q1 2020 UK AIM Sector Breakdown * Utilities - 0.00% Q1 2021 UK AIM Sector Breakdown * Utilities - 0.00% 2.94% 8.82% 11.59% 14.49% 11.76% 2.94% 2.94% 10.14% 1.45% 11.76% 23.53% 20.29% 13.04% 8.70% 11.76% 23.53% 14.49% 5.80% Oil & Gas Basic Materials Industrials Oil & Gas Basic Materials Industrials Consumer Goods Health Care Consumer Services Consumer Goods Health Care Consumer Services Telecommunications Financials Technology Telecommunications Financials Technology perfectinfo.com Perfect Information ECMi Report Q1 2021 Fees 14 An overview of fee disclosure in Q1 2021.
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