The FCA has published a consultation paper (CP23/10) proposing major changes to the listing rules. The deadline for responses is Wednesday, 28 June 2023 and the FCA expects to publish a further consultation “in the autumn” which will include the proposed revised listing rules in full (the current consultation discusses the changes proposed but not specific drafting). The proposals relate to the rules as they apply to listings of equity shares in commercial companies, with no material changes currently proposed to the rules as they apply to non-equity securities nor the majority of other standard listed instruments (e.g., depositary receipts).

The Takeover Panel has published a consultation paper (PCP 2022/2) setting out proposed changes to the definition of “acting on concert” in the Code. The changes, which are highly complex and technical in nature, are in part a codification of existing Panel practice. There are, however, are some important adjustments that, given the potentially significant consequences of being considered to be “acting in concert” (e.g. setting a floor price for an offer and/or triggering a mandatory bid obligation), it will be important for offer participants and their advisers to familiarise themselves with.

We have created this guide to give an overview of the key issues around secondary capital raising across almost 30 jurisdictions. As one of the world’s largest capital markets practices, with a presence across 77 offices in 46 countries, we can help clients to better understand their options and navigate the challenges that come with raising capital during uncertain times, no matter where in the world they are.

Companies undertaking capital raisings can approach the world’s capital markets in various ways. Through an initial public offering, listing either in its home jurisdiction or cross-border, a company can access major global finance hubs and capital from a deep pool of investors around the world.
In addition, an IPO can help a company raise its profile with customers, suppliers and the media as well as providing it with an opportunity to improve internal systems and controls, and increase the general operating efficiency for the business to conform with the regulatory scheme for public companies.

This guide will provide you with: An overview of the key stages of the process, and an indicative timeline. A who’s who as regards the IPO deal team. Practical tips to help you achieve a successful IPO. Key considerations to bear in mind when choosing your listing venue. Key issues and listing requirements that should be considered when preparing for an IPO.

Through an initial public offering, listing either in its home jurisdiction or cross-border, a renewable energy company can access major global finance hubs and capital from a deep pool of investors around the world. An IPO can help a company raise its profile with customers, suppliers and the media, as well as providing it with an opportunity to improve internal systems and controls, and increase the general operating efficiency of the business as it prepares to comply with the relevant regulatory scheme for public companies.

Biotech and pharma companies undertaking capital raisings can approach the world’s capital markets in various ways. Through an initial public offering (IPO), listing either in its home jurisdiction or cross-border, biotech and pharma companies can access major global finance hubs and capital from a deep pool of investors around the world. An IPO can help a company raise its profile with customers, suppliers and the media, as well as providing it with an opportunity to improve internal systems and controls, and increase the general operating efficiency of the business as it prepares to comply with the relevant regulatory scheme for public companies.

Mining companies undertaking capital raisings can approach the world’s capital markets in various ways. Through an initial public offering, listing either in its home jurisdiction or cross-border, a mining company can access major global finance hubs and capital from a deep pool of investors around the world.
In addition, an IPO can help a mining company raise its profile with customers, suppliers and the media, as well as providing it with an opportunity to improve internal systems and controls, and increase the general operating efficiency for the business to conform with the regulatory scheme for public companies.

In July of 2017, Andrew Bailey, the chief executive of the UK Financial Conduct Authority (FCA), announced in a speech that after 2021 the FCA would no longer use its power to compel panel banks to submit rate information used to determine the London Interbank Offered Rate (LIBOR). Mr. Bailey encouraged the market to develop robust alternative reference rates to replace LIBOR.

The FCA recently published a consultation paper (CP21/24: Diversity and inclusion on company boards) setting out a number of proposals to enhance diversity-related reporting by certain listed companies. Proposals include creating new requirements in the Listing Rules for certain premium and standard listed companies to publish (in their annual report and accounts) a “comply or explain” statement on whether they have achieved proposed targets for gender and ethnic minority representation on their board, as well as preparing further numerical data on the gender and ethnic diversity composition of the company’s board, key board positions, and executive management team. The consultation will close on 20 October 2021, with the proposed rule changes expected to come into force for financial years starting on or after 1 January 2022.