In our sixteenth edition of the UK ECM update, we discuss equity capital market performance in H1 2024, which has shown a notable resurgence, with IPO activity increasing across markets and global equities trading at record highs. We also consider the UK’s Listing Rule reforms which form part of a broader package of reforms designed to bolster London’s competitiveness.

The Listing Rule reforms mark the most significant event to date in the package of regulatory reforms coming to London and represent the biggest overhaul of London’s listing regime in over 30 years. We will explore the implications of the Listing Rule reforms for companies considering IPO and the effects on already listed businesses.
We are also delighted to present an exclusive interview with James Deal, co-founder and Head of UK at PrimaryBid, which discusses the increasing importance of retail investment on IPO.

Other topics include:

• an update on the market and increased ECM activity in H1 2024
• an overview of the key features of the proposed Private Intermittent Securities & Capital Exchange System (PISCES), which aims to enable private companies periodic access to a regulated market to provide secondary liquidity for its shareholders
• we highlight the common hurdles faced by companies in their preparation for an IPO, leveraging insights from our IPO Scanner.
  

We hope you enjoy reading this sixteenth edition of the Deloitte ECM update.
 

About Deloitte ECM
 

Our dedicated team of over 150 ECM professionals provide specialist expertise across the lifecycle of an IPO, SPAC transaction, M&A transaction, or equity fundraising. We have had a role in over 50% of London Main Market transactions in recent years, helping businesses maximise shareholder and stakeholder value, and navigate each stage of the process of raising equity capital in London.

In addition to London, our team has executed transactions on twenty-four different international exchanges in the last five years; notably the United States for which we have dedicated SEC expertise.

Our core services include:

• Readiness assessment
• Reporting accountant
• ECM assist
• Transaction management office
• Structuring