The Foresight Group is an award-winning infrastructure asset and private equity investment manager that specialises in providing investment opportunities in difficult-to-access private markets to both institutional and retail investors using ESG-oriented strategies.
The IPO consisted of an offering of 8,333,333 new shares at a price of 420 pence per share, raising estimated net proceeds for the Company of £35 million. In addition, certain existing shareholders of the Company sold 45,712,987 shares at a price of 420 pence per share, raising estimated net proceeds, in aggregate, for the selling shareholders of £191 million. The IPO resulted in the Company having an initial market capitalisation of £455 million.
The Company's issued share capital has been admitted to (i) the premium listing segment of the Official List of the Financial Conduct Authority and (ii) to trading on the main market for listed securities of London Stock Exchange plc.
The deal represents the latest in a series of high profile IPOs in the London ECM market, with Ashurst having acted on four Main Market IPOs in the past six months. The Ashurst team was led by corporate partners Simon Bullock and Stuart Rubin, with support from senior associates Rodrigo Romero Hidalgo and Maria McAlister, and associates Louise Johnson, Jarvis Yau and Yoana Georgieva. Incentives senior consultant Nicholas Stretch and senior associate Rebecca Servian advised, as did tax partner Nicholas Gardner and associates Shayaan Zaraq Bari and Becky Hart. Partners Jake Green and Bradley Rice advised on financial regulatory aspects with support from associate Henry Glasford. Digital economy senior associate Richard Holmes and associate Julia Bell, competition partner Neil Cuninghame and associate Natasha Gromof, pensions counsel John Gordon and associate Ela Olejnik, and IP counsel Don McCombie and associate Hannah Rumble also advised.
Partner Simon Bullock commented: "We are delighted to have acted as underwriters' counsel in connection with this successful 'green' IPO and we congratulate the entire team at Foresight on its landmark achievement."
