Ashurst advises Peel Hunt Limited on IPO
30 September 2021
30 September 2021
Peel Hunt is a leading UK mid and small-cap specialist investment bank with more than 30 years of unbroken profitability and a consistent track record of investment and growth across its business.
The IPO consisted of an offering of new and existing shares by way of a placing, an intermediaries offer using Peel Hunt's REX technology portal and an employee offer. The intermediaries offer and employee offer were limited to €8 million. The shares were offered at a price of 228 pence per share, raising net proceeds for the Company of approximately £36.0 million and for selling shareholders of approximately £69.3 million, and resulting in the Company having an initial market capitalisation of £280 million. The IPO is expected to, among other things, provide capital to continue Peel Hunt's growth, provide a market for the Company to raise capital and shareholders to obtain liquidity and raise Peel Hunt's profile.
The Ashurst team was led by partner and head of ECM Nicholas Holmes, with support from senior associate Louise Chan and associate Alexandra Brogan. Partners Bruce Hanton, Jeffrey Johnson, Tim Cant, Nicholas Gardner, Sharon Kim, Christopher Bates, David Futter, Crowley Woodford and Li Jiang also advised, together with senior consultant Nicholas Stretch; counsels Don McCombie and David Razzell; senior associates Jamie Jefferson Ng, Rebecca Servian, Neil Thomas, Liz Parkin, Rodrigo Romero Hidalgo; associates Demi Pham, Henry Glasford, Martin Voelker, Julia Bell, Emily McCracken, David Pemberton, Kate Mullan, Aimi Gold and Emily Bodger; and solicitor apprentice Sophie Hensher.
Peel Hunt LLP acted as Joint Global Co-ordinator, Joint Bookrunner and Intermediaries Offer Adviser, Stifel Nicolaus Europe Limited (trading as Keefe, Bruyette & Woods) acted as Joint Global Co-ordinator, Joint Bookrunner and Corporate Broker, and Evercore Partners International LLP as Financial Adviser. Grant Thornton UK LLP is acting as Nominated Adviser.
"We were delighted to represent Peel Hunt on their IPO. This is the eighth London IPO for our team in the past 12 months with more to follow, and the pipeline continues to look very strong," Nicholas Holmes said.