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Clifford Chance

Clifford Chance
Equity Capital Markets<br />

Equity Capital Markets

Cutting edge advice and execution on equity offerings

Widely acknowledged as the market leaders, our Equity Capital Markets practice has advised on some of the most high profile transactions and a number of market firsts. 

Our global team advises companies, shareholders and investment banks on the full spectrum of Equity Capital Markets and corporate finance transactions, including initial public offerings, client listings, placings, rights issues and other secondary capital offerings, block trades and global depositary receipt inssuances, as well as on high-profile M&A transactions involving a public equity component.  

How can we help you?

We are recognised as a global leader in equity capital markets for over 15 years and are therefore able to meet all of our clients requirements:

We are recognised as a global leader in equity capital markets for over 15 years and are therefore able to meet all of our clients requirements:

  • #1 for Equity Capital Markets – Chambers UK, Chambers Europe-wide, Chambers Asia-Pacific and Chambers Global, the Legal 500 and the IFLR1000.
  • We were ranked as the No.1 EMEA IPO Legal Adviser for companies in both deal count and aggregate deal volume (USD) in the 2023 Bloomberg Rankings.
  • US securities practice is “perhaps the strongest US group in the magic circle” (according to Chambers Global), which is essential for any offering involving US institutional investors.
  • We have more Tier 1 practices than any other law firm listed in Chambers Global (2024, 2023).

Unrivalled experience with market-firsts and award-winning transactions gives us full market visibility, enabling us to anticipate and address our clients' challenges.

 

Some examples of landmark ECM transactions across the UK and Europe include advising on:

  • the largest IPO in Europe in 2023, Hidroelectrica’s IPO.
  • the largest IPO in Europe in 2022 by market capitalization, Porsche AG’s IPO.
  • largest ever UK IPO (Glencore’s US$11 billion IPO).
  • the demerger and listing of Haleon in London and New York in 2022 (amongst the largest ever demergers in Europe).
  • Bridgepoint’s IPO in 2021 which was the first major listing by a UK private equity company in almost three decades
  • the three largest UK IPOs in 2020 (The Hut Group, China Pacific Insurance and Calisen) and the two largest UK IPOs in 2019 (Network International and Huatai Securities).
  • Advised on high-profile M&A transactions, including Harbour Energy's US$11.2 billion acquisition of Wintershall Dea assets and WestRock's US$11.2 billion merger with Smurfit Kappa. Also advised a sovereign wealth fund on a £500 million PIPE in a London-listed company and multiple private equity sellers and strategic investors on significant sales in the UK and EMEA.

As a leading full-service law firm, we assemble cross-border teams to deliver seamless, integrated global services.

  • As a top global law firm, we operate in key markets worldwide, ensuring we deliver top-tier expertise for any issue you face, anywhere.
  • Our international network boasts top domestic and international practices across Asia Pacific, Europe, the Americas, and the Middle East. Where we lack offices, we maintain strong ties with local legal counsel.
  • The strength of our global network is a key differentiator, and we consistently assemble cross-border teams to advise on listings and transactions involving major exchanges globally.

We cater to a wide range of capital market products and can provide tailor-made service for unique transactions

IPOs, demergers, and listings

-Listed Share IPOs, Depositary Receipts IPOs and Introductions on the Official List and AIM (in London and other global listing venues).

-M&A transactions with an equity element

-Demergers

-Complex fund listings

Secondary Capital Raises

-Secondary issuances of Listed Shares and Listed Depositary Receipts (in London and other global listing venues)

   -Rights issues.

   -Open offers.

   -Placing

   -Block Trades

   -Private Placements (including Private Investments in Public Equity (PIPEs))

Other Transactions

-Advice to UK FCA-regulated sponsor banks

-Share Buybacks

-General corporate advice for listed companies on continuing obligations

-Corporate Re-domicialisations

-Trading plans / Market Disposals

-Originating and executing Special Purpose Acquisition Company (SPAC) transactions

-Equity-linked / Debt for Equity Swap Transactions

-Tender and Exchange Offers

With extensive industry knowledge and experience, we've advised companies across diverse sectors, tackling issues in nearly every industry, including:

Technology, Media & Telecommunications

Financial Services

Infrastructure

Sports & Entertainment

Energy & Resources

Healthcare & Life Sciences

Industrials, Transport and Mobility

Private Equity

Consumer Goods & Retail

Real Estate

Insurance

IPO GUIDE: Your complimentary must-read guide for companies contemplating an initial public offering on the London Stock Exchange will shortly be live with its 2024 edition.

In our updated and now expanded IPO guide, we aim to give prospective issuers a one-stop source for the key information they need to know when contemplating an IPO. Our guide is your ultimate resource for essential insights, demystifying the IPO process and highlighting critical issues amidst the biggest UK market reforms in 40 years. Navigate your IPO journey with confidence and ease by utilising our market-leading ECM experience and deep industry knowledge.  

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Recent client highlights

Pioneer Swiss GDR listings under the expanded China-Europe Stock Connect scheme

Advising on three market-first global depositary receipts (GDRs) listings on the SIX Swiss Exchange by China-listed issuers as lead counsel. This follows the expansion of the original Shanghai-London Stock Connect scheme into China-Europe Stock Connect scheme to also encompass the Shenzhen Stock Exchange, SIX Swiss Exchange and German Stock Exchange. 

Find out more

Tianqi Lithium's US$2 billion IPO and Hong Kong Listing

Advising the joint sponsors Morgan Stanley, CICC and CMBI, and the joint global coordinators including BNP Paribas and Credit Suisse on Tianqi Lithium Corporation's US$2 billion (after greenshoe) initial public offering and listing on the mainboard of the Hong Kong Stock Exchange. This is the largest Hong Kong IPO for 2022 as of July.

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The first SPAC to list in London since the FCA's recent rule change

Advising Citigroup Global Markets as the sole global coordinator and bookrunner on the proposed IPO and London standard listing of Hambro Perks Acquisition Company Limited, a special purpose acquisition company ("SPAC"). The Company is the first SPAC to be launched on the London Stock Exchange with a structure reflecting the FCA's new SPAC rules which came into force on 10 August 2021, which were introduced following recommendations from Lord Hill’s UK Listings Review. Unconditional trading is expected to commence on 30 November 2021.

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Azelis EUR 1.8 billion IPO, the third largest IPO ever on Euronext Brussels

Advising Azelis, a leading global innovation service provider for the specialty chemicals and food ingredients industry, and its majority shareholder EQT, on Azelis's initial public offering and the listing of its shares on Euronext Brussels.

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recruitment-london-capital-markets

FCA publishes discussion paper on UK listing regime reforms

The FCA published a discussion paper (DP 22/2) seeking views on replacing the existing Premium and Standard listing segments with a proposed regime for a single listing segment for equity shares in commercial companies.

Download paper

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