Initial Public Offerings

An introduction to the CREST electronic settlement system and to the holding of shares in CREST.

This note outlines the key differences between the eligibility requirements for, and the continuing obligations of, commercial companies with a premium listing of equity shares and those with a standard listing of shares.

A practice note on the tax treatment of dividends.

Engagement letters are used by accountants, investment banks and other advisers to limit their liability when giving advice. This note deals with the issues that arise when limiting liability and summarises the provisions most commonly found in engagement letters.

This note is a general summary of the anti-avoidance rules applying for the purposes of UK income tax and the situations in which one person may be liable for income tax primarily chargeable to another person. It also provides links to notes describing other aspects of the UK income tax rules, such as how income is taxed and exemptions from income tax.

This note is a general summary of exemptions and relief from UK income tax. It also provides links to notes describing other aspects of the UK income tax rules, such as how income is calculated for income tax purposes and how income is taxed.

This note is a general summary of how losses may be used under the UK income tax rules. It also provides links to notes describing other aspects of the UK income tax rules, such as how income is taxed and exemptions from income tax.

An overview of intention to float announcements (ITFs) that outlines the key content of an ITF and the factors that may determine whether and when an ITF is published. The note also considers the main legal considerations that arise when publishing an ITF and practical steps to be taken to address these considerations. This note is relevant in the context of an IPO on the Main Market of the London Stock Exchange (including offerings that are concurrently extended into the US under Rule 144A of the US Securities Act of 1933, or sold outside the US pursuant to Regulation S under the Securities Act). The authors wish to thank Peter King, Partner at Weil, Gotshal & Manges, and Peter Castellon, Partner at Proskauer, for their assistance.

This note provides access to know-how relating to Chapter 10 of the Listing Rules (LR 10), giving links to the relevant provisions of the Listing Rules and a summary of, and links to, know-how that may assist with the interpretation and understanding of those provisions.

This note provides access to know-how relating to Chapter 15 of the Listing Rules (LR 15), giving links to the relevant provisions of the Listing Rules and a summary of, and links to, know-how that may assist with the interpretation and understanding of those provisions.

This note provides access to know-how relating to Chapter 6 of the Listing Rules (LR 6), giving links to the relevant provisions of the Listing Rules and a summary of, and links to, know-how that may assist with the interpretation and understanding of those provisions.

This note provides access to know-how relating to Chapter 9 of the Listing Rules (LR 9), giving links to the relevant provisions of the Listing Rules and a summary of, and links to, know-how that may assist with the interpretation and understanding of those provisions.

Practice note setting out the options for non-UK companies considering listing equity securities in the UK.

A description of the marketing involved in an initial public offering (IPO).

This note provides access to know-how relating to Chapter 2 of the Prospectus Rules, giving links to the underlying rules and a summary of and links to know-how which may assist with the interpretation and understanding of those rules.

This note provides access to know-how relating to Chapter 4 of the Prospectus Rules, giving links to the underlying rules and a summary of and links to know-how which may assist with the interpretation and understanding of those rules.

This note provides access to know-how relating to Annexes I to III, X and XXII of the Prospectus Regulation, as set out in Appendix 3 of the Prospectus Rules, giving links to the Appendix and a summary of and links to know-how which may assist with the interpretation and understanding of the relevant provisions.

This note sets out the procedure for a private limited company to re-register as a public limited company under the Companies Act 2006.

An issue of shares may be structured in a number of ways. This note outlines the different structures and then considers the main tax issues by reference to each of the relevant taxes: corporation tax, capital gains tax, income tax, value added tax, stamp duty and stamp duty reserve tax.

Factors to be considered when structuring an initial public offering (IPO).

A document tracking the development of certain notable pieces of proposed new legislation relating to corporate taxation.

A summary of the process to be followed by an issuer that wishes to move its shares to the Main Market from AIM and the key differences in eligibility requirements and ongoing obligations between the two markets.

An overview of underwriting and bookbuilding in connection with an initial public offering (IPO).

A summary of the UK and other main markets available for a company when launching an IPO.

This Practice Note discusses key considerations for a company choosing a stock exchange internationally for an initial public offering. The Note discusses general considerations for a company choosing a listing venue, as well as key advantages and challenges of listing on the New York Stock Exchange (NYSE), The NASDAQ Stock Market, the Main Market of the London Stock Exchange (LSE) and the Main Market of the Stock Exchange of Hong Kong (HKSE). It also considers the potential impact the Jumpstart Our Business Startups Act (JOBS Act) may have on listings on US exchanges.