Initial Public Offerings

This practice note considers when a prospectus is required under the Financial Services and Markets Act 2000, the available exemptions and also when a supplementary prospectus is required. It contains a table towards the end of the note setting out the prospectus requirements for certain corporate transactions including an IPO and various secondary share issues.

A practice note listing the recent deals published on What's Market.

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

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.

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

This note covers the stabilisation process, the statutory prohibitions against stabilisation, safe harbours and the FCA price stabilisation rules.

A practice note on the tax treatment of scrip dividends and dividend reinvestment plans (DRIPs).

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 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 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.

Steps which a company needs to consider when preparing for an initial public offering (IPO) and a listing pursuant to the UKLA Listing Rules.

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.

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 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 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.

A summary of the listing requirements and listing application process for a UK company seeking admission to the Official List by the UK Listing Authority and admission to trading by the London Stock Exchange and the prospectus obligations.

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

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 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.

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 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.

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.

A practice note on the tax treatment of dividends.

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.

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.