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Equity Capital Markets

Our top tier international equity capital markets team, present in every key financial centre and stock exchange, has unrivalled experience advising issuers and underwriters on equity transactions. We are known for advising on the largest and most complex transactions in the market.

Our advice covers the full range of equity financing structures including initial public offerings (IPOs), rights issues, secondary offerings, equity bridge financing, private placements and reverse takeovers.

Deeply embedded within our ECM practice is a fully integrated U.S. offering. Our U.S. corporate finance lawyers advise on all aspects of U.S. securities law including SEC-registered offerings, Rule 144A and Regulation S offerings, American and Global Depositary receipts offerings, high-yield offerings, convertible bonds and equity warrants.

Not only are we renowned for being world-class transactional lawyers, we foster deep and trusting relationships with our clients, from early stages of growth, to listing and beyond, throughout life as a publicly listed company.

Our experience and knowledge means we are able to offer insightful and tailored legal advice coupled with efficient project management.

Our recent experience

Initial public offerings (IPOs)

Allen & Overy has extensive experience in advising issuers and underwriters on the largest and most complex IPOs in the market.

Recent experience
Recent experience

Allegro.eu

Advising the underwriters on the EUR2.3bn IPO of Allegro.eu on the Warsaw Stock Exchange. Largest ever IPO in Poland. 

JDE Peet’s

Advising JDE Peet's as company and JAB as majority selling shareholder on the EUR2.5bn IPO of JDE Peet’s on Euronext Amsterdam. Winner of Equity Deal of the Year at the IFLR Europe Awards.

Azelis

Advising the underwriters on the IPO of Azelis, a leading innovation service provider in the specialty chemicals and food ingredients industry, on Euronext Brussels. Largest IPO in Belgium in 14 years.

Monde Nissin Corporation

Advising Monde Nissin Corporation on its USD1bn IPO of shares listed on the Philippine Stock Exchange. At the time of listing in 2021, this transaction was the largest IPO on the PSE and one of the largest food and beverage (F&B) IPOs in Southeast Asia.

Yahsat

Advising Al Yah Satellite Communications Company (Yahsat) on its IPO and listing on the Abu Dhabi Securities Exchange.

Moonpig

Advising Exponent Private Equity and its portfolio company, Moonpig, on the demerger of Moonpig from another Exponent portfolio company, Photobox Group, and the subsequent GBP1bn IPO of Moonpig.

Oatly

Advising Nativus, a joint venture formed by Verlinvest and a leading Chinese state-owned enterprise, as the majority shareholder in Oatly Group, on Oatly’s USD10bn initial public offering on the Nasdaq.

TIDLOR

Advising the financial advisor and underwriters on the THB33.1bn (USD1.1 bn) initial public offering and listing of Ngern Tid Lor Public Company Limited (TIDLOR) on the Stock Exchange of Thailand.

PEXA

Advising PEXA, the operator of Australia’s leading property settlement platform, on its AUD1.174bn IPO as part of PEXA’s dual-track IPO and trade sale process.

NXFiltration

Advising NX Filtration on its EUR190m IPO on Amsterdam Euronext. This is the first dark-green labelled IPO as rated by Cicero, the leading ESG rating agency.

Ebusco

Advising Ebusco, a developer of zero emission buses and charging systems, on its EUR300m IPO on Amsterdam Euronext. Ebusco is one of the fastest growing sustainable transport companies in Europe. 

Equity fundraising

We advise on the full range of equity financing structures, including rights issues, secondary (or “follow-on”) offerings, equity bridge financing and private placements.

Recent experience
Recent experience

TUI AG (TUI)

Advising TUI on its capital increase via a rights offering of around EUR1.1bn.   

Rolls Royce

Advising the underwriters on Rolls Royce’s GBP2bn rights issue. 

Energais de Portugal (EDP)

Advising the underwriters on the EUR1.02bn rights issue by EDP to part fund its acquisition of a majority interest in Viesgo, a Spanish electricity company. 

Marks & Spencer (M&S)

Advising M&S on its over GBP600m rights issue, to part fund its GBP750m 50/50 joint venture with Ocado Group. 

Network International

Advising Network International, a leading payments processor in the Middle East, on its GBP205m equity raise in connection with its acquisition of DPO Group. 

China Gas

Advising HKEX-listed China Gas on its HKD11bn top-up placement of shares. 

Cathay Pacific

Advising a group of financial institutions as underwriters in HKEX-listed Cathay Pacific’s rights issue as part of its HKD39bn recapitalisation plan.

Special purpose acquisition companies (SPACs)

Our team have experience advising on SPAC IPOs and business combinations in the U.S., Europe and beyond. We also regularly assist sponsors, investors and companies entering into a business combination with a SPAC.

Recent experience
Recent experience

SPAC IPOs

We have advised on numerous SPAC IPOs and business combinations (de-SPACs) across the U.S., Europe and beyond. Recent highlights include advising on the first SPAC IPO on Euronext Amsterdam, for Dutch Star Companies I, and SPAC IPOs for Climate Transition Capital Acquisition I B.V. (CTAC1), European FinTech IPO Company 1 (EFIC1), ESG Core Investments and Disruptive Capital Acquisition Company. 

Business combinations

We have advised on a number of “de-SPAC” transactions, including advising Babylon on its USD4.2bn merger with SPAC Alkuri Global, Dutch Star Companies I on its business combination with CM.com and the listing of the combined business on Euronext Amsterdam, and de-SPAC deals for RPC Tyche and Apollo Global Management. 

Allegro.eu

Advising the underwriters on the EUR2.3bn IPO of Allegro.eu on the Warsaw Stock Exchange. Largest ever IPO in Poland. 

JDE Peet’s

Advising JDE Peet's as company and JAB as majority selling shareholder on the EUR2.5bn IPO of JDE Peet’s on Euronext Amsterdam. Winner of Equity Deal of the Year at the IFLR Europe Awards.

Azelis

Advising the underwriters on the IPO of Azelis, a leading innovation service provider in the specialty chemicals and food ingredients industry, on Euronext Brussels. Largest IPO in Belgium in 14 years.

Monde Nissin Corporation

Advising Monde Nissin Corporation on its USD1bn IPO of shares listed on the Philippine Stock Exchange. At the time of listing in 2021, this transaction was the largest IPO on the PSE and one of the largest food and beverage (F&B) IPOs in Southeast Asia.

Yahsat

Advising Al Yah Satellite Communications Company (Yahsat) on its IPO and listing on the Abu Dhabi Securities Exchange.

Moonpig

Advising Exponent Private Equity and its portfolio company, Moonpig, on the demerger of Moonpig from another Exponent portfolio company, Photobox Group, and the subsequent GBP1bn IPO of Moonpig.

Oatly

Advising Nativus, a joint venture formed by Verlinvest and a leading Chinese state-owned enterprise, as the majority shareholder in Oatly Group, on Oatly’s USD10bn initial public offering on the Nasdaq.

TIDLOR

Advising the financial advisor and underwriters on the THB33.1bn (USD1.1 bn) initial public offering and listing of Ngern Tid Lor Public Company Limited (TIDLOR) on the Stock Exchange of Thailand.

PEXA

Advising PEXA, the operator of Australia’s leading property settlement platform, on its AUD1.174bn IPO as part of PEXA’s dual-track IPO and trade sale process.

NXFiltration

Advising NX Filtration on its EUR190m IPO on Amsterdam Euronext. This is the first dark-green labelled IPO as rated by Cicero, the leading ESG rating agency.

Ebusco

Advising Ebusco, a developer of zero emission buses and charging systems, on its EUR300m IPO on Amsterdam Euronext. Ebusco is one of the fastest growing sustainable transport companies in Europe. 

TUI AG (TUI)

Advising TUI on its capital increase via a rights offering of around EUR1.1bn.   

Rolls Royce

Advising the underwriters on Rolls Royce’s GBP2bn rights issue. 

Energais de Portugal (EDP)

Advising the underwriters on the EUR1.02bn rights issue by EDP to part fund its acquisition of a majority interest in Viesgo, a Spanish electricity company. 

Marks & Spencer (M&S)

Advising M&S on its over GBP600m rights issue, to part fund its GBP750m 50/50 joint venture with Ocado Group. 

Network International

Advising Network International, a leading payments processor in the Middle East, on its GBP205m equity raise in connection with its acquisition of DPO Group. 

China Gas

Advising HKEX-listed China Gas on its HKD11bn top-up placement of shares. 

Cathay Pacific

Advising a group of financial institutions as underwriters in HKEX-listed Cathay Pacific’s rights issue as part of its HKD39bn recapitalisation plan.

SPAC IPOs

We have advised on numerous SPAC IPOs and business combinations (de-SPACs) across the U.S., Europe and beyond. Recent highlights include advising on the first SPAC IPO on Euronext Amsterdam, for Dutch Star Companies I, and SPAC IPOs for Climate Transition Capital Acquisition I B.V. (CTAC1), European FinTech IPO Company 1 (EFIC1), ESG Core Investments and Disruptive Capital Acquisition Company. 

Business combinations

We have advised on a number of “de-SPAC” transactions, including advising Babylon on its USD4.2bn merger with SPAC Alkuri Global, Dutch Star Companies I on its business combination with CM.com and the listing of the combined business on Euronext Amsterdam, and de-SPAC deals for RPC Tyche and Apollo Global Management. 

News and insights

Red and grey shapes

News: 30 April 2021

A&O wins a host of awards including International Law Firm of the Year at IFLR Europe Awards 2021

Allen & Overy has picked up a total of 11 awards at the 2021 International Financial Law Review (IFLR) Europe Awards 2021, including the prestigious prize for International Law Firm of the Year.  

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LCD screen showing a linear graph

Article: 16 October 2020

Equity capital markets in 2020: gaining momentum

After a soft start to the year in EMEA, we saw a large number of accelerated equity capital market raises, particularly from UK listed companies, and which over the summer transitioned into a number…

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carbon in the automotive sector

News: 16 September 2022

Allen & Overy advises SGL Carbon on EUR 101.9 million convertible bonds issue and repurchase of existing convertible bonds

Allen & Overy has advised SGL Carbon SE (the Issuer), a global leading manufacturer of carbon based products and materials based in Wiesbaden on issuing unsubordinated unsecured bonds convertible into…

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image of a bank

News: 09 September 2022

Allen & Overy advises Oesterreichische Kontrollbank on USD1.0bn notes issue

Allen & Overy has advised Oesterreichische Kontrollbank on legal aspects of its issue of USD1.0 billion 3.625% guaranteed global notes due 2027. The notes are guaranteed by the Republic of Austria and…

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Recognition

Awards

  • Equity Deal of the Year, JDE Peets’ IPO, IFLR Europe Awards 2021
  • Ranked Tier 1 for Capital Markets, Chambers UK, Europe, Asia Pacific and Global
  • 1st Global Debt, Equity and Equity-linked, Refinitiv Q3 2021