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 our equity capital markets experts are able to offer insightful and tailored legal advice coupled with efficient project management.
Our recent experience
CAB Payments
On its GBP850m IPO on the London Stock Exchange.
Porsche
Advised Norges Bank Investment Management as cornerstone investor in the EUR9.9bn IPO of Porsche on the Frankfurt Stock Exchange.
Adnoc Logistics & Services
On its USD769m IPO on the Abu Dhabi Securities Exchange (underwriters’ counsel).
Air France
KLMon its EUR2.256bn rights issue of Air-France KLM (bank syndicate counsel).
Azelis
On its EUR1.8bn IPO on Euronext Brussels (underwriters’ counsel).
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.
Emperador Inc
Advised Emperador Inc on its secondary listing by way of introduction on the Mainboard of the Singapore Exchange Securities Trading Limited. Emperador had an estimated market capitalisation on the PSE of approximately SGD6.8bn on the day prior to its secondary listing on the SGX-ST and is the first PSE-primary listed company to conduct a secondary listing on the SGX-ST Mainboard.
Thai Life Insurance Public Company Limited (TLI)
Advised Thai Life Insurance Public Company Limited on the THB37.1bn (USD1.01bn) IPO of shares listed on the Stock Exchange of Thailand. The IPO represented the largest equity capital markets deal in Southeast Asia during calendar year 2022, according to data from Refinitiv.
NKT
On the US and other international aspects of its successful DKK2.74bn (c. USD400m) rights issue.
TUI AG
On numerous equity transactions over recent years, including most recently its EUR1.8bn rights issue.
CSL Limited
Advising CSL Limited on the AUD6.3bn placement and share purchase plan, the largest primary issuance by an Australian company ever and the largest equity capital markets deal in over 20 years.
Découvrir nos spécialisations
News and insights
News: 18 March 2024
Le private equity à l’heure de l’ESG
Fin 2023, le club BACI (Banque d’affaires & capital-investissement) organisait une table ronde dans les locaux parisiens d’HEC Alumni, où sont intervenus deux spécialistes d’Allen & Overy : Thomas…
News: 15 February 2024
Allen & Overy a conseillé le syndicat bancaire, comprenant notamment Citigroup Global Markets Europe AG et HSBC Continental Europe en qualité de Coordinateurs Globaux et Teneurs de Livres Associés,…
News: 12 February 2024
Allen & Overy a conseillé le syndicat bancaire, comprenant notamment Barclays et Natixis en qualité de Coordinateurs Globaux et Teneurs de Livres Associés, dans le cadre d’une nouvelle émission…
Distinction
A&O are rightly at the top table in terms of ECM advice. Extensive experience, depth of practice and the quality of the individuals mean that they deliver robust, actionable advice across EMEA and on US market access.
Legal 500 UK 2024
One of Allen & Overy’s most relevant strengths is the extraordinary coordination between the partners and lawyers across multiple jurisdictions, always bringing its top experts, wherever they are located, contributing as one for the benefit of the client and the project. The firm’s service levels always exceed its mandate, delivering the most efficient and effective solutions in a timely manner.
Chambers Europe 2023 (Equity Capital Markets)
An interviewee appreciates the firm's “wide experience of many different types of transaction in our business. They have the breadth of experience to advise on new transactions. They see many different types of deals, so they are completely up to speed with the latest developments
Chambers Asia Pacific 2022 (Capital Markets)
Magic circle heavyweight Allen & Overy maintains a long-standing capital markets practice in the Middle East which has cemented its position as a market leader.
Chambers Global 2023: Middle East (Capital Markets)
Awards
- Equity Deal of the Year (Porsche IPO), IFLR Europe Awards 2023
- Ranked Band 1 for Capital Markets, Chambers UK, Europe, Asia Pacific and Global
- Debt and Equity-Linked Team of the Year, IFLR Asia-Pacific Awards 2022
- Capital Markets Legal Adviser of the Year, Capital Markets & ESG Finance Saudi Arabia Awards 2023
- Best Equity Deal: Bukalapak IPO, FinanceAsia Achievement Awards 2021
- International IPO/Equity Capital Markets Deal of the Year, Americana Restaurants International PLC: SAR 6.77bn Abu Dhabi/Saudi Arabia Dual-Listed Initial Public Offering, Capital Markets & ESG Finance Saudi Arabia Awards 2023
- Equity Market Deal of the Year (PEXA IPO), Australasian Law Awards 2022
- 1st Global Debt, Equity & Equity-related Ex FCA: Issuer by volume, Refinitiv, Q4 2022