Industry News

Stitch Fix Prepares an I.P.O. in the Shadow of Amazon

Stitch Fix is an increasingly rare kind of start-up pursuing a public listing, because it has shown it can turn a profit.
At that price, Stitch Fix raised about $120 million and was valued at about $1.5 billion.
Customers then receive five items via mail, shipping back articles they do not want free of charge.
Should a customer keep everything in a box — a “fix,” in the company’s jargon — they receive a 25 percent discount.
“I founded Stitch Fix to take on a very human problem: How do I find clothes I love?” Ms. Lake wrote in a letter to potential investors that is included in the company’s I.P.O.
Before its offering, the company raised only $42.5 million and kept its valuation relatively low, which would allow early backers to receive a bigger return on their investments should the company’s total value increase once it is publicly traded.
In its most recent fiscal year, which ended July 29, it collected $977.1 million in sales, surpassing last year’s $730.3 million.
Crew, which has struggled to adapt to online selling, is among retailers for which a Chapter 11 filing is a distinct possibility.
(Benchmark invested in the company at a $300 million valuation three years ago.)
“Stitch Fix is not better stores, it’s not better e-commerce, it’s a better way,” Ms. Lake asserted in her letter to potential investors.

In another enterprise tech IPO, SendGrid sees shares rise 13%

Cloud communications platform provider SendGrid Inc., best known for its email distribution services, saw its shares rise in early trading by 16 percent from their initial offering price as the company sold shares publicly for the first time today.
The stock ended the day at an even $18 a share, up almost 13 percent.
That was above its expected range of $13.50 to $15.50 a share.
The offering and the rise in the stock price are yet another sign of investors’ growing appetite for business-oriented tech IPOs.
Earlier in the year, MuleSoft Inc.’s shares popped 44 percent the first day.
So far, 2017 has been a relatively healthy year for IPOs after a much-publicized IPO drought last year.
But others believe that this activity is a sure sign that the market is experiencing a bubble that is bound to burst.
As for SendGrid, Will Conway, chief executive officer at Mailgun Inc., told SiliconANGLE that its float of demonstrates how email is “still the most trusted form of business communication,” which is why it continues to grow despite the popularity of in-app messaging and SMS.
SparkPost Inc. CEO Phillip Merrick was also positive on the float despite, or perhaps because, SendGrid is a competitor, wishing SendGrid CEO Sameer Dholakia (pictured) and his team well.
“Software touches every part of our lives — from enterprise work apps, to social networks, to buying a home or finding a job,” he said.

Wagners initial public offering priced at top of range

ASX aspirant Wagners has priced its initial public offering at the top of the range, sources told Street Talk on Friday night.
The Toowoomba-based building products company had been seeking to raise $192.3 million to $196.8 million at $2.63 to $2.71 a share, or 18.4 to 18.9-times forecast profit.
The $2.71 final price means the company will list with a $437.4 million market capitalisation and $497.6 million enterprise value on December 12.
Fund managers had been asked to bid for new shares at a bookbuild on November 17, prior to a prospectus being lodged with the corporate regulator.
Wagners is a manufacturer of cement, concrete and other composite building materials.
The company had 532 full-time employees as at October 1.
It expects $231.8 million revenue in the 2018 financial year, on a proforma basis, $50 million earnings before interest, tax, depreciation and amortisation, and $23.2 million profit.
Credit Suisse and Morgans oversaw the offer as joint lead managers.
McCullogh Robertson Lawyers is legal adviser.

The myth of the hot IPO: Why investors need to be wary of initial public offerings

The typical IPO underperformed the S&P TSX Composite Index with remarkable consistency, lagging the index in eight of the last 10 years, such that the typical IPO buyer incurred a loss of 3.5 per cent per year, whereas the TSX earned 9 per cent in a typical year.
Unlike other trades where existing public shareholders sell their shares in exchange for money from a new buyer, an IPO is either a treasury or a secondary offering.
In a treasury offering, typically the company is raising money to fund growth plans and the new investor buys shares directly from the company.
With a secondary offering, the company does not raise any money, but lists its shares on an exchange and the new investor buys shares from an existing shareholder — quite often the founders of the company, or occasionally from earlier stage investors like private equity or venture capital firms.
In both cases, the company’s executive team and board of directors will have hired one or more investment banks to manage the IPO.
Selling shareholders will always prefer a higher valuation and a higher IPO price for this very reason.
Investment banks also compete aggressively amongst themselves to win an IPO mandate, since the fees can be very lucrative for a large IPO.
The question IPO investors ought to ask themselves is: “If the expert insiders think now is such an opportune time to sell, what is it that I know that they don’t that makes me so confident now is an opportune time to buy?” Once issued, a new IPO undergoes a seasoning period in the public markets.
Selling shareholders and key executives typically covenant not to sell any further shares for a certain period of time — usually three, six, or 12 months after an IPO.
Investment bankers managing the IPO are supposed to treat all investors fairly.

Victory Capital Corp. announces completion of initial public offering

TORONTO, Nov. 14, 2017 /CNW/ – Victory Capital Corp. (“Victory”) (TSXV:VIC.P), a capital pool company, is pleased to announce that it completed its initial public offering by issuing 3,888,750 common shares at a price of $0.20 per share, for gross proceeds of $777,750.
It is expected that the common shares of Victory will be listed and posted for trading on the TSX Venture Exchange (the “Exchange”) under the trading symbol “VIC.P” in the near future and Victory will provide an update to the market once a definitive trading date has been set by the Exchange.
Gravitas Securities Inc. (“Gravitas”) acted as agent for the initial public offering along with other selling group members.
In connection with the offering, Victory granted Gravitas agent’s warrants (the “Agent’s Warrants”) to acquire 388,875 common shares at a price of $0.20 per share and paid Gravitas a commission of $77,775, representing 10% of the gross proceeds of the offering (the “Commission”).
The Agent’s Warrants may be exercised for a period of 24 months from the date of listing of the common shares on the Exchange.
Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements.
Although Victory believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct.
Except as required by law, Victory disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.This press release does not constitute and the subject matter hereof is not, an offer for sale or a solicitation of an offer to buy, in the United States or to any “U.S Person” (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the “1933 Act”)) of any equity or other securities of Victory.
The securities of Victory have not been registered under the 1933 Act and may not be offered or sold in the United States (or to a U.S.

Metropolitan Bank Holding Corp. Announces Completion of Initial Public Offering of Common Stock

NEW YORK–(BUSINESS WIRE)–Metropolitan Bank Holding Corp. (NYSE:MCB) (“Metropolitan”) today announced that it has completed its initial public offering of 3,565,000 shares of its common stock, par value $0.01 per share, at a public offering price of $35.00 per share, which included the exercise of the underwriters’ option to purchase an additional 465,000 shares of Metropolitan common stock.
The offering resulted in gross proceeds to Metropolitan of approximately $124.8 million.
The net proceeds to Metropolitan, after deducting the underwriting discount and estimated offering expenses, are approximately $115.0 million.
The underwriters were represented by Davis Polk & Wardwell LLP.
About Metropolitan Bank Holding Corp. Metropolitan Bank Holding Corp. is the holding company for Metropolitan Commercial Bank®, The Entrepreneurial Bank.
Cautionary Note Regarding Forward-Looking Statements This press release includes “forward-looking statements,” including with respect to the initial public offering.
Forward-looking statements are subject to many risks and uncertainties, including, but not limited to: changes in business plans as circumstances warrant; changes in general economic, business and political conditions, including changes in the financial markets; and other risks detailed in the “Cautionary Note Regarding Forward-Looking Statements,” “Risk Factors” and other sections of the registration statement filed with the SEC.
Potential investors should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements.
Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “might,” “should,” “could,” “predict,” “potential,” “believe,” “expect,” “attribute,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “goal,” “target,” “outlook,” “aim,” “would,” “annualized” and “outlook,” or similar terminology.
Any forward-looking statements presented herein are made only as of the date of this press release, and Metropolitan Bank Holding Corp. does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as may be required by law.

Carlyle explores sale or IPO of Ortho-Clinical Diagnostics: Sources

Private equity firm Carlyle Group is exploring a sale or initial public offering of Ortho-Clinical Diagnostics Inc, a U.S. diagnostics company that could be valued at more than $7 billion, including debt, people familiar with the matter said.
A divestment of Ortho-Clinical Diagnostics, which Carlyle acquired from Johnson & Johnson in 2014 for $4 billion, would show how buyout firms can turn unloved businesses of major corporations into lucrative investments within a few years.
Carlyle has hired investment banks to run a sale process for Ortho-Clinical, the sources said this week.
Carlyle may also pursue an IPO of the company if the offers it receives do not meet valuation expectations, the sources added.
The sources asked not to be identified because the deliberations are confidential.
Carlyle declined to comment.
Ortho-Clinical Diagnostics did not respond to a request for comment.
Headquartered in Raritan, New Jersey, Ortho-Clinical produces in-vitro diagnostics equipment and associated assays and reagents.
It generates about $1.7 billion in annual revenue and employs about 4,300 people worldwide, according to its website.
In April, Carlyle agreed to sell down part of its 60 percent stake in U.S. clinical trials firm Pharmaceutical Product Development LLC at a $9.05 billion corporate valuation.

Momentive launches initial public offering

After a few rocky years, Momentive Performance Materials has launched an initial public offering of stock set to raise more than $350 million for itself and major shareholders.
The silicone maker’s shares will soon start trading on the New York Stock Exchange under the ticker symbol MPMH.
It had sales of $2.2 billion in 2016 but generated an operating loss of $23 million.
The company’s NXT silanes, which are used with silica fillers in fuel-efficient tires, are part of this business.
Silicones make up another quarter of Momentive’s sales.
This unit manufacturers GE-branded sealants and caulks.
The company was General Electric’s silicones business until Apollo purchased it in 2006 for $3.2 billion.
Unable to keep up with its large debt burden, Momentive Performance Materials entered bankruptcy brieflyin 2014.
CEO John G. Boss, however, contends that Momentive’s fortunes are turning around.
The firm just wrapped up a restructuring program that is set to save $48 million annually.

Hong Kong’s hottest IPO in 10 years just turned supernova

China Literature, the country’s largest online publishing and e-book website, has priced its initial public offering at the top end of a price range, as investors overbought its shares by more than 600 times in the hope of getting in early on what could turn into another internet star like its parent Tencent Holdings.
China Literature’s shares will begin trading in Hong Kong for the first time on Wednesday at HK$55 each, which prices its offer at HK$8.3 billion (US$1.06 billion), making it the city’s second-biggest stock sale by an internet company this year.
It means the IPO has locked in investor capital of more than HK$520 billion, the second largest in Hong Kong IPO history, after China Railway Construction’s HK$535 billion in 2008.
ZhongAn’s shares soared as much as 57 per cent within six days of its September 27 debut, easing 0.5 per cent on Tuesday to HK$76.45.
Jack Ma’s Ant Financial is among the biggest shareholders of the company.
Cheung said Hong Kong’s IPO market has heated up since ZhongAn Online’s share offering attracted good investor interest at the end of September.
The company had planned to allocate 10 per cent of its global offering to the public in Hong Kong, or 15.14 million shares.
Wu Wenhui, co-chief executive officer for China Literature, said earlier this year that one of the company’s future focuses will be developing film, television, games, and other entertainment products based on its IP.
The company owns IP rights to a number of popular online novels in China, including fantasies Ghost Blows Out the Light series and the Grave Robbers’ Chronicles, which have already been adapted for film and television several times.
Yixin Group, China’s largest car retailing platform, also launched its IPO in Hong Kong on Monday, seeking to raise as much as HK$6.77 billion in what could be the third-largest internet business IPO in the city this year.

Billionaire Olayan Family Said to Put Saudi IPO Plan on Hold

Share sale was said to have been planned for as soon as 2018 Kingdom to privatize hundreds of assets as part of reform The Olayan family, which runs one of Saudi Arabia’s biggest conglomerates, is putting plans to sell shares in some of its local assets on hold amid slow economic growth in the kingdom, people familiar with the matter said.
Olayan Financing Co., which controls the billionaire family’s investments in the Middle East, decided not to proceed with an initial public offering of a holding company of about 20 local units, the people said, asking not to be identified because the discussions are private.
Plans for the sale of the holding company, which may worth as much as $5 billion, could be revived in the future, they said.
The crackdown by a newly formed anti-corruption committee resulted in the arrest of princes, billionaires, ministers and former top officials.
It’s also working with HSBC Holdings Plc’s local unit on the 30 percent sale of its Health Water Bottling Co., people said in May.
The family still plans to proceed with the IPO of its water business, the people said.
Saudi Arabia’s economy has shrunk for two quarters in a row this year as the Crown Prince implements a reform program that includes austerity measures such as cuts to subsidies and infrastructure spending.
Credit Suisse Founded by Suliman Olayan in 1947, Olayan Group was valued at more than $10 billion by the Bloomberg Billionaires Index in 2015.
Olayan Group, which manages the family’s international business, is one of the largest shareholders in Credit Suisse Group AG with a 4.17 percent stake, according to data compiled by Bloomberg.
It also owns real estate assets including 550 Madison Avenue in New York City, the Knightsbridge Estate in central London and residential buildings in Paris’s 8th arrondissement, according to its website.

Initial public offerings scheduled to debut next week | Island Packet

The following is a list of initial public offerings planned for the coming week.
Business: REIT focused on US suburban office and flex real estate.
Bandwidth – Raleigh, N.C., 4 million shares, priced $20-$22, managed by Morgan Stanley/KeyBanc Capital Markets.
Business: VolP network offering voice and text software APIs to enterprises.
CBTX – Beaumont, Texas, 2.4 million shares, priced $24-$26, managed by Stephens Inc/Keefe Bruyette Woods.
Proposed Nasdaq CBTX.
Four Seasons Education – China, 10.1 million shares, priced $9-$11, managed by Morgan Stanley/Citi.
Business: Chinese provider of after school math tutoring services in Shanghai.
InflaRx – Germany, 100 million shares, priced $14-$16, managed by J.P. Morgan Leerink Partners.
Metropolitan Bank Holding – New York, 3.1 million shares, priced $31-$34, managed by J.P. Morgan Keefe Bruyette Woods.

Loma Negra Announces Closing of Initial Public Offering and Full Exercise of the Underwriters’ Option to Purchase Additional ADSs

(NYSE: LOMA; BYMA: LOMA), (“Loma Negra” or the “Company”), the leading cement producer in Argentina, today announced the closing of its previously announced initial public offering at US$19.00 per American Depositary Shares (“ADSs”).
Loma Negra and the selling shareholder, Loma Negra Holding GmbH, sold 53,530,000 ADS in the international offering, representing 267,650,000 ordinary shares of the Company, including the full exercise of the underwriters’ option to purchase an additional 7,530,000 ADSs.
Loma Negra and the selling shareholder raised gross proceeds of US$1,017,070,000 from the international offering.
Loma Negra also received gross proceeds of US$79,800,000 from the sale of 21,000,000 ordinary shares in the concurrent Argentine offering.
A final prospectus for the offering may be obtained from BofA Merrill Lynch, Attention: Prospectus Department, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, or:, Bradesco BBI, Attention: Isabela Behar, 450 Park Avenue, 32nd Floor, New York, NY 10022, tel: (212) 888-9142, Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by calling (800) 831-9146, HSBC, 452 Fifth Avenue, New York, NY, USA 10018, Attention: Prospectus Department, toll-free: 877-429-7459, email:, Itaú BBA, 767 Fifth Avenue 50th Floor, New York, NY 10153, USA, Attention: Investment Banking Department — Equity Capital Markets or Morgan Stanley, Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY, 10014, by calling 1-866-718-1649, or by email at
A registration statement relating to the offering has been filed with, and declared effective by, the Securities and Exchange Commission (the “SEC”).
The Argentine public offering of the ordinary shares of the Company has been authorized by the CNV pursuant to Resolution No.
About Loma Negra Founded in 1926, Loma Negra is the leading cement company in Argentina, producing and distributing cement, masonry cement, aggregates, concrete and lime, products primarily used in construction, which is expected by the Company to be one of the fastest growing sectors of the Argentine economy in the coming years.
The Company also owns a 51% equity stake in an integrated cement production plant in Paraguay, which is one of two leading cement producers in that country.
Contacts Loma Negra C.I.A.S.A.

Stelco Holdings Inc. Announces Pricing of Initial Public Offering

The closing of the Offering is expected to occur on or about November 10, 2017 (the “Closing Date”) and is subject to customary closing conditions, including the receipt of all necessary regulatory approvals.
A final base PREP prospectus has been filed with, and a receipt has been issued by, the securities commissions or similar securities regulatory authorities in each of the provinces and territories of Canada containing important information relating to the Common Shares.
This press release is not an offer of Common Shares for sale in the United States, and the Common Shares may not be offered or sold in the United States absent registration or an exemption from registration.
About Stelco Stelco is one of Canada’s leading integrated steel companies.
It conducts its operations out of two facilities located in Hamilton and in Nanticoke Ontario.
Forward-Looking Information Certain statements contained in this press release contain “forward-looking information” (“forward-looking statements”) within the meaning of Canadian securities laws, including statements regarding the completion of and expected closing date of the Offering and the expected trading date of the Common Shares.
These forward-looking statements are subject to risks, uncertainties and other factors, including changes in general economic and/or market conditions, material changes in the business or affairs of the Company and conditions to closing the Offering, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results discussed in the forward-looking statements.
When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in Company’s final base PREP prospectus filed with the applicable Canadian securities regulatory authorities in connection with the Offering.
The risk factors and other factors noted in Company’s final base PREP prospectus could cause actual events or the Company’s actual results to differ materially from those contained in any forward-looking statement.
SOURCE Stelco For further information: Joel Shaffer, Longview Communications, 416.649.8006, Also from this source:

Rebagg loses a ‘g’ to rebrand luxury handbag marketplace

“Dropping the ‘g’ is a big symbol.” He believes that the shorter Rebag is more representative of the “simplicity” of the brand.
“We also like the fact that it can be used as a verb,” he said.
As part of the rebranding effort, Rebag is introducing a new app, which allows you to take a photo of your used handbag and arrange a pickup.
If it’s right for Rebag, the startup will buy the handbag and then attempt to resell it on its marketplace.
Payment can be received directly via the app.
Its 300 most popular bags will be on display.
There are a lot of consignment startups these days.
Some are said to be doing well, like Poshmark and TheRealReal.
But then there are startups like Threadflip, which struggled to make it.
Its most popular markets are New York, New Jersey, Texas and Florida.

New India Assurance IPO subscribed 1.03 times on first day

New Delhi: The initial public offering (IPO) of New India Assurance Co. Ltd was on Monday subscribed 1.03 times, the first day of the three-day bidding.
The New India Assurance IPO, which aims to raise Rs9,600 crore, received bids for 123,062,976 shares against the total issue size of 120,000,000 shares, data available with the NSE till 4pm showed.
The IPO, which will close on 3 November, comprises sale of 9.6 crore shares by the government, besides fresh issue of 2.4 crore shares.
Thus, a total of 12 crore shares of New India Assurance will be sold through the share sale offer, constituting around 14.56% of the company’s post issue share capital.
The New India Assurance IPO’s price band has been set at Rs770-800 per share.
At the upper end of the price band, the IPO will fetch Rs9,600 crore.
New India Assurance, the country’s largest general insurance company, has assets of over Rs69,000 crore and has been growing at a compounded annual growth rate (CAGR) of over 15% for the last five years.
Ltd, IDFC Bank Ltd and Yes Securities are the investment banks managing to the offer.
First Published: Wed, Nov 01 2017.
12 46 PM IST

MCDC to sell 54 million shares in initial public offering by mid-November

– Supplied picture Muscat: Muscat City Desalination Company (MCDC), which owns the Ghubrah Independent Water Plant, plans to offer 35 per cent of its share capital in an initial public offering by mid-November.
Accordingly, 54.44 million shares are on offer to the public through listing on the Muscat Securities Market.
Bank Muscat is the financial advisor and issue manager for the IPO exercise.
Promoted by global leaders with vast experience in the water industry, Malakoff International (Malaysia), Sumitomo Corporation (Japan) and Cadagua S.A. (Spain), MCDC is the owner of Oman’s largest water plant contributing to 24 per cent of total water capacity in the Interconnected Zone.
On the back of this contracted water purchase agreement, MCDC plans to offer an attractive dividend yield to IPO investors, further details of which would be shared by the company upon obtaining the final approvals from Capital Market Authority.
Oman’s water demand has been growing by about 2– 3 per cent per annum, and has been notably increasing in the metropolitan area centered on Muscat.
Following their successful bid, its shareholders incorporated MCDC to undertake the project.
“This is a very exciting phase for MCDC.
The company’s plant, Ghubrah IWP, has been successfully securing the water needs of Muscat and its residents for over a year.
The plant provides 24 per cent of the total water capacity of the Interconnected Zone and its unique location at the heart of the city, combined with proven technology, an expert team and good availability, helps the company deliver uninterrupted water supply with minimum outages.

HDFC Life’s Rs 8695-crore IPO opens on November 7

Moneycontrol News The Rs 8695 crore initial public offering (IPO) of private private life insurer HDFC Standard Life Insurance will open on November 7 and close on November 9.
At the upper end of the price brand, the insurer has been valued at Rs 58260 crore.
The price band for the offer is fixed from Rs 275 per equity share to Rs 290 per equity share.
This will be the third life insurer after ICICI Prudential Life Insurance and SBI Life Insurance to be listed on the stock markets.
It consists of an initial public offering up to 299,827,818 equity shares of face value of ₹10 each (“equity shares”) which comprises an offer for sale of 191,246,050 equity shares by Housing Development Finance Corporation and up to 108,581,768 equity shares by Standard Life (Mauritius Holdings) 2006 Limited.
HDFC Life’s listing will be an IPO after a duration of 22 years from amongst the HDFC group companies.
Deepak Parekh, Chairman, HDFC Life said that the pricing has taken into consideration the extensive dialogues with stakeholders and added that this will provide an opportunity for retail investors to participate. “We think the pricing for some of the past issues has not been right and believe that our IPO will attract retail buyers,” he added.
HDFC Life was among the first insurance companies to announce its IPO plans.
However, it was delayed due to market conditions earlier and also due to the cancelling of the merger talks between HDFC Life and Max Life.

City watchdog tweaks IPO rules in investors’ favour

The Financial Conduct Authority said new rules would come into force next July aimed at broadening access to company research, amid concerns the current process could “harm users of the IPO process, notably investors and ultimately issuers, as well as the wider economy”.
The changes are intended to get investors access to a company prospectus, the key source of information ahead of an IPO, sooner in the process – and notably before analysts at banks connected to the listing can publish their research. “Consumer protection is weakened when prospective investors cannot obtain timely access to the information they require and place significant reliance on connected research that is potentially biased or perceived as biased,” the watchdog said. “Market integrity is jeopardised if investors and issuers lose confidence in the UK IPO process because price formation is largely driven by connected research.”
The reforms, which aim to address these issues and create more of a “level playing field” for analysts, follow a three-month consultation with the final rules in line with the draft proposals published in March – despite some of the initial suggestions irking investment bankers.
Galina Dimitrova, the director of investment and capital markets at the Investment Association, said the reforms would benefit investors and companies going public by improving the range and quality of information. “This will ensure that the London market continues to attract high-quality and well-run companies and that investors can make informed investment decisions,” she said.
London’s IPO market has roared back to life this month following what was a dire year for UK listing activity due to volatility surrounding the EU referendum.
The UK’s biggest hummus maker Bakkavor, Dutch finance group TMF and Russian power producer and metals company En+ are among those to have unveiled London IPOs.
However Tom Vita, a capital markets partner at law firm Norton Rose Fulbright, said the FCA’s changes could lengthen IPO timetables, “increasing execution risk for companies coming to market”.