Understanding capital markets and listing reforms is essential for businesses aiming for growth. In this episode, Michael Jacobs, Partner at Herbert Smith Freehills, and Dylan Doran Kennett, Venture and Growth Capital specialist, and partner at the same company, share their expertise on IPOs, M&A transactions and the impact of UK listing reforms. They discuss the contradictions between fast growth and compliance and the benefits of upholding and creating a unified work culture during IPOs and mergers.
Key Takeaways:
(03:00) The impact of UK reforms on capital markets.
(05:22) Reforms have eliminated eligibility requirements for IPOs.
(08:43) UK pension funds have massively de-equitised.
(14:01) Dual-class share structures and their benefits for founders.
(15:00) Examples of financial systems designed to channel money.
(21:06) The role of dual-track IPOs in giving companies flexibility.
(28:15) M&A as a growth strategy for IPO candidates.
(35:30) Balancing aggressive growth and structural compliance in IPO preparation.
(45:39) The challenges of IPO due diligence and preparation.
(53:22) Understanding the difference between listing in London and the US.
Resources Mentioned:
https://www.linkedin.com/in/michael-a-jacobs/
https://www.linkedin.com/company/herbert-smith-freehills/
https://www.newfinancial.org/
https://www.fca.org.uk/news/press-releases/fca-overhauls-listing-rules-boost-growth-and-innovation-uk-stock-markets
FTSE 100 -
https://www.londonstockexchange.com/indices/ftse-100
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