Linklaters has got the year off to a flying start for equity capital markets work, leading on the announced initial public offerings (IPOs) of CMC Markets and Countryside Properties, while also advising the underwriters as Clydesdale Bank plans to float.
The Magic Circle firm is providing English and US legal advice to online spread-betting company CMC Markets on its planned flotation on the London Stock Exchange in what will be the year’s first IPO.
Corporate partner Iain Wagstaff leads on the US side with capital markets partner Patrick Sheil, who is advising on US matters, while Allen & Overy is representing underwriters Goldman Sachs, Morgan Stanley and Royal Bank of Canada, led by corporate partner David Broadley, alongside US securities partner Adam Wells and Damian Carolan on regulatory matters.
Within the same week, Linklaters and Ashurst landed roles advising UK real estate developer Countryside Properties as it prepared to float to raise £114m, valuing the housebuilder at around £1bn.
Linklaters is acting for Countryside and its main shareholder Oaktree Capital Management, led by corporate partner James Wootton, alongside Sheil and corporate partner John Lane. Ashurst is advising the underwriting banks JPMorgan, Barclays, Numis Securities and Peel Hunt, with a team led by equity capital markets head Nicholas Holmes and partner Jennifer Schneck, who is working on the US securities side.
The listing is expected to take place this month and comes on the back of a strong year for the nation’s housebuilders that have benefited from a steady rise in property prices and increasing demand.
Wootton told Legal Business: ‘In market terms it is a good time to be a housebuilder. Government policies and initiatives help support new buyers in the housing market, which supports the sector, especially for regeneration initiatives.’
He added: ‘The pipeline for 2016 is a healthy mix between private equity-led and trade/institutional deals. There are some high-quality assets – it is definitely not bottom-of-the-barrel stuff.’
jaishree.kalia@legalease.co.uk