- DWF valued at £366m making it largest IPO of 2019 and the largest listed law firm
Equiniti Group plc (“Equiniti”), an international technology-led services and payments specialist, is delighted to confirm it has been appointed by DWF Group plc (“DWF”) to administer its IPO and as share registrar thereafter.
The rare partnership floatation has seen Equiniti deliver 300,000,000 shares to investors, including DWF’s Partners, using its market-leading platforms and deep industry knowledge.
DWF listed on the UK Main Market with a market capitalisation of approximately £366m, making it the largest listing to date in 2019. It follows the trend of UK law firms joining the public market after rules about ownership changed in 2012, DWF is the largest firm to list.
Despite market uncertainty appearing to have slowed the broader market, large UK floats have stayed strong, with an upturn on £500m+ listings from 2017 to 2018. Equiniti, which is registrar to about half the FTSE 100, assisted 21 companies to float on the London Stock Exchange in 2018, including the two largest; Aston Martin Lagonda and Quilter.
The DWF appointment comes at a time when a record number of issuers are selecting Equiniti as their service provider. Equiniti’s recent full year results announcement showed that in addition to IPOs, it had won 11 share registration and 17 employee share plan transfers last year.
Guy Wakeley, Chief Executive Officer of Equiniti, said:
“Equiniti’s market-leading technology, culture of service and ability to consult on and execute complex transactions is resulting in more companies than ever choosing to work with us, demonstrated by a record year in our share services division in 2018.
“We welcome DWF as an Equiniti client and wish them the very best as they enter the public markets – a very exciting time which we have been pleased to be part of.”
For more information:
Temple Bar Advisory
Alex Child-Villiers / William Barker / Sam Livingstone
Tel: 0207 002 1080
Notes to Editor:
Equiniti Group plc, an international technology-led services and payments specialist, provides non-discretionary payment and administration services to some of the world’s best-known brands and UK’s largest public-sector organisations.
It is the UK’s leading provider of share registration, employee share plans, and associated investor services, and also has market leading positions in pension administration and software, and employee benefit schemes.
Equiniti’s services, which are delivered by over 5,000 employees, benefit 28 million people in the UK and 120 countries around the world.