From “Floperoo” to the final frontier of investment … 2021’s IPO frenzy continues in London
New listings big and small have come thick and fast in London this year. Darktrace has done best of the “big 10” to list this year while Caerus Minerals has starred among the tiddlers.
So, on the one hand we have Seraphine Group PLC (LON:BUMP), which yesterday published its prospectus ahead of its forthcoming flotation at 295p per share, valuing the company at £150.2mln.
It is not to be confused with Seraphim Space Investment Trust PLC (LON:SSIT), which floated on the London Stock Exchange today at 100p a share.
One is a maternity brand, apparently patronised by celebrities exclusively named Kate (Middleton, Winslett, Hudson), and the other is the world’s first space tech investment fund.
“Space is the final investment frontier but our team has boldly invested where virtually no one has invested before and proved that there are returns out there above the atmosphere,” said Will Wheaton … er … Whitehorn, the chair of Seraphim.
So far, the shares have not exactly rocketed higher – they are quoted at around 102.38p – but neither have they fallen down to earth with a bump, which is more than can be said for Seraphine, which is quoted at 283.95p in conditional trading.
There have been around 50 new listings this year including the odd demerger, such as Wickes Group PLC (LON:WIX). As you might expect, performance has been mixed; Wickes itself, which was hived off from Travis Perkins PLC (LON:TPK) at the end of April, has seen its shares drift down to 251p from 275p.
The biggest flotation of the year was Deliveroo Holdings PLC (LON:ROO), the controverisal fast food delivery company.
The initial public offering at 390p per share was so underwhelming that wags referred to its as “Floperoo”; the shares have recovered a bit of late and now trade at 307p.
The hype around the flotation of Dr. Martens PLC (LON:DOCS), the boot boys’ favourite footwear, was not quite as excessive as Deliveroo’s and although the shares have come off of late, at 452p they are well above the 370p flotation price.
With a market capitalisation of £4.52bn, the company is the second largest company to list in London this year.
Darktrace PLC (LON:DARK), worth £1.7bn on listing and £3.8bn now, is the third largest company to list this year and as can be seen in the sharp valuation uplift, one of the more successul ones but that was after the cybersecurity group’s initial public offering price was slashed from initial estimates.
Ironically, the firm is now valued at about the level the company was anticipating when it first floated the idea of … er … floating.
Flotation price (p)
Current share price (p)
Market cap. (£mln)
Company’s float date
Deliveroo Holdings PLC
Dr. Martens PLC
Harbour Energy PLC
Alphawave IP Group PLC
Auction Technology Group PLC
Trustpilot Group PLC
Moonpig Group PLC
Baltic Classifieds Group PLC
At the cheaper end of the market, star performers are thin on the ground.
The lowest valued newcomer, Roquefort Investments PLC (LON:ROQ), has done well, rising to 6.75p in less than four months after floating at 5p while Caerus Minerals Resources PLC (LON:CMRS) has been the pick of the tiddlers, storming 170% higher to 27p.
TEAM PLC (LON:TEAM) was one of the more interesting new arrivals, floating on 8 March and launching an abortive bid on 23 March for fellow fund manager Tavistock Investments.
Earlier in the year, special purpose acquisition companies were all the rage but as CYBA PLC (LON:CYBA) has proved, patience quickly wears thin while backers wait for the company to choose a target. Shares in CYBA floated at 3.5p and are now languishing at 2p.
|Ticker||Name||Flotation price (p)||Current share price (p)||% change||Market cap. (£mln)||Company’s float date|
|ROQ||Roquefort Investments PLC||5||6.75||35.00%||2.3||22/3/2021|
|EST||East Star Resources PLC||8||4.98||-37.75%||3.5||4/5/2021|
|ASP||African Pioneer PLC||3.5||2.75||-21.43%||5.2||1/6/2021|
|CSFS||Cornerstone Fs PLC||61||37||-39.34%||7.5||6/4/2021|
|CMRS||Caerus Mineral Resources PLC||10||27||170.00%||13.6||19/3/2021|
|CIZ||Cizzle Biotechnology PLC||10||5.75||-42.50%||14.6||14/5/2021|
|MAST||Mast Energy Developments PLC||12.5||10.25||-18.00%||19.3||14/4/2021|
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