Lawyer suggests direct listings could sidestep UK IPO volatility

By Sam Kerr
28 Feb 2019

UK IPO sellers should consider an entirely different listing process, to cope with more volatile markets and ensure a flotation has a higher chance of success, argues Richard Brown, corporate finance partner at US law firm Baker Botts in London.

Brown’s idea, which he calls a crossover IPO, would involve a company seeking admission on the main market of the London Stock Exchange or AIM, without selling any shares.

The structure is not unprecedented. In the most famous recent example, Spotify, the Swedish music streaming service, floated on ...

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