The ECM team at CMS is advising on five IPOs which have launched in the last week:
- Andes Energia – £844m readmission to AIM following its reverse acquisition of Argentinian oil and gas exploration and production investor, Trefoil Holdings
- QUIZ - £200m AIM-IPO of the QUIZ clothing omni-channel fast fashion womenswear company
- Strix Group - £190m AIM-IPO of this global leader in the design, manufacture and supply of kettle safety controls and other components
- Supermarket Income REIT - £100m IPO of this investor in supermarket real estate assets on the specialist fund segment
- Triple Point Social Housing REIT – placing and offer for subscription to raise up to £200m on the IPO of this investor in social housing assets which plans list on the specialist funds segment
A team led by corporate partners Glyn Taylor, Jack Shepherd, Patrick Speller and Gary Green, senior associate Sarah Etherington and associates Nikki Kalamis and Ivan Martinelli is advising Andes Energia plc on its reverse acquisition of Trefoil Holdings, which is the 99.99% shareholder in Petrolera El Trebol S.A. (“PETSA”), the operating company for the oil and gas exploration and production business of Mercuria Energy Group in Argentina. Based on the Andes Energia’s directors’ evaluations, the enlarged group is expected to have a valuation of around £844m.
The combination of the asset bases in Argentina is expected to create a stronger enlarged group with the potential to develop conventional and unconventional assets, particularly in Argentina. The transaction is expected to generate economic, technical and operating synergies that the Andes Energia directors believe will create one of the leading Argentinian independent exploration and production companies with significant exposure to the Vaca Muerta formation, a world class resource. The enlarged group is anticipated to produce around 11,500 barrels of oil equivalent per day with total 2P reserves of around 63m barrels.
A team led by corporate partner Simon Morgan and senior associate Nicole Gyring-Nielsen advised Panmure Gordon as nominated adviser and sole bookrunner on the £200m AIM-IPO of QUIZ.
QUIZ is an established and distinctive omni-channel and international own brand in the women's value fast fashion sector, present in 19 countries through 65 international franchise stores, concessions and wholesale partners. The brand has a focus on occasion wear and dressy casual wear primarily for 16 to 35 year olds. The Group was founded in 1993, is headquartered in Glasgow, Scotland and employs over 1,350 people.
A team led by corporate partner James Parkes, senior associates Gemma Sainsbury and Matthew Willougby and associate Ramez Krishnan are advising Strix Group on its £190m AIM-IPO. In addition, a banking team led by banking partner Alex Patience and associate Bridget Nichols are advising on new bank facilities to be put in place on completion of the IPO.
Strix is a global leader in the design, manufacture and supply of kettle safety controls and other complementary water temperature management components, with in excess of 38% market share by volume of the global kettle safety control market. Through the IPO, Strix is seeking to enhance the profile of the business and provide permanent capital to enable it to strengthen its new product development capabilities. The entire net proceeds of the IPO, in conjunction with new debt facilities are expected to provide an exit for Strix’ current investor group.
Supermarket Income REIT
A team led by co-head of corporate, Iain Newman and corporate associate Nikki Kalamis advised Stifel Nicolaus Europe as sole bookrunner, placing agent and financial adviser to Supermarket Income REIT on its £100m placing, offer for subscription and IPO on the Specialist Fund Segment of the Main Market of the London Stock Exchange.
Supermarket Income REIT aims to acquire a diversified portfolio of supermarket real estate assets in the UK, providing long-term RPI-linked income and the potential for capital growth. The first specialist UK REIT set up to invest in this sector of the real estate market, Supermarket Income REIT intends to become a real estate investment trust following the completion of an initial portfolio of target assets.
Triple Point Social Housing REIT
A team led by corporate partners Cathy Pitt and Alasdair Steele and associate Harriet Serpis is advising Akur Limited as joint financial adviser and Canaccord Genuity Limited as joint financial adviser and sole global coordinator and bookrunner on the placing and offer for subscription by, and IPO of, Triple Point Social House REIT on the Specialist Fund Segment of the Main Market of the London Stock Exchange.
Triple Point Social Housing REIT will invest in social housing assets in the UK, with a particular focus on supported housing and intends to become a real estate investment trust (REIT). It intends to acquire, subject to completion of the IPO, a seed portfolio of five supported housing assets, located predominantly in and around town and city centres in the Midlands and the North of England, from Pantechnicon Capital Limited, a company within the Triple Point Group, at a purchase price of £17.9 million. Triple Point Group, a member of which has been appointed as the company’s designated investment manager, is a specialist investment firm founded in 2004, with over £470 million assets under management, returning approximately £130 million to its investors during the last two years, in line with the applicable investment mandates.