CMS ECM team supports on quartet of transactions

International law firm CMS has advised on over £200 million of fundraisings for listed clients over the past fortnight.

The CMS Equity Capital Markets (ECM) team advised on the following:

• Hollywood Bowl, the bowling alley operator, raised £30 million through a cash box placing to allow the company to pursue a capital investment programme and new centre opportunities, as the business anticipates reopening to the public with the gradual easing of COVID-19 restrictions.  
• Medical-imaging technology company Polarean Imaging is raising up to £27 million through a placing, subscription and open offer to fund its activities. 
• Global digital performance publisher XLMedia is raising up to £27 million through a placing, subscription and open offer to fund its US$26 million acquisition of multichannel sports betting digital media platform, Sports Betting Dime. The acquisition, on which CMS also advised, will cement XLMedia’s market position in the rapidly growing regulated US sports betting market. 
• Independent video game publisher and developer tinyBuild Inc. completed its IPO on AIM, valuing the company at US$470 million and reportedly becoming the largest US-based company to ever go public on the London Stock Exchange.

Commenting on these transactions, CMS Head of ECM Alasdair Steele said: “Investor appetite in the equity markets is particularly strong as is demonstrated by the variety of the businesses which are able to raise capital for future growth, often in over-subscribed fundraisings.  We expect levels of ECM activity to remain high going into the second quarter of the year and look forward to continuing to support our clients in their future endeavours.”

The CMS team advising Hollywood Bowl was led by Corporate partner James Parkes, assisted by associates Alice Frydl and Shadi Ameli-Savehchi, and solicitor apprentice Ross Ritchie. 

Corporate partner Jack Shepherd led the team advising Stifel as nominated adviser and sole bookrunner on Polarean Imaging’s fundraising, assisted by senior associate Kate Darracott and associate Sarah Kensell. 

Head of ECM Alasdair Steele, Corporate partner Katie Nagy de Nagybaczon and Corporate partner Louis Glass led on XLMedia’s fundraising and acquisition of Sports Betting Dime assisted by associate Rupert Jackson, US Counsel David Rivera, senior associate Nicole Gyring-Nielsen and associate Zina Patel.  

Corporate partner Tom Jameson led the UK team advising tinyBuild’s shareholder, NetEase (the owner of China's second largest gaming business), on the IPO and was assisted by senior associate Kate Badr.