Joining a public market is an important decision for prospective issuers that will require careful consideration by the asset owners, its management team and advisers.
It is anticipated that the process for a prospective issuer seeking admission to trading on the IPSX Prime market will take approximately 12 weeks, depending on the complexity of the transaction.
A prospective issuer will need to clearly identify the objectives of an IPO before considering whether an admission to trading on IPSX Prime would best meet its needs. Admission to IPSX will not be suitable for all commercial real estate assets. In reaching this decision, prospective issuers will need to consider with their advisers a range of factors including the optimal market timing to capitalise on favourable market conditions, the preferred investor mix to maximise valuation and secondary market trading, the percentage of shares to be publicly issued, and the optimal structure of the Special Purpose Vehicle (SPV), including incorporation, REIT status and leverage.
A prospectus will need to be prepared by the prospective issuer’s corporate advisers which will then be simultaneously vetted and approved by the UK Listing Authority (UKLA), a division of the FCA, and by the IPSX Market Regulation team to ensure compliance with the FCA Prospectus Rules and Disclosure and Transparency Rules as well as with the IPSX Rules for Issuers, respectively.
Once both processes are successfully completed, the securities will be officially admitted to trading on IPSX.
International Property Securities Exchange is the trading name of London Real Estate Exchange Limited. London Real Estate Exchange Limited (No. 08846330) is a limited company registered in England and Wales with a registered office at Cannon Place, 78 Cannon Street, London, EC4N 6AF, United Kingdom