Page 15 - IPO Analysis - Private Equity Exits 2017_Final

Private equity exits via IPO in

2017

Private Equity
IPO Sell Down as a Price Aggregate Total Estimated Sponsor lock-up
Private Equity Market Cap Size proportion of Change Sponsor Expenses (incl. Private Equity Sponsor + Orderly
Date Company Sector Banks Underwritten Commission / Fee Structure Relationship Agreement
Sponsor(s) at IPO (£m) (£M) IPO (%) Since IPO Retained Stake Commissions) (Key Terms) Market Periods
(%) at IPO (%) (£m) (Months from
IPO)
Alpha Financial Dunedin Buyout 163.0 123.0 71.46 4.11 Nil Grant No - Undisclosed corporate finance fee 2.4 N/A N/A
11.10.17
Financial Fund Thornton, payable to Grant Thornton
Markets Berenberg Commission of 2.5% payable to
Consulting Berenberg
plc
- Discretionary incentive commission
of up to 1% payable to Berenberg
The City Pub Leisure Unicorn AIM VCT 96.0 46.6 No sell down -6.0 5.9 Liberum, No Placing commissions and fees not 2.1 N/A N/A
23.11.17
Group plc Berenberg disclosed
Mirriad Media IP Group 63.2 25.0 No sell down -8.0 45.7 Numis No - Undisclosed placing commission and 1.2 - Transactions conducted 6+12
19.12.17
Advertising Parkwalk Advisers Securities, fee payable to Numis by the selling on arm's length terms
plc Baden Hill shareholders (not being IP Group and
Parkwalk Advisers) - Terminates once IP
Group and Parkwalk
Numis will be paid a Nomad and Advisers own less than
Broker fee of: 30% of the issued share
- £75,000 for the 12 months following capital
Admission Contracts with the
company must be
- £85,000 for the second year following approved by a majority of
Admission the independent directors

Private & Confidential. Not for distribution.
© DWF LLP 2018 15