Looking to IPO?

Investec has a track record of advising on some of the most successful UK IPOs in recent years.
Paternoster Square - the home of the London Stock Exchange

The public markets have long proved to be a good home to many companies looking to elevate themselves to the next stage of their development. We are very proud of our track record of delivering high quality, successful IPOs for our clients, as well as supporting them post listing.

Our leading IPO platform brings together our experience from an enviable track record of quality IPOs, deep sector knowledge, leading and highly respected research analysts, as well as a top-ranked sales team. 

Talk to the team today

Andy Brough, fund manager at Schroders, discusses his views on the IPO market in exclusive podcast

7 October 2021 IPO market update

Adam Bidwell, Head of Small Cap Equity Sales at Investec, is joined by Andrew Brough, Head of the Pan-European Small and Mid Cap Equity Team at Schroders, to discuss current trends and themes in the London IPO market.

Making the list: Sights set on an IPO?

In our latest report, “Making the list: Sights set on an IPO?", we consider: where are we in the IPO cycle, what it is that gives us optimism around the Small-Mid Cap IPO outlook, how to pull off a truly successful Small-Mid Cap IPO, and case studies of recent IPO success stories.

Top ranked and highly experienced

Highly-rated equity sales team and research analysts who will understand and sell your story to UK institutional investors.

Investec rise to #2 broker in Institutional Investor’s UK Small & Mid-Cap survey

1st in 7 sectors

Capital Goods, Consumer Goods, Energy and Utilities, Media, Retail, Support Services and Technology

#2 ranked

in Small & Midcap Sales, with the top 3 sales people

Some of our recent IPOs


  • Investec acted as Financial Adviser, NOMAD, Sole Broker and Sole Bookrunner for ActiveOps on their IPO.

  • ActiveOps is a leader in Management Process automation, providing SaaS solutions to automate critical back-office operations.

  • The company successfully listed on AIM in March 2021, raising £76m.
ActiveOps logo


  • Investec acted as sole financial adviser, global co-ordinator and bookrunner on the IPO for Cordiant Digital Infrastructure.

  • Cordiant Digital Infrastructure is a dedicated digital infrastructure investment company focusing on data centres, mobile towers and fibre-optic network assets in the UK, EEA and North America.

  • The company successfully listed on the Specialist Fund Segment of the Main Market of LSE in February 2021.
  • Investec raised £370 million for the company at IPO (beating the £300 million target).
Cordiant logo

Watches of Switzerland

  • The £242m IPO was priced towards the top of its price range at 270p, implying a market cap of £647m.

  • The company sees the IPO as a means of further enhancing its profile and brand recognition with its customers, suppliers and employees.

  • The company used the proceeds to reduce its leverage, in order to provide a more permanent capital structure and to access a wider range of capital-raising options.
Watches of Switzerland logo


  • Fever-Tree is the world’s leading supplier of premium carbonated mixers.

  • The company successfully listed on AIM in November 2014, raising £93m (£4m of which was for the company; the remainder raised for selling shareholders).

  • At the issue price of 134p, the Company had a marketcap of £154.4m.

  • The IPO helped position the company for its next stage of development, including raising its public profile and providing it with a platform for future growth. The IPO also provided a partial realisation for existing shareholders including LDC, which owned over 50% of the company prior to IPO.
Fever-Tree logo

Blue Prism

  • In March 2016 Blue Prism launched its IPO onto AIM, raising £10m at 78p per share.
  • To capitalise on the increasing interest in the Robotic Process Automation market, Blue Prism needed to invest to accelerate its organic growth opportunities.
  • The £10m raised at IPO was specially to invest into building a scalable sales and delivery channel partner infrastructure to allow for rapid expansion.
  • At the time of the IPO, 60% of Blue Prism’s customers were through or with partners. Following IPO this increased rapidly to 100% showcasing the success of its programme.
blueprism logo

Medica Group

  • Medica is the leading provider of teleradiology services in the UK.

  • Medica’s successful placing and admission to trading on the Main Market of the London Stock Exchange was priced at 135p per share, raising £121m and valuing the Company at £150m.

  • As part of the transaction, CBPE Capital were able to sell down 85% of their holding. In addition, the Company raised £15m via a primary raise.

  • Investec conducted a comprehensive marketing campaign, seeing 18 institutions during test marketing and over 70 institutions on the management roadshow. This translated into a high quality book of long-term institutional investors, with the top 10 new institutions holding c. 40% of the register at the time of the IPO. 
Medica logo

Am I a good IPO candidate?

Our straightforward, tried and tested approach to assessing possible IPO candidates

The four M's


Attractive underlying market dynamics which support the organic growth and present future growth opportunities


Differentiated, defensible and scalable proposition with leading position.


Strong track record of executing the plan and delivering growth in the sector.

The management being backed at the IPO would have delivered the historic growth and be able to stand behind the plan going forward.


Strong organic revenue growth, good revenue visibility, attractive margins and cash generation

Investec has worked with all of its prospective IPO candidates to get  under the skin of the business and properly assess the equity case against these criteria.

We rely on our sector knowledge, and understanding of what public market investors look for, to optimise the positioning of the investment case.

The key to a successful IPO

Four simple steps to maximise the prospects of a successful IPO

  1. Be prepared

    An IPO is a highly intensive process for a CEO and CFO. The more that can be done upfront, the easier the process will be.

    Preparation of a three year integrated business plan and model, adopting ‘PLC’ standard financial procedures and making any required additions to the second tier management and finance team will all help to ensure the process proceeds as smoothly as possible.

  2. Early and regular engagement with investors…

    A ‘fan base’ of investors needs to be curated via the process of Test Marketing and subsequent interaction.

    This helps to ensure the equity story is properly understood, any areas of concern are addressed, and provides increased deal certainty for issuers. A fan base will help to create competitive tension amongst institutions to maximise value and to pick up momentum investors.

  3. Telling the story right

    Time needs to be spent with your adviser so that the equity story can be carefully constructed in order to maximise the impact with investors.

    This includes both the presentation content, but also, just as importantly, how management present it.

    We spend a significant amount of time with management teams preparing the story and rehearsing the presentation until it becomes second nature.

  4. Getting a strong board assembled early

    Good corporate governance is becoming increasingly important for investors, and key to this is an experienced and balanced Board.

    A strong Board also acts as a good source of stewardship for management teams who are new to public company life.

    Boards cannot be parachuted in at the last minute and it can take time to assemble the right people. We always advise that this is a work stream that is kicked off on ‘Day 1’.

Talk to the team today

Jonathan Arrowsmith

Head of Advisory & Co-Head of Private Equity

"Investec has a track record of advising on some of the most successful UK IPOs in recent years. Speak to us today about advising your IPO."

Jonathan Arrowsmith

Head of Advisory

Andrew Pinder

Head of Investment Banking

Bruce Garrow

Co-head of Corporate Broking

Alex Wright

Director, Corporate Broking

Our steps to a successful IPO

Key to a successful IPO PDF 102.63 KB
Am I a good IPO candidate? PDF 21.42 KB