CMS stands out in the market for the strength of its international offering, which covers equity transactions across the European, Asian, UK, and US markets and targets a diverse client roster of growth and listed companies, listed funds and brokers, and investment banks. The team regularly acts on UK and international fundraises by way of retail offerings as well as private placements, and it also handles a steady stream of equity transfers and reverse takeovers. Integrated US securities expertise further allows the team to handle international and dual listings. Practice head Alasdair Steele has extensive experience acting for Main Market- and AIM-listed companies, while James Parkes handles a broad range of domestic and international M&A and ECM transactions. Jack Shepherd and Kate Badr are also highly recommended.

Life sciences and tech sector expert Martin Penn and regional listed company specialist Robert Newman jointly head up DLA Piper’s UK-wide ECM team, which advises both issuers and underwriters on a broad array of domestic and international IPOs, secondary fundraises, and take-private transactions. The team is well-regarded for its work advising foreign and dual-listed clients on IPOs and redomiciliations, and its recent workload also includes handling a series of emergency fundraisings on AIM. Russell Holden, who joined the firm in July 2023 from a previous position at Taylor Wessing LLP, is a key contact for advice on AIM IPOs as well as public M&A, and Karin Kirschner stands out for her extensive experience handling takeovers and mergers of listed entities.

Cross-border deals represent a significant focus of the equity capital markets team at Norton Rose Fulbright, which leverages its ‘wide geographical footprint’ to handle a large volume of primary and secondary listings, de-SPACs, and takeover deals across the UK and US as well as in EMEA growth markets. In addition to working with a wide roster of FTSE-listed clients, the team stands out in particular for its bookrunner-side offering, which sees it advising the likes of J.P. Morgan and HSBC on asset manager M&A as well as on fundraisings for companies in the mining and tech sectors. Raj Karia heads up the team and is well-versed in international ECM transactions, while Richard Sheen is noted for his close relationships with fund and asset manager clients and Fiona Millington handles a large volume of equity issuances and public M&A.

Pinsent Masons LLP’s UK-wide practice is ‘well-placed to advise on any ECM or public M&A transaction’ as a result of its wide-reaching corporate finance capabilities, which enable the team to guide investment funds, banks, brokers, and corporate clients through any manner of domestic or international equity transaction. In addition to advising a broad range of plcs on takeovers and reverse takeovers, equity investments, public company mergers, and secondary fundraises, the team has extensive experience guiding clients through IPOs, de-listings, and moves between exchanges. Julian Stanier heads up the team and fields extensive experience advising on AIM and Main Market offerings together with Gareth Jones, while Roberta Markovina is a key contact for advice on US securities matters. Rob Hutchings is noted for his expertise handling public and private M&A.

Stephenson Harwood’s ‘client-focused, practical’ team is well-regarded in the market for its work with listed investment funds and brokers, who instruct it to advise on IPOs, fund mergers and takeovers, secondary fundraisings, and dual listings, among other ECM transactions. The team also stands out for its ability to guide international and offshore clients through equity issuances and fundraises in the UK, with key partner William Saunders having recently advised Ashoka WhiteOak Emerging Markets Trust on its LSE Main Market IPO. In addition to working with funds and investment banks, practice head Tom Nicholls also acts for corporate issuers in sectors such as mining and natural resources on a diverse array of fundraising matters. David Dowding and Tom Page are further key contacts in the team.

Addleshaw Goddard fields a ‘practical and commercial’ team of lawyers across England and Scotland, with AIM- and Main Market-listed clients as well as major investment bankers and brokers regularly instructing the practice to guide them through the corporate and regulatory aspects of their transactions. The team maintains a very active offering in the takeovers space for both targets and bidders, with a particular propensity for advising foreign clients on transactions subject to the UK Takeover Code, and it is also active in advising listed entities on public M&A. Giles Distin and Simon Wood are key contacts for this line of work and also have a strong reputation for advising tech and life sciences companies on their primary and secondary fundraising activities. Nick Pearey heads up the practice.

Situated within the firm’s corporate transactions practice, Bryan Cave Leighton Paisner’s equity capital markets team is well-placed to advise on listings and fundraises, US securities matters, as well as on transactions between listed companies and funds, with a particularly strong reputation for handling public takeovers. The team has guided listed companies in the tech, real estate, and financial services sectors on inbound fundraisings and take-private transactions, including handling asset management mergers and buyouts, and it also advises AIM clients on a host of regulatory matters. The team is jointly headed by Richard Werner, who handles IPOs and secondary fundraises for AIM and Main Market clients, and Tom Bacon, who is noted for his takeovers expertise. Lara Rush is well-regarded for advice on fundraising as well as public M&A.

Eversheds Sutherland (International) LLP is active on transactions for both AIM- and Main Market-listed clients as well as for a host of foreign-listed companies on the full range of ECM transactions, with strong international capabilities allowing the team to advise on US securities matters and issuances on Southeast Asian and Australian exchanges. The team also regularly advises listed clients on cross-border take-private transactions and reverse takeovers. Stephen Nash’s broad Plc-focused practice encompasses advice on ECM and public M&A matters; Nash co-heads the team with corporate expert Richard Moulton. Mark Roe is noted for his public M&A expertise. Greg Stonefield and Joe Newitt joined the team from KWM Europe LLP in November 2023.

Fieldfisher is very active in handling ECM matters for AIM clients, with a particular penchant for guiding issuers in the energy, industrials, financial services, and tech sectors through fundraises and public M&A both domestically and internationally. The team is also capable of advising on high-profile IPOs and reverse takeovers, and it is noted for its ability to handle cross-border takeovers and public company mergers in the energy space owing to the sector expertise of practice head Brad Isaac. George Cotter is a key contact for take-private transactions, Dominic Gurney-Champion handles IPOs in the energy and natural resources space, and Edward Westhead advises on domestic and international fundraises.

Gowling WLG fields an ‘experienced, knowledgeable’ team which is capable of advising issuers on a very high volume of AIM transactions and also stands out for its ability to act on international listings and fundraises. The practice maintains strong connections with clients in the energy and natural resources sectors, in particular, where it is frequently instructed to advise on primary and secondary fundraising matters as well as on public company M&A. Practice head Charles Bond has longstanding experience in these sectors and stands out for his ability to advise on transactions in emerging markets. Further key contacts include Hugh Maule, Samantha Myers, and Alexander Davidson, who advise on fundraises in the tech and life sciences sectors, as well as David Brennan, who focuses on the tech sector and also advises brokers on their ECM matters.

K&L Gates LLP is well-regarded for its international capabilities, with foreign issuers regularly instructing the practice for advice on UK listings and fundraisings and UK-based clients frequently seeking out guidance from the team on international and/or dual listings. In particular, the team is noted for its US capabilities, frequently collaborating with the firm’s US offices to handle equity and hybrid issues involving US securities elements. Paul Tetlow leads the team and is well-regarded for his ability to advise issuers in the energy and natural resources sectors on primary and secondary issuances, while James Green is a ‘very competent and responsive partner’ with strengths in cross-border issues. Tom Wallace frequently handles ECM matters for brokers and listed funds.

The ‘very strong practice’ at Travers Smith LLP stands out for the depth and strength of its client relationships with UK investment banks, whom it advises as sponsors and underwriters on both IPOs and secondary fundraisings, and it also regularly advises a solid roster of AIM clients in a range of sectors on equity issues. Integrated US securities expertise further allows the team to handle private placements in the US and advise its clients on the US regulatory aspects of international transactions. Corporate expert Spencer Summerfield co-heads the team with Adrian West, who is well-regarded for his ability to advise on Main Market and AIM IPOs. Public M&A and ECM expert Tom Coulter is also a key contact. Richard Spedding left the firm in May 2024, and former practice co-head Andrew Gillen became the firm’s senior partner in November 2023.

Bird & Bird LLP’s team has a strong global footprint which allows it to advise on fundraises across the AIM and Main Market of the London Stock Exchange while also handling equity issuances in emerging markets across EMEA and Southeast Asia. The team is also well-placed to advise international clients on their UK listing activities, having been recently instructed by US-based client Microsalt to advise on its AIM IPO. Practice head Clive Hopewell regularly advises on the corporate finance and regulatory aspects of issuer- and underwriter-side ECM matters, while Simon Allport is a key contact for public takeovers and Fiona McFarlane frequently handles corporate reorganisations. In September 2023, the team was joined by Michael Dawes, an expert on equity transactions in emerging African markets formerly of Memery Crystal.

In addition to advising on a steady stream of issuances and fundraising matters, Brown Rudnick LLP’s typical workload includes handling block purchases, public company share acquisitions, and reverse takeovers for domestic and international issuers and their nominated advisers. The team is noted for its ability to provide integrated corporate, capital markets, and regulatory advice on emergency fundraises and takeovers, and it is additionally capable of advising clients on shareholder activism matters. Practice head Lena Hodge advises clients on UK and US ECM matters, while Nick Davies handles a variety of corporate issues.

Charles Russell Speechlys LLP’s team has deep-seated sector expertise in the tech, energy, and mining spaces, allowing it to advice a series of corporate issuers as well as financial advisers on fundraises, corporate restructurings and recapitalisations, and tender offers. Owing to the expertise of Paul Arathoon, the practice is also noted for its ability to advise international companies on takeovers of UK-listed targets. Andrew Collins heads up the team and is a key contact for advice on share offerings as well as public and private M&A, while Mark Howard stands out for his expertise on ECM matters in the TMT space.

In addition to handling a steady stream of primary and secondary fundraisings for AIM-listed clients and brokers such as Cavendish Securities, Dentons stands out for its ability to handle equity transactions in emerging markets, fielding a team capable of coordinating with the firm’s global network on fundraises and public M&A. The team is also noted for its US securities expertise, which it frequently brings to bear when handling UK fundraises for international clients. UK corporate head Neil Nicholson is an expert on AIM listings and takeovers, and Verity Kent is noted for her expertise in the TMT and natural resources sectors.

Operating out of a network of offices across the UK, Hill Dickinson LLP acts for corporate issuers in the healthcare, energy, and natural resources sectors on Aquis and AIM fundraises, though the team is also capable of handling Main Market listings. Take-private acquisitions and reverse takeovers also represent a key area of focus for the practice, which has recently handled a growing volume of transactions for international companies trading on AIM. The practice is led by Michael Bennett, an expert on UK and international fundraises and public M&A who is also capable of guiding clients through dual listings. Jonathan Morris is a key contact for Main Market work. Amy Grosvenor handles corporate finance transactions as well as governance matters.

The practice at Macfarlanes LLP is noted in the market for its close connections with investment fund clients, who instruct the team to advise on the full gamut of complex ECM transactions. The team has demonstrable experience advising brokers and nominated advisors on equity placements, and it is also well-equipped to act on asset manager M&A, share capital increases and reductions, and takeovers of listed companies. Richard Burrows heads up the team and has extensive experience advising on public and private capital raises, while Harry Coghill advises corporate issuers on primary and secondary equity issuances. Tom Rose is a key contact for public and private M&A.

Mayer Brown International LLP’s team combines UK and US equity capital markets capabilities in its advice to AIM-listed issuer clients, sponsors, underwriters, and shareholders, allowing it to domestic issuances as well as SEC-registered offerings and international public company mergers. The energy, life sciences, mining, and tech sectors represent particular areas of focus for the team, with additional experience guiding private equity funds through share investments and public company takeovers. Kate Ball-Dodd heads up the team and regularly advises on IPOs, secondary fundraises, and block trades in addition to handling corporate governance work.

Reed Smith LLP acts on IPOs and secondary fundraises, handles de-SPAC transactions, takeovers, and equity transfers, and assists with shareholder activism matters for a client roster that encompasses Plcs in the financial services, tech, and real estate sectors as well as major banks and brokers. Practice head Michael Young advises early-stage and growth companies on a range of corporate finance matters, including listings on the AIM and Main Markets of the London Stock Exchange, while former team lead Delphine Currie remains very active in advising on IPOs, shareholder litigation, and complex regulatory issues related to the AIM and Takeover codes.

Squire Patton Boggs’ ECM team is well-connected with clients across the UK, working collaboratively between its offices in London, Leeds, Birmingham, and Manchester as well as international to handle both issuer- and underwriter-side AIM fundraisings. The team is particularly active in the tech, life sciences, and industrials sectors and is capable of guiding clients through retail offerings domestically and abroad as well as advising on take-private transactions. Jane Haxby, an expert on public and private M&A as well as corporate governance, co-heads the team with Leeds-based partner Hannah Kendrick, who handles UK and global ECM matters.

Burges Salmon LLP is noted for its strong focus on the energy sector, allowing the team to advise renewables companies as well as their sponsors, underwriters, and advisers on both public and private equity issues as well as on the regulatory aspects of public M&A and takeovers. The team, which maintains offices across the UK, is also capable of advising investors, underwriters and issuers on cross-border transactions and on admissions to UK markets. M&A and governance expert Nick Graves heads up the team together with Dominic Davis, who handles a steady stream of fundraises and IPOs.

The ‘experienced and knowledgeable ECM practice’ at DAC Beachcroft LLP provides advice to issuer-side clients, banks, and brokers on AIM and Aquis-related matters, including equity issues, tender offers, and domestic as well as cross-border take-private transactions. The team is also capable of providing ECM advice in connection with corporate reorganisations and recapitalisations as well as other corporate finance matters. Practice head Jonathan Deverill provides ‘reassuring leadership on transactions’ and is noted for his ability to advise life sciences companies on their fundraising activities.

Dechert LLP fields an ECM practice with US and UK capabilities and a particular depth of expertise in MENA region transactions, with the London team frequently collaborating with partners in Dubai to advise issuers and underwriters on international IPOs and private placements. Domestically, clients in the life sciences and biotech spaces frequently instruct the team to handle both private placements and retail share issuances, and the team also acts on a wide range of M&A deals, including fund mergers. Patrick Lyons heads up the team and is a key contact for MENA-linked work alongside Jennifer Rees, while Amy Rees is a key contact for US securities matters.

In addition to advising AIM-listed clients and mid-market investment banks on a series of issuances, tender offers, and takeovers, the team at Dorsey & Whitney regularly leverages its cross-border capabilities to advise US and Chinese clients on the UK and EU regulatory aspects of their securities transactions. Practice head Kate Francis is a key contact for advice on primary and secondary placings as well as on public M&A, while Mark Taylor stands out for his knowledge of AIM listing regulations and the Takeover Code.

The ‘very personal and commercial’ team at Druces LLP advises issuers, AIM-listed companies, and their nominated advisers on a wide range of equity transactions, with a particular emphasis on handling public and private fundraises as well as on guiding international clients through UK IPOs and listings. Dominic Traynor, who regularly advises companies in the mining and energy sectors on equity issuances and reverse takeovers, heads up the practice, which also features Jack Dervyn, who chiefly works with clients in the natural resources and tech spaces.

Edwin Coe LLP maintains a broad client roster that encompasses investment funds and brokers as well as growth companies and plcs in the biomedical, tech, mining, and media sectors. The team regularly handles private equity placements as well as AIM fundraises, and it also acts on the UK aspects of international IPOs and equity investments. Russel Shear heads up the team and offers clients expertise in ECM matters as well as in M&A and corporate finance transactions, while Daniel Bellau is noted for his growth company expertise.

Fladgate LLP chiefly guides issuers and brokers through listings and offerings on the AIM and Aquis exchanges, with a particular focus on handling transactions in the natural resources space as well as in innovation-heavy sectors such as as e-sports and crypto. The team is well-regarded for its work with international clients seeking to list and fundraise on the UK market, and it also regularly advises on cross-border takeovers and equity transfers. Key contacts in the team include practice head David Robinson, who frequently acts on equity transactions for companies in the tech space, as well as Paul Airley and Nigel Gordon.

In addition to advising on listings across the Main and AIM markets of the London Stock Exchange, Locke Lord LLP’s team is well-versed in advising on pre-IPO and secondary fundraisings as well as on a diverse range of public M&A deals. The team regularly works with firm-wide partners in the US and Brussels to provide advice to international clients on UK fundraisings, with a recent highlight including advising international fund group Amicorp’s UK division on its IPO on the LSE’s Main Market, and it also regularly assists with international fundraises. Sean Page heads up the team and is noted for his ability to guide Chinese clients through UK investments and fundraises.

Memery Crystal is lauded for its ‘expert knowledge of small-mid cap work’, allowing the team to handle a diverse array of public M&A and ECM transactions for a roster of AIM- and Aquis-listed clients. The team specialises in guiding international clients through public and private fundraises on UK markets as well as take-private transactions. Practice head Nick Davis is well-regarded for his ability to provide ECM advice to issuers in the natural resources, cannabis, and tech sectors, while Lesley Gregory is noted for her expertise in cross-border work. Edward Baker joined the team from Simmons & Simmons in October 2023, while Nick Heap arrived from Armstrong Teasdale in November 2023.

The ECM team at Michelmores LLP works with a host of domestic and international issuers and their nominated advisers on IPOs and follow-up fundraises. The team is capable of handling both AIM and Main Market issuances, and it also well-regarded for its ability to provide UK advice on international equity transactions, including advising on cross-border public M&A. Practice head Ian Binnie chiefly handles ECM matters for clients in the natural resources, fintech, and life sciences sectors.

With offices in Cambridge, Birmingham, and Norwich, Mills & Reeve LLP is well-positioned to guide regional companies across the UK through their IPOs and secondary fundraising activities, with a particular focus on advising growth companies in the tech and life sciences sectors. The practice is capable of advising AIM-listed clients on public offerings as well as private placements, and it also serves as key port of call for plcs seeking assistance with the share capital purchases of local businesses. Stephen Hamilton heads up the team and handles a wide range of ECM and shareholder activism matters.

Penningtons Manches Cooper LLP works with a series of investors and brokers, including Cavendish Capital Markets, as well as AIM-listed Plcs in the real estate, life sciences, and tech sectors to handle IPOs and financings. The team also specialises in advising Oxfordshire-based regional clients on their acquisitions by listed companies, with Seb Orton serving as a key contact for public M&A and takeover matters. Orton co-heads the team with Adam Carling, who handles corporate financing and M&A transactions for clients in the energy and TMT sectors.

Shoosmiths LLP is well-regarded for its sponsor- and broker-side offering, which targets clients such as Cavendish and Zeus Capital and encompasses advice on IPOs as well as follow-on offerings and private placements. The team is also noted for its ability to advise issuers in the tech and life sciences sectors on a diverse array of fundraising matters. Led from Birmingham by Ben Turner, the UK team is also home to Nick McCarthy and Oliver Pilkington, who work closely with a series of corporate issuers and their NOMADs on equity transactions.

A ‘great team with relevant experience’, Watson Farley & Williams LLP covers the full range of equity capital markets matters for a roster of AIM-listed clients as well as their nominated advisers and brokers. The team is well-regarded for its expertise in the energy and natural resources sectors, where it regularly guides clients through IPOs, secondary fundraises, as well as cross-border reverse takeovers and take-private transactions. Chris Kilburn leads the practice as well as the firm’s oil and gas offering and advises domestic and international clients in the sector on equity issues, while corporate expert Jan Mellmann is a key contact for debt and equity hybrid deals.