UK Law Firms see Euro-IPO Boom

The London Stock Exchange (LSE) is struggling with record-low IPO activity, but this is not stopping UK law firms' capital markets teams from making money.

How? UK law firms are finding new opportunities abroad. In 2024, newly listed companies on the LSE raised just £737 million, marking an all-time low. However, UK legal expertise remains in high demand, as firms increasingly advise on major European IPOs in Spain, the Netherlands, and Switzerland.

With global businesses turning to alternative listing venues, UK law firms are leveraging their cross-border expertise to remain key players in the European capital markets. London-based teams are acting on high-profile European IPOs, showcasing their ability to execute deals regardless of listing jurisdiction.

Give me some examples

• Ferrari Amsterdam IPO: Macfarlanes advised Ferrari on the English law aspects of its €785 million IPO on Euronext Amsterdam. Linklaters advised the underwriters.
• HBX Spain IPO: In a rare UK-to-Spain IPO, Freshfields led legal work on HBX Group’s €2.84 billion listing. Clifford Chance advised private equity fund EQT VII on its stake sale in HBX. Freshfields’ London and Spanish teams collaborated, reinforcing London’s role as a hub for multi-jurisdictional capital markets work.
• Swiss IPO: The SIX Swiss Exchange saw biopharma company BioVersys list for €213 million. Latham & Watkins’ London team advised Citigroup, UBS, and Stifel Europe.

How does this impact Law Firms?