In the past week, the London Stock Exchange has been boosted by the news that two big names will go public on the exchange - Aston Martin & Funding Circle.
The two companies confirmed their intention to float with announcements this morning - both businesses seeking an October listing.
But as these companies take the headlines, three other ventures also announced plans to IPO in London today - read about them below:
New Trust From Richard Buxton
The first is Merian Chrysalis Investment - a new closed-ended fund from Old Mutual Global Investors, the firm run by renowned UK fund manager Richard Buxton.
The IPO will be Old Mutual Global Investors’ first venture focused on private firms, and its first fund launch following the company’s rebrand to Merian Global Investors, which will take place at the beginning of October.
Merian Chrysalis is targeting a raise of £200m which it will use to invest in later stage private companies with long-term growth potential.
Richard Buxton’s Old Mutual Global Investors (OMGI) will act as investment adviser to the company, and the investment advisory team will be led by OMGI’s Richard Watts and Nick Williamson.
OMGI has £7bn of assets under management and has invested £300m in unlisted companies such as The Hut Group, TransferWise and Secret Escapes, over the past 12 months.
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In its intention to float document, the company said: "The fund will look to invest in attractively valued minority, private investments with long-term growth rates substantially better than the average UK plc.
“Once fully invested, it is expected that the Company's portfolio will typically consist of between 7 and 15 investments, with net proceeds from the IPO expected to be substantially deployed within 6 to 9 months of First Admission.”
Global Legal Finance Firm Seeks IPO
The second company that released an intention to float today was Vannin Capital.
Vannin Capital is a “global expert in the provision of funding to support individuals, corporate clients and law firms in the successful resolution of high-value litigation and arbitration claims.”
Since forming in 2010, the company has become one of the most prominent providers of legal finance, and a major player in funding for single case actions.
Operating in Europe, Australasia and the US, the group primarily funds single cases, but also provides funding in relation to portfolios of cases and the enforcement of judgments and awards.
For the years ended 30 September 2015 to 2017, total income increased at a CAGR of 42% to £36.5m, operating profit increased by 32% to £28.1m, and profit after tax rose by 22% to £21.2m.
Richard Hextall, CEO of Vannin Capital, said: "David Morley, Non-Executive Chairman of Vannin Capital, said: "The global legal finance market has become increasingly important over the last decade.
“It is a highly innovative field with the potential to revolutionise the litigation landscape worldwide.
“Vannin Capital has built an exceptional position within this fast growing and rapidly evolving marketplace, underpinned by an unwavering commitment to quality: quality of the team, quality of case assessment and quality of relationship management with both law firms and their clients.”
Mobius Plans New £200m Trust
Finally, the emerging markets veteran Mark Mobius said he was planning to raise £200m with a new investment trust.
Independent emerging and frontier markets investment firm Mobius Capital Partners will act as the company’s alternative investment fund manager.
Today, Mobius Investment Trust announced that founding partners Mark Mobius, Carlos Hardenberg and Greg Konieczny each planned to participate in the issue for an aggregate subscription amount of approximately £5.7m.
The company said it will be focused on undervalued companies with resilient business models that have the potential for operational, financial and environmental, social and governance improvements.
Speaking about the focus of the new fund, Mark Mobius said: "Carlos, Greg and I founded Mobius Capital Partners because we fundamentally believe the future of active investment is creating value through partnership and engagement.
“Emerging and frontier market companies provide a unique opportunity to enhance ESG performance. We will look to work with these firms to improve corporate governance, set out a broader ESG pathway and act as a catalyst for wider operational and financial improvements.
“We are delighted to make our innovative approach accessible to both institutional and retail investors via a London listed investment trust.
"Over my 30-year investment career, I have learned that emerging markets swing between irrational exuberance and excessive pessimism. What matters most is a deep understanding of the fundamentals. The current market correction opens up many exciting opportunities."
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