SquareBook is Proud to Announce Acceptance into Tech Nation 2020 Fintech Cohort
Tech Nation is the government funded growth platform for the best and brightest UK fintech companies, and our inclusion means that the Tech Nation judges collectively considered SquareBook to be one of the most exciting companies in the UK’s fintech sector. It also provides independent validation of the SquareBook business model, recognising our potential to both transform the IPO process and to impact the process on a global scale. Previous game-changing Tech Nation members include Revolut, Seedrs and Deliveroo.
Is Covid a Catalyst for Advances in the IPO Process?
With IPO ‘roadshows’ being off limits for the foreseeable future companies need to make full use of technology and virtual events. The recent successful IPO at the NYSE of Unity, a gaming software development company, has shown the benefits of using this approach. With the outdated roadshow no longer an option this was replaced by virtual meetings and, importantly, the Unity executive team played a crucial role in deciding the IPO share price and allocation, with an electronic auction process used to establish price discovery. Unity’s share price closed up 31% on the first day of trading. Goldman Sachs managed the IPO.
Snowflake IPO’d two days later with Goldman Sachs again leading the cohort of bankers but this time using a traditional syndicate approach. snowflake’s share price more than doubled on the first day, arguably leaving $3.4 bn on the table, on top of a $100 m fee due to the bankers.
SEC Greenlights Raising New Capital vis Direct Listing
Following months of consultation, the SEC announces it has approved the NYSE’s proposal to allow companies to raise capital via direct listing. Previously only existing private shareholdings could be sold in direct listings. Meanwhile, NASDAQ has its own similar proposal under review with the SEC.
24th July 2020
Vodafone to List Vantage Towers Unit in Frankfurt
Vodafone announced plans to list its towers unit in Germany rather than London. The move was said to be unrelated to Brexit. The company’s largest asset is its German business.
10th June 2020
IPO Roadshows Going Virtual
A flurry of deals in the US recently has sparked interest among commentators, highlighting the trend towards virtual roadshows. Driven by COVID-19 travel restrictions and social distancing norms, the reality has hit that the previously accepted roadshow model has serious drawbacks. Even in a post-virus world, virtual roadshows can be expected to become more widespread, increasing accessibility for all investors.
4th June 2020
Paper Published: Towards an Optimal IPO Mechanism
SquareBook advisor to the board and Professor at the Amsterdam University of Applied Sciences, Fred Huibers has published a ground-breaking paper in the Journal of Risk and Financial Management. The paper examines different auction methodologies that lead to more accurate price discovery and limit the scope for the chronic underpricing inherent in the standard bookbuilding process.
21st May 2020
IPO News: Pexip IPO Again Highlights Underpricing Inherent in Bookbuilding
Norwegian video conferencing challenger, Pexip, listed in Oslo on 14 May, issuing shares at NOK 63, the issue being oversubscribed 12-fold. Shares ended the first day up nearly 40%.
25th March 2020
SquareBook Annual Conference Cancelled
In light of the current pandemic and government guidelines, we regretfully announce the cancellation of our annual primary markets conference. We look forward to welcoming our supporters, partners and industry experts next year.
7th February 2020
Calisen IPO is First Big Post-Brexit Listing and Europe’s Largest So Far This Year
Smart energy infrastructure company, Calisen, has raised £330m in its 225p share issuance on the London Stock Exchange’s Main Market. Calisen’s share issuance marks the first sizeable IPO in the UK since Brexit. Market participants are hopeful that volumes pick up after a sluggish 2019 where only 34 companies listed in London raising a paltry £3.7bn.
13th December 2019
SquareBook Seed Round Completed
SquareBook is delighted to announce that we have completed our seed round before year end. The raise will allow us to make key hires and continue building our platform.
21st November 2019
Selective Discounts in Francaise des Jeux IPO
The French government completed another privatisation via IPO of state lottery company, Française des Jeux. The state sold nearly 80% of its holdings and the firm is valued at ca. €3.7bn. Common to French privatisations, retail investors received a 2% discount and will receive 1 further bonus share for every 10 held for 18 months. Why is such preferential pricing not used more often to attract and reward investors, institutional or private?
2nd October 2019
IPO Innovator SquareBook Makes Two Strategic Senior Hires
Appoints Senior Banker Barry Wingate as Director and leading authority on primary markets issuance Fred Huibers as Advisor to the Board.
9th August 2019
SquareBook Hires Ali Adnan
SquareBook is excited to announce the hiring of our new Lead Software Architect, Ali Adnan. Ali is a key hire and brings considerable software design and architectural experience. He has previously held senior engineering and management roles at Microsoft, Nokia, and TMX owned Trayport.
25th July 2019
1st May 2019
SquareBook’s inaugural IPO conference draws industry leaders from regulators, exchanges and fund management groups to discuss trends and new developments in the IPO process.
SquareBook in the Media
25 July 2019
25 July 2019
‘SquareBook aims to fix IPO process’
A new book-building platform is at the heart of an attempt to unbundle a process that some feel is no longer able to serve growth companies in need of capital.
Read more: Euromoney
25 July 2019
25 July 2019
25 July 2019
Square Book Finance Ltd (Company Reg No. 11971730) is authorised and regulated by the Financial Conduct Authority (number 812594)