London offers sub $1bn valuation US companies growth capital & liquidity at #IPO. Don’t believe me? Hear the leaders of two US companies that have gone public in London detail their experiences on Nov 14 from 8am ET at the London Stock Exchange IPO Forum! You can register here: https://lnkd.in/epw7Ai-G or by using the QR code below.
You will hear from Douglas Le Fort, Non-Executive Chairman of AOTI, a California based #medtech that completed a $45m IPO in London in June this year with a market cap at IPO of c. $180m. One of 4 US to UK IPOs so far in 2024, $20m of AOTI’s offering was secondary selldown by existing shareholders. The company had historical revenue of c. $44m at IPO and a 3 yr revenue CAGR of 38%. Its largest institutional shareholders are Artemis Investment Management, Wasatch Global Investors and Royal London Asset Management .
Jon Prideaux took Boku public in 2017 as CEO, the #fintech company was founded in the Bay Area and backed by VCs - Andreessen Horowitz, Benchmark , Index Ventures, Khosla Ventures & New Enterprise Associates (NEA). Again, a substantial portion of the $60m IPO was secondary selldown by existing investors - two-thirds in this case. The company had historical revenue of $24m at IPO and a market cap of $167m. The VCs were quickly able to exit their remaining position via accelerated offerings. Boku’s market cap has since grown to $684m and it has completed a number of acquisitions and follow-on capital raisings. Its largest institutional shareholders are Octopus, BlackRock, Capital Research and abrdn.
These two examples demonstrate the point clearly that London offers smaller US companies lower cost access to high quality institutional capital and enhanced liquidity for existing shareholders at the point of IPO and beyond. Tune in to the forum or reach out to me if you’d like to find out more.
cc Jacob Blawski, Andrew Hernandez, Neil Shah, Jonathan Nelson
