Funds services provider Praxis Fund Services (PFS) has supported the launch of the first Special Purpose Acquisition Company (SPAC) to be listed on the London Stock Exchange (LSE).
PFS, part of the global PraxisIFM Group, supported tech-focused venture capital group Hambro Perks in creating the SPAC, a vehicle which is formed with the purpose of raising money through an initial public offering (IPO) and will invest into an unknown company at the point of investment.
The Financial Conduct Authority (FCA) consulted on listing rules for the LSE earlier this year with recommended changes coming into effect in August 2021. These variations aligned the LSE with the SPAC model, which has become popular in US markets and have seen more than 600 SPACs listed since 2020. SPACs are now able to remain open for trading following an acquisition announcement providing it meets and complies with various investor safeguarding requirements.
PFS provide administration, company secretarial support and governance services to Hambro Perks, assisting with the successful launch of the SPAC on the main market of the LSE on 25th November having raised £140 million in its IPO. PFS’s New Business Team supported the listing working alongside the Hambro Perks team, legal teams (White & Case LLP and Carey Olsen (Guernsey) LLP) and sole global coordinator and bookrunner (Citigroup Global Markets Limited).
PFS Managing Director David Le Boutillier (pictured) said: “This is a really interesting and exciting development. London will likely follow in US markets’ footsteps and SPACs will become a familiar investment vehicle for private investing throughout 2022 and beyond. To have assisted with the first of its kind on the LSE is a real privilege and we’re honoured to have worked with the Hambro Perks team to get this successfully across the line.”
Keri Lancaster-King, PFS New Business Director, added: “Congratulations to the Hambro Perks team on their successful IPO and listing on the LSE. It’s been a great experience and we look forward to adding more SPACs to our growing portfolio going forward.”
