Liberum acts as Co-Lead Manager on the IPO of Network International Holdings plc

15 April 2019 | IPO


We are pleased to announce that Liberum, along with the syndicate banks, has successfully raised £1.1bn in connection with the Main Market IPO of Network International. The shares were admitted to trading today.

Network International is a UAE-based payments processing business operating in the Middle East and Africa. The Group is the only pan-regional provider of digital payment solutions with presence across the entire payments value chain. The Group delivers an integrated omni-channel offering through market leading payment technology.

The fundraise was all secondary sell down by the existing shareholders (Emirates NBD, Warburg Pincus & General Atlantic), each selling pro rata to their respective holdings.

Shares were priced at 435p. The placing attracted strong support from high quality institutional investors and was double-digits over-subscribed-allocations were severely scaled back with over 25% of the book zeroed. On admission, the market capitalisation of the Company was approximately £2.2bn.

This is the largest tech IPO listed on the London Stock Exchange since 2015 and the largest ever Middle East & Africa IPO in London across all sectors.

Liberum acted as Co-Lead Manager on the IPO. The rest of the syndicate comprised of Citi (Sponsor), Morgan Stanley, JP Morgan, Emirates NBD (all Joint Global Coordinators) and Barclays and Goldman Sachs (both Joint Bookrunners). Evercore acted as independent financial adviser to the Company.

Liberum Team

Board – David Parsons

Investment Banking – Richard Crawley, Cameron Duncan, Euan Brown, Ed Phillips

Research – Rahim Karim, Jamie Donald

Sales – Steve Keeling

Sales Trading – Mark O’Hara, Graham Smith, Nina Dixon, Nick Worthington, David Thompson, Daniel Harper

General Counsel - Rebecca Gordon  



Liberum acts as Joint Bookrunner on The Renewable Infrastructure Group’s £302m fundraising

01 April 2019 | Bookrunner


We are pleased to announce that Liberum acted as Joint Bookrunner on a Placing, Open Offer, Offer for Subscription and Intermediaries Offer to raise £302m for The Renewable Infrastructure Group (“TRIG”) through the issue of 265m shares at 114p. The issue was 3x oversubscribed relative to the target raise of £171m. Canaccord Genuity acted as Joint Bookrunner alongside Liberum.

The net proceeds of the issue will be applied torepay amounts drawn under TRIG’s revolving acquisition facility and applied towards its pipeline of investment opportunities.

TRIG is a FTSE 250 listed leading renewable energy infrastructure investment company with a market cap of £1.7bn. The company seeks to provide shareholders with an attractive long-term, income-based return with a positive correlation to inflation by focusing on strong cash generation across a diversified portfolio of predominantly operating projects.

TRIG is invested in a portfolio of 64 wind, solar and battery storage projects in the UK, France, the Republic of Ireland and Sweden, with an aggregate net generating capacity in excess of 1,363MW. 

Liberum was appointed as Joint Corporate Broker to TRIG in December 2015 and has helped raise over £700m since appointment.

Investment Banking
Chris Clarke
Gillian Martin
Louis Davies

Andrew Davies
Anastasia Mikhailova
Jack Kershaw

Conor Finn

Corporate Access
Natalie Clarke



Liberum appointed as UK Corporate Broker to PraxisIFM

26 March 2019 | Corporate Broker


Liberum is pleased to announce its appointment as UK Corporate Broker to Praxis.

The PraxisIFM Group Limited (“Praxis”) is a multijurisdictional specialist provider of administration and reporting services to the Trust and Corporate, Fund and Pension sector.

Praxis listed on The International Stock Exchange in April 2017.The Company raised £27m via a placing on admission and raised a further £10m in March 2018 through the issue of new shares.

The Company has an experienced management team and strong momentum in industry experiencing structural growth. In addition, it has strong equity ownership culture, with 60% of the shares held by management and staff.

Growth in the company’s core markets and jurisdictions, as well as selective M&A, has seen the delivery of very strong revenue and EBITDA growth in recent years. Core revenues have grown at 18% p.a. over the 2013-18 period. This has been supplemented by selective acquisitions which have resulted in total revenue growth of 33% p.a. over the same period. EBITDA has grown at 44% p.a. over the past four years.

Board: Shane Le Prevost

Investment Banking: Bidhi Bhoma, Euan Brown and Louis Davies

Research: Rahim Karim

Sales: Steve Keeling

Corporate Access: Natalie Clarke



Liberum appointed Joint Corporate Broker to Harworth Group Plc

12 February 2019 | Corporate Broker

Cover -65049

We are pleased to announce that Liberum has been appointed as Joint Corporate Broker to Harworth Group Plc, alongside Peel Hunt.

Harworth Group plc (“Harworth” or the “Company”) is a leading regenerator of brownfield land. It owns, develops and manages a c.£530m portfolio of approximately 21,000 acres of land on sites located throughout the Midlands, Yorkshire and the North of England. The Company is focused on purchasing large, complex and often dirty redevelopment sites and using its in-house technical skills to obtain planning consent and then to remediate and engineer the land for its sale and/or development, predominantly for residential and commercial uses.

The Company was spun out of Coalfield Resources plc (formerly UK Coal) in 2015. Harworth transferred its standard listing to a premium listing in August 2018.

Liberum has been appointed as Joint Corporate Broker with immediate effect.

Liberum Team

Investment Banking – Jamie Richards, Jonathan Wilkes-Green, Laura Hamilton
Sales –
John Mozley
Research –
David Brockton, James Ashley
Corporate Access –
Lynsey Cox, Natalie Clarke 




Liberum acts as Joint Bookrunner in relation to a placing by SigmaRoc plc

31 January 2019 | Bookrunner

Sigma Roc

Liberum is pleased to announce that it acted as Joint Bookrunner in relation to a placing by SigmaRoc plc, raising £12.4 million. The placing part funded the acquisition of CCP Building Products Ltd for a total consideration of £15.2 million.

SigmaRoc is a buy-and-build construction materials company that aims to create value by purchasing assets in fragmented construction materials markets and extracting efficiencies through active management and forming the assets into larger groups.

CCP is one of the largest vertically integrated manufacturer and supplier of pre-cast concrete products and aggregates in the North West of England and North Wales. CCP comes with a very attractive asset footprint with high barriers to entry, including secured internal raw material supply.

CCP represents a strategic fit within SigmaRoc, putting the Company in a strong position in the UK market place going forward and allowing it to continue its growth story. The transaction will provide consistent organic EBITDA growth and cash flow generation, with the retained senior management team incentivised to achieve ambitious EBITDA milestones over the three years.

Liberum Team

Board – Shane Le Prevost

Research – Charlie Campbell, Marcus Cole

Sales – Oliver Baxendale, Alistair Smallwood

Investment Banking – Neil Patel, Jamie Richards, Jonathan Wilkes-Green, William Hall, Ant Schia

Corporate Access – Natalie Clarke



Liberum appointed as Joint Corporate Broker to XPS Pensions Group Plc

23 January 2019 | Joint Corporate Broker


Liberum is pleased to announce its appointment as Joint Corporate Broker to XPS Pensions Group Plc.

XPS is a pensions actuarial, consulting and administration business which provides a wide range of services to over 1,200 pension scheme clients and undertakes administration for over 585,000 scheme members.

In December 2017, Liberum acted as joint bookrunner and sole underwriter to the Company in connection with the acquisition of Punter Southall’s actuarial, administration and investment consulting businesses and the associated £70 million Capital Raising.

Liberum has been appointed as Joint Corporate Broker alongside RBC with immediate effect.

Investment Banking – Richard Crawley, Robert Morton, Cameron Duncan, Jonathan Wilkes-Green, Will Hall

Research – Rahim Karim

Sales – Julian Collett, Steve Keeling

Corporate AccessLynsey Cox