DLA Piper has advised Liberum Capital Limited on their appointment as sole bookrunner and nominated adviser on the IPO of Time Out Group plc and its admission to AIM.
The IPO included a capital raise of £90 million by an issue of 60 million new ordinary shares at a price of £1.50 per share. Based on this issue price, the market capitalisation of the company on admission was £195 million.
Time Out operates in over 65 cities across 15 countries (with a presence in a further 42 cities across 25 countries) and has established itself as a multi-platform and e-commerce business with a global content distribution network comprising magazines, online, mobile apps, mobile web and a physical presence via live events and a Time Out market in Lisbon. Using this platform (which boasts a monthly audience reach of approximately 111 million) and its well-established global brand, Time Out seeks to enable people to experience the best of a city, serving as a guide for food, drink, music, theatre, art, style, travel and entertainment.
Steve Pearce head of corporate finance at Liberum said: "This was a demanding IPO process both in respect of the short timetable we set ourselves and the challenging market conditions ahead of the EU Referendum. We are delighted to have successfully completed Time Out's IPO, securing funding for its unique opportunity, and were ably assisted by our legal counsel, DLA Piper, every step of the way."
The DLA Piper team was led by DLA Piper's Head of EMEA Capital Markets and partner, Alex Tamlyn, Charles Severs (partner) and Rob Newman (senior associate).
Alex Tamlyn at DLA Piper said: "Liberum has established itself as a leading adviser and broker to issuers on London's primary markets. Notable recent expertise as broker and bookrunner to high profile AIM entrants include the IPOs of Time Out, Hotel Chocolat and Joules. We were delighted to be able to support Liberum on this IPO and build on the strong relationship we have formed with them. We congratulate Time Out on its successful admission to AIM and we look forward to following its progress with great interest."
