Ashurst advised Barclays Bank PLC, Canaccord Genuity Limited and Parva Capital Limited as the underwriters and lead managers on the initial public offering of Intelligent Energy Holdings plc ("Intelligent Energy"), an energy technology company which has developed advanced hydrogen fuel cell technologies. Intelligent Energy was admitted to the London Stock Exchange's main market for listed securities on 9 July 2014.

The offering raised total gross proceeds of £55.0 million, of which the estimated net proceeds receivable by Intelligent Energy were £48.6 million. The IPO comprised a new issue of 16,174,251 ordinary shares and the sale by a selling shareholder of 1,020,000 ordinary shares, all at an issue price of 340 pence per ordinary share. On admission, the market capitalisation of Intelligent Energy at the issue price was £639.3 million. The net proceeds received by Intelligent Energy will be used principally to fund the commercial expansion of its divisions, the continuation of core research and development activities and general working capital and corporate requirements.

The Ashurst team was led by corporate partner Nick Bryans, assisted by US senior associate Jeffrey Johnson, senior associate Simon Bullock and solicitor Jacob Gold. Partner Jennifer Schneck led on the US aspects of the transaction. Partner Mark Lubbock advised on intellectual property matters. Counsel Caroline Chambers also assisted on the deal.