Ashurst advised Time Out Group plc ("Time Out"), the multi-platform media and e-commerce group on its successful £195 million initial public offering on AIM.

The IPO comprises a new issue of 60 million ordinary shares at an issue price of 150 pence per ordinary share, raising gross proceeds of £90,000,000. Based on the issue price, the market capitalisation of the Company at Admission will be approximately £195 million. Admission to trading on AIM will become effective at 8.00 a.m. on 14 June 2016.

Time Out plans the net proceeds of the IPO to accelerate the Group's growth plans to scale and further monetise its platforms focusing on digital advertising, e-commerce and Time Out Markets.

Time Out was founded in 1968 by Tony Elliott as a London magazine featuring content on culture and entertainment, and has now expanded into new cities through both its "owned and operated" business and international licensing arrangements.

Oakley Capital Private Equity ("OCPE") invested in Time Out in November 2010 with a strategy to transform what was a traditional print brand into a leading digital platform through the development of its digital offering, particularly around mobile. Since OCPE's initial investment, Time Out has refined its strategy and invested in growing the Time Out audience and creating an enhanced technology platform to deliver a media and e-commerce offering across a diverse content distribution network.

The Ashurst team was led by private equity partner David Carter and corporate partner Dominic Ross, senior associates Simon Bullock and Braeden Donnelly and associates Emily Thompson, Madison Bird and Amber Walker. Partner Alex Cox and senior associate Philippa Michie provided tax advice, senior associate Ruth Buchanan and associate Dominic Boon provided employment advice and associate Caroline Hogan provided IP advice. US securities partner Eric Stuart and associate Jessie Heners provided US securities law advice.