In the last two months, Wragge Lawrence Graham & Co's Corporate team has acted for two special purpose acquisition companies (SPACs) on their admissions to the standard listing segment of the UKLA's Official List and to the London Stock Exchange's main market for listed securities.

Vertu Capital Limited, a BVI-incorporated company, has listed with a view to making one or more acquisitions in the financial services sector.

Cleantech Building Materials plc, a UK-incorporated company, has listed with the intention of making a substantial acquisition in the cleantech building materials sector.

Both companies raised monies via a placing/subscription simultaneously with the listing, sufficient to meet the UKLA's minimum market capitalisation test and at the same time ensuring that at least 25% of the shares were held by the public.

Corporate partner Jeff Elway led on both IPOs. He was supported by associate Alice Prickett and senior associate, Jenna Beever.

Jeff said: "We're looking forward to working with both Vertu Capital Limited and Cleantech Building Materials plc on implementing their acquisition plans going forward.

"AIM used to be the principal market on which smaller SPACs (cash shells) were listed until a few years ago now, when the London Stock Exchange increased the minimum fundraising requirement for such companies on AIM from £1 million to £3 million. But for a few years now, various entrepreneurs have been looking at the 'standard listing' segment of the UKLA's Official List as an alternative (and cheaper) platform.

"We have been instrumental in a number of clients successfully floating their SPACs/cash shells on the Official List over the last year, and we currently have or anticipate instructions to float at least three others in this way. It remains to be seen, however, how the UKLA and/or the London Stock Exchange will view this development in the use of the Official List/main market."

Wragge Lawrence Graham & Co's 60-strong Corporate team has extensive experience across the full spectrum of corporate advice, including equity capital markets on both the Official List and AIM, investment funds, private equity and both public and private mergers and acquisitions.