UK Private Capital and PwC have updated their guide to help private equity and venture capital firms and their portfolio companies prepare for initial public offerings (IPOs).
The guide covers the IPO process from assessing a company’s readiness and developing its equity story through to governance, regulation, investor communications and operating as a listed company.
First published in 2016, the guide has been updated to reflect a more volatile market, shorter listing windows and higher expectations from investors around reporting, governance and engagement. It also covers changes to the UK listing and prospectus regimes and their implications for companies considering an IPO.
The update comes as UK Private Capital examines the relationship between private and public markets and the role of London as a listing destination. Its recent survey of 101 senior decision-makers across private equity and venture capital found that 83% believe a larger domestic investor base is important to making UK public markets more attractive, while 77% called for a more positive narrative around UK markets.
The importance of private capital to the UK IPO market is also reflected in data from McKinsey, which found that 65% of UK-originated IPOs between 2015 and 2024 involved companies that had been fully or partially owned by private equity firms.
Michael Moore, chief executive of UK Private Capital, said: “Healthy public markets are vital for growing the economy and private capital has a critical role to play in bringing strong businesses to market.
“Strengthening the connection between public and private markets will be critical to ensuring more ambitious UK businesses can scale, access capital and remain anchored here. This guide is a practical contribution to that effort, helping firms and portfolio companies prepare properly and approach the listing process with greater confidence.
“But London will only remain a competitive listing destination if the wider conditions are right. That is why we are undertaking efforts to address negative perceptions of UK markets including around valuations, liquidity and the regulatory environment.”
Michael Wisson, capital markets partner at PwC, said: "Going public is a significant step for any business. The most successful companies are those that prepare early and address the key issues around governance, reporting, structure and investor positioning well before a formal process begins.
“This guide brings those considerations together and provides a practical framework for management teams and shareholders.”
