Low angle  view looking directly up from Lime Street to Lloyds of London Building, The Scalpel Building, St Andrew's Undershaft  and The Leadenhall Building in the City of London UK

Episode 32 — PE Views: Will UK IPOs with Dual Class Shares Surface New PE Opportunities?

November 10, 2021
The emergence of US-style dual class shares in the UK may lure Europe’s best founder-driven businesses to the London market, presenting opportunities for private equity.

The UK has now seen several public listings with dual class share structures, including most the £5.4 billion IPO of The Hut Group, which had a “special” share for the founder. With the UK government keen to increase the marketability of UK listings following Brexit, we anticipate that US dual class deal architecture is likely to be featured on a growing number of London listings — a development that could benefit PE firms and founder managers seeking to retain a greater governance role post-IPO.

In this episode of Connected With Latham, London private equity partner Tom Evans speaks with London capital markets partner Chris Horton about the opportunities this trend may present to private equity participants active in the UK.

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