Purpose
This paper aims to summarize new disclosure and procedural rules and related guidance for initial public offerings in the UK that will become effective on July 1, 2018.
Design/methodology/approach
This study summarizes new disclosure and procedural rules and related guidance published by the Financial Conduct Authority intended to improve the quality and timeliness of key information made available to investors in advance of an initial public offering (IPO) in the UK, in particular the timing of the publication of IPO research by connected and unconnected analysts.
Findings
While it remains to be determined whether the new process will provide investors with more time to digest information about the issuer and its business and increase the likelihood that investors will place greater emphasis on the prospectus and less on research reports of connected analysts, at the very least, the publication of the prospectus or a registration document, rather than the intention to float announcement as is currently the case, will provide the first public confirmation that an IPO is imminent.
Originality/value
This study provides practical guidance from experienced securities and financial services lawyers.
