From “Floperoo” to the final frontier of investment …

New listings big and small have come thick and fast in London this year. Darktrace has done best of the “big 10” to list this year while Caerus Minerals has starred among the tiddlers.

The new listings in London are coming so thick and fast, companies are running out of original names.

So, on the one hand we have Seraphine Group PLC (LON:BUMP), which yesterday published its prospectus ahead of its forthcoming flotation at 295p per share, valuing the company at £150.2mln.

It is not to be confused with Seraphim Space Investment Trust PLC (LON:SSIT), which floated on the London Stock Exchange today at 100p a share.

One is a maternity brand, apparently patronised by celebrities exclusively named Kate (Middleton, Winslett, Hudson), and the other is the world’s first space tech investment fund.

“Space is the final investment frontier but our team has boldly invested where virtually no one has invested before and proved that there are returns out there above the atmosphere,” said Will Wheaton … er … Whitehorn, the chair of Seraphim.

So far, the shares have not exactly rocketed higher – they are quoted at around 102.38p – but neither have they fallen down to earth with a bump, which is more than can be said for Seraphine, which is quoted at 283.95p in conditional trading.

There have been around 50 new listings this year including the odd demerger, such as Wickes Group PLC (LON:WIX). As you might expect, performance has been mixed; Wickes itself, which was hived off from Travis Perkins PLC (LON:TPK) at the end of April, has seen its shares drift down to 251p from 275p.

The biggest flotation of the year was Deliveroo Holdings PLC (LON:ROO), the controverisal fast food delivery company.

The initial public offering at 390p per share was so underwhelming that wags referred to its as “Floperoo”; the shares have recovered a bit of late and now trade at 307p.

The hype around the flotation of Dr. Martens PLC (LON:DOCS), the boot boys’ favourite footwear, was not quite as excessive as Deliveroo’s and although the shares have come off of late, at 452p they are well above the 370p flotation price.

With a market capitalisation of £4.52bn, the company is the second largest company to list in London this year.

Darktrace PLC (LON:DARK), worth £1.7bn on listing and £3.8bn now, is the third largest company to list this year and as can be seen in the sharp valuation uplift, one of the more successul ones but that was after the cybersecurity group’s initial public offering price was slashed from initial estimates.

Author: Donna Woods

  • 6+ years of experience in financial analysis
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