DAC Beachcroft advises on first AIM listing of 2019

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DAC Beachcroft advises on first AIM listing of 2019

Published 21 marzo 2019

International law firm DAC Beachcroft is pleased to have advised Diaceutics plc (“the Company”) on the first initial public offering (IPO) to have taken place on the London Stock Exchange’s AIM market in 2019.

The Company was admitted to AIM today with a market capitalisation at opening of circa £62 million, having raised £17 million through the placing of circa 22.4 million new ordinary shares. In addition, circa five million existing ordinary shares were placed on behalf of existing shareholders.

Diaceutics is a data analytics and implementation services company for the global pharmaceutical industry. Its products and services are focused on optimising its clients' strategies for the development and launch of precision medicines and specifically, the diagnostic testing required to guide selection of such medicines.

The DAC Beachcroft Corporate team was led by Clive Garston, who was assisted by legal director Michelle Jones, solicitors Martyn Greene and Jacque Calf, and trainee Aleksandra King-Sorrell.

Clive Garston said, “The fact that we are seeing the first AIM IPO of the year taking place so late in Q1 demonstrates how global geopolitical events and – closer to home – the uncertainty of the Brexit negotiations, have subdued the market. However, it does show that there is still a market for successful, growing profitable companies, notwithstanding current uncertainties.”

To support Diaceutics as it prepared for its IPO, DAC Beachcroft’s Corporate team drew on the expertise of colleagues from across the firm, including Michael McCormack in Tax, Georgina Rowley in Employment and Jade Kowalski in Commercial.

DAC Beachcroft’s Equity Capital Markets practice is especially well know across the technology, media and telecoms and natural resources sectors. The team regularly advises issuers, financial advisers, NOMADs and brokers. It acts for more than 20 AIM-listed companies, advising its clients and their corporate finance advisers, both domestic and international, on complex transactions such as IPOs, secondary fundraisings, rights issues, reverse takeovers and public takeovers, as well as advising on continuing compliance with relevant legal and regulatory requirements.

For its IPO, Diaceutics’ nominated adviser and broker was Cenkos Securities.