Equity advisers disrupt new deals

Author: | Published: 1 Nov 2009
How similar are new listings, really?

In-house counsel at Europe’s investment banks are complaining that equity advisers are being needlessly difficult on IPO negotiations – potentially scuppering deals.

The investment advisers working for companies looking to list are pushing particularly hard on clear markets provisions, among others. This clause ensures that the lead arrangers do not help similar companies list within a certain period either side of the deal, which might distract market attention or dilute potential investment.

“They’re making a process complicated that was never meant...