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£14.7 billion raised in secondary offerings since the start of the year

Overall secondary offerings have reached £14.7 billion across 135 transactions in the UK for the year to date, according to new analysis from Deloitte. A secondary offering refers to the sale of shares in a listed company occurring after a company’s IPO, with the transaction taking place through either London’s Main Market or AIM.

Prior to the lockdown in the UK, the amount of money raised in January and February 2020 was almost twice that of the same period in 2019 (£3.4 billion vs £1.9 billion), signalling increased business optimism. Despite a drop in March, April and May both saw elevated levels of equity fundraising in London.

Chris Nicholls, Head of Equity and PLC Advisory at Deloitte, said: “The UK market has very much been open for existing listed companies seeking additional equity capital, including those from the retail and hospitality sectors. Typically this has been to strengthen balance sheets and improve liquidity in the wake of the pandemic. I would expect fundraising activity to continue into the rest of the year, albeit with only a modest trickle of IPOs.”

Since 23 March this year, the FTSE 100 and S&P 500 have risen 29.8% and 42.8% respectively, boosted by the gradual reopening of world economies and bold government and central bank stimulus measures. However, volatility levels remain elevated compared to long-term averages with the global VIX Index currently in the region of 24, substantially higher than the 2019 average of approximately 15.

Chris Nicholls concludes: “Whilst volatility has substantially reduced from March levels, any VIX reading above 20 traditionally represents a difficult environment in which to launch IPOs. However, global equity markets are recovering strongly from the unprecedented shock to the economy caused by COVID-19.”

Elite Big 4 boutique seeking Audit and Advisory manager

This firm offers the quality and benefits of a large firm in a smaller environment where there is more opportunity to use your initiative and gain responsibility early on.

They provide wide-ranging work experience in fields including investigation litigation support, business planning, financial modelling, tax planning, audit and general business advice. You will have the opportunity to deal with everything from an entrepreneur just setting up a business, to a large established company.

Clients include high street names, AIM-listed companies, film distributors, retailers and travel firms. They also specialise in working with hedge fund managers regulated by the FCA.

Job Description

You will take responsibility for developing a wide ranging portfolio, building and driving excellent client relationships, delivering a quality service. You will manage the team and look to support and develop junior individuals. Alongside this you will have a development focus to your role, looking to identify opportunities for planning/further services etc. The firm is growing and planning for future developments and therefore the business is seeking individuals, who are career focused and looking to progress in level and responsibility. You will have genuine opportunity progress and develop in your career within this leading firm.

The Successful Applicant

  • ACA qualified accountant or equivalent
  • Currently working as an Audit Manager or Senior Manager
  • Intellectually ambitious
  • Aspirations to develop and one day achieve partnership
  • Curious and keen to offer clients a range of creative solutions
  • Focus on excellence in all you do
  • Enjoy building client relationships
  • Professional, friendly and supportive in approach

What’s On Offer

  • Company support, professional growth and partner prospects
  • £60,000 – £80,000 salary
  • Opportunity to study CTA (+ other qualifications)
  • Genuine work life balance
  • Opportunity to work with and learn from high quality senior advisers

Contact: Lorraine Twist
Quote job ref: 13915109
Telephone: +44 207 269 2244