Leading audit, tax and consulting firm RSM became the most active adviser for AIM listings in 2020 as it completes its third AIM initial public offering (IPO), out of a total of eight in the year.
The firm’s capital markets team most recently acted as reporting accountants on the AIM IPO of Calnex Solutions plc, a provider of test instrumentation equipment to telecoms groups. This is the first Scottish business to float since 2018 and raised £22.5 million.
RSM also acted for Various Eateries plc as part of its AIM listing. The leisure and hospitality group raised £25m with an initial market capitalisation at admission of £65m in a highly challenging market. It operates two core brands, Coppa Club and Tavolino, and plans to expand both.
The third listing for RSM was acting as reporting accountants for FRP Advisory Group plc on its AIM IPO. With a market capitalisation at admission of £190m, FRP is the largest company to list on AIM this year, raising £80m, £60m for shareholders and £20m for the company to strengthen its balance sheet and fund acquisitions.
Diane Craig, partner and head of Capital Markets at RSM, comments: ‘For these companies to achieve their AIM listings in the midst of the biggest crisis in a generation and the financial challenges that come with that every day, should not be underestimated. It is hugely encouraging to see that the UK equity markets have continued to support good quality companies with the right business models. We’ve worked across a range of our teams to give them the advice and guidance they’ve needed to raise investment and realise completion of these successful IPOs.’
Oli Williams, CFO at Various Eateries plc said: ‘I’m delighted that Various Eateries has been admitted to AIM, which will help us take advantage of the opportunities in the marketplace and accelerate our growth. RSM has been with us every step of the way.’