Investor Relations Challenge & Opportunity
Company A was founded over 20 years ago and listed on the London Stock Exchange-AIM in 2016. Gilmartin Group was retained to advise on syndicate selection, IPO material preparation including S1, banker teach-in, analyst education, financial model forecasting and KPI development as well as coordination of key relationships and deliverables related to a U.S. IPO.

Gilmartin Strategy

• Manage the identification and selection process of investment banking syndicate, including relationship development and education of sell-side research analysts.
• Develop and draft key components of the company’s prospectus, including the Company Overview “Box”.
• Formulate and execute investor relation program to broaden awareness and credibility of management among U.S. institutional investors ahead of an IPO.
• Coordinate disclosures consistent with both U.S. Nasdaq and LSE protocols and best practice.
• Ensure corporate readiness for dual listing and U.S. market regulations.

Tactics

• Crossover round with blue-chip institutional investors, led by a U.S. investor, ~6 months ahead of IPO.
• Introductions to a wide breadth of life science tools and diagnostics investment bankers and research analysts.
• Detailed analysis of research analyst coverage and platform to ensure strong industry and company knowledge ahead of U.S. IPO syndicate selection.
• Advised management on U.S. research analyst company education and financial modelling preparation, while adhering to UK listing disclosure regulations.
• Coordination between U.S. and UK advisors to develop messaging and formulate information disclosure strategy pre and post IPO, to ensure seamless processes for management.
• Educated management on U.S regulations, quarterly reporting expectations, key performance indicator disclosure, and guidance philosophy expectations.
• Performed Reg FD training for executive leadership team and companywide webinar.

Results

• Successful execution $50M crossover round led by U.S. healthcare specialist and large mutual fund institutional investors.
• Completed dual listing with Nasdaq IPO, raising $201M in gross proceeds including the green shoe, and priced at the high end of the initial range.
• Established a syndicate of 5 investment banks with 3 bookrunners and 2 co-managers ensuring broad research coverage following U.S. IPO by 5 analysts.
• Company delivered financial results exceeding consensus estimates for each of its first 6 reporting quarters.
• Effective transition to diversified U.S. institutional growth-oriented shareholder base from predominantly UK retail shareholder base.
• Investor awareness and interest increased significantly with the Company doing over 250 investor meetings in the 18-months following IPO.