Ashurst and DLA advise on Time Out IPO as Brexit vote looms

Ashurst and DLA Piper have won roles advising Time Out magazine, which is due to float just ten days before the UK’s European Union (EU) referendum.

The UK listings magazine is planning to float on the alternative investment market (AIM) next week, with an IPO valuing the company at £195m.

It is set to issue 60 million ordinary shares at 150p, raising £90m, when it lists on 14 June.

Ashurst is advising Time Out, with a London-based team led by corporate partner Dominic Ross and private equity partner David Carter, alongside US securities partner Eric Stuart.

Liberum Capital is acting as Time Out‘s nominated adviser and sole bookrunner.

It is understood that DLA Piper is representing Liberum, with a team led by capital markets partner Charles Severs and EMEA capital markets head Alex Tamlyn.

Commenting on the deal, Ross said it could be the last London IPO listing ahead of the EU referendum. “I think it will be the last one to go. We did the Joules IPO last week but lots have been pushed back.”

Carter added: ”We set ourselves a fairly challenging timetable before we had the vote. It was at the front of mind to beat all the craziness.”

Ashurst advised alongside Eversheds as UK clothing company Joules listed on London’s AIM market last month (26 May).

Eversheds advised Joules and Ashurst advised the underwriters.

Other recent London listings include Hotel Chocolat, which floated on AIM on 5 May.
Stephenson Harwood advised the chocolate company and Travers Smith acted for the broker.