From Monzo of pension to NFT: Upcoming UK tech IPOs to watch for 2021
Despite the uncertainty caused by Brexit and the pandemic, in 2020, the UK tech IPOs (Initial Public Offering) gained strong momentum, indicating the UK’s attractiveness for tech companies.
According to the report from TechNation, eight of the UK’s tech companies IPO’d on the London Stock Exchange (LSE) in 2020, raising a total of £3.1 billion.
Recently, the online food delivery app Deliveroo also made its debut on the London Stock Exchange (LSE), while it didn’t go as expected. Deliveroo’s shares plunged as much as 30% within the first 20 minutes wiping out around £2.3 billion in market value.
The debut was a disaster, even after Deliveroo decided to price its IPO at the bottom of the range – £3.90 per share.
Many top investors didn’t take part in the IPO due to various reasons including concerns regarding worker’s rights, a dual-class share structure, profit sustainability after lockdown relaxation, and of course the wrong time.
While Deliveroo IPO had a bitter aftertaste, UKTN decided to take a look at the upcoming potential IPOS in the UK tech space in the year of 2021.
Wise (formerly TransferWise) is set to follow in the footsteps of Deliveroo. According to Sky News, the company is reportedly eyeing up a dual-class share structure for its London IPO, which is expected to take place in London later this year.
With this move, Wise plans to keep the control in the hands of early investors and founders. Earlier this year, Wise has appointed Moran Stanley and Goldman Sachs as joint coordinators for its Initial Public Offering (IPO).
It’s worth mentioning that the IPO will make the unicorn startup among the most valuable tech companies in the UK.
The British cybersecurity company Darktrace has been valued at £2.2 billion as it prepares to join London stock market listings.
Gordon Hurst, a new chairman, who leads the company’s board, wants to issue an expected intention to float announcement as soon as next week, claims Sky News.
According to the report, the company will have a more conservative approach towards pricing, in the wake of Deliveroo’s turbulent arrival. Furthermore, the IPO is also likely to include the sale of around £250 million existing and new shares in the company.
Darktrace, founded in 2013, is relied on by over 4,000 organisations worldwide to identify and automatically fight back against fast-moving and sophisticated cyber-threats.
London-based online pension provider PensionBee has also announced its plans to float on the London Stock Exchange (LSE) with an approx market value of £350 million. As a part of the process, PensionBee is planning to raise £55 million, through the issuance of new and existing shares.
According to the company, the listing is expected to occur this month and around 9,000 customers have already registered for the offering.
Founded by Romi Savova, PensionBee’s online platform allows customers to track pensions, using their employment history to create a single plan. It is authorised and regulated by the Financial Conduct Authority.
Founded by Jonathan Bixby and Mike Edwards, NFT Investment focuses specifically on Non-Fungible Tokens. The company has recently announced the plans to list on the Aquis Stock Exchange Growth Market (AQSE) in London later this month. The flotation is expected to value NFT Investments at approximately £25 million.
The company claims it will be the first investment company focused exclusively on the NFT market to launch on a stock market in a major jurisdiction worldwide. Furthermore, the company plans to raise around £10 million through the sale of 200 million shares at 5 pence apiece.