Travers Smith LLP has acted for Numis Securities Limited in its capacity as sponsor, broker, underwriter and joint financial adviser in connection with the proposed £200 million firm placing, placing and open offer, and offer for subscription (the capital raising) by IP Group plc (IP Group).
The capital raising is conditional, amongst other things, on approval by IP Group's shareholders and may be increased so that gross proceeds would be approximately £266.6 million should there be sufficient demand.
IP Group was established to commercialise scientific and technical innovation developed in leading research institutions. IP Group's business model is to form, or assist in the formation of, start-up companies based on disruptive scientific and technical innovation created in those institutions, to take a significant minority equity stake in those companies and then to grow the value of that equity over time through active participation in the development of such companies.
The Travers Smith team was led by Corporate Finance Partner Jon Reddington, and included Senior Corporate Finance Associate Tom Coulter, Corporate Finance Associate James Addison and US Associate Brent Sanders.
IP Group was advised by Pinsent Masons LLP as to English law, Proskauer Rose LLP as to US law and Corrs Chambers Westgarth as to Australian law.