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London IPOs in 2021 ranked by performance since listing

by LLB Editor
11th Jun 21 12:11 pm

The decision by Marex Spectron, Tungsten West and Elcogen to postpone their proposed stock market listings may be seen by some as a further sign that London is losing its lustre as a venue for up-and-coming firms, especially after the cool reception received by Deliveroo and Alphawave IP, but the picture may not be as black as it seems, says AJ Bell Investment Director Russ Mould.

“The average share price gain across the 40 or so firms that have made it to market this year is 23%, compared to the initial offering price. It can therefore be argued that investors are sifting through market newcomers in a very methodical manner, buying those that meet their governance, business model, financial performance and valuation criteria and spurning those that do not.

“And since – according to Warren Buffett – the first rule of investment is ‘Never lose money,’ with the second rule being ‘Never forget rule number one,’ that seems like a sensible policy. Avoiding losers is every bit as important as picking winners.

“Granted, it is still frustratingly difficult for private investors to get access to IPOs at the actual offer price and they are left scrambling to buy stock in good deals in the open market. As such, they will have not had a chance to accrue that average 24% capital gain. But at least professional money managers have been doing their job by protecting client funds and not piling into any old deal at any old price.

London IPOs in 2021 ranked by performance since listing

Company Date Market Money raised (£m) Gain/loss now vs IPO price
Caerus Mineral Resources 19-Mar-21 UK Main Market 2.3 172.0%
Cornish Metals 16-Feb-21 AIM 8.2 137.1%
Nightcap 13-Jan-21 AIM 4.0 130.0%
Auction Technology 23-Feb-21 UK Main Market 247.4 94.7%
MGC Pharmaceuticals 09-Feb-21 International Main Market 6.5 69.3%
Trellus Health 28-May-21 AIM 28.5 61.3%
Supreme 01-Feb-21 AIM 7.5 48.5%
Tinybuild 09-Mar-21 AIM 36.2 47.9%
Roquefort Investments 22-Mar-21 UK Main Market 1.0 45.0%
Amte Power 12-Mar-21 AIM 13.0 43.6%
Darktrace 30-Apr-21 UK Main Market 143.4 41.8%
Cellular Goods 26-Feb-21 UK Main Market 13.0 38.6%
Dr Martens 29-Jan-21 Main Market 0.0 35.8%
Moonpig 02-Feb-21 Main Market 20.0 35.2%
Activeops 29-Mar-21 AIM 0.0 22.9%
Trustpilot 23-Mar-21 UK Main Market 46.7 22.5%
Virgin Wines 02-Mar-21 AIM 13.0 20.6%
In The Style Group 15-Mar-21 AIM 11.0 18.0%
Bellascura 28-May-21 AIM 17.5 17.8%
Digital 9 Infrastructure 31-Mar-21 UK Main Market 267.0 9.1%
Dianomi 24-May-21 AIM 5.0 7.9%
Kitwave 24-May-21 AIM 64.0 7.7%
Taylor Maritime Investments 27-May-21 UK Main Market 112.7 5.0%
Cordiant Digital Infrastructure 16-Feb-21 UK Main Market 370.0 4.0%
Foresight Group 04-Feb-21 Main Market 35.0 1.2%
VH Global Sustainable Energy Opportunities 02-Feb-21 Main Market 242.6 0.7%
Arecor Therapeutics 03-Jun-21 AIM 20.0 (0.6%)
Mast Energy Developments 07-Apr-21 UK Main Market 5.5 (1.0%)
MusicMagpie 22-Apr-21 AIM 15.0 (1.0%)
Pensionbee 21-Apr-21 UK Main Market 55.0 (3.6%)
Artisanal Spirits 04-Jun-21 AIM 15.0 (4.0%)
Glantus 11-May-21 AIM 10.0 (7.4%)
Parsley Box 31-Mar-21 AIM 5.0 (9.0%)
East Star Resources 04-May-21 UK Main Market 2.0 (13.0%)
Oxford Cannabinoid Tech Holdings 21-May-21 UK Main Market 16.5 (13.6%)
Team 08-Mar-21 AIM 7.5 (15.3%)
Alphawave 13-May-21 UK Main Market 360.1 (22.6%)
Cornerstone FS 06-Apr-21 AIM 2.2 (24.6%)
Cizzle Biotechnology 14-May-21 UK Main Market 2.2 (33.0%)
Deliveroo 31-Mar-21 UK Main Market 1000.0 (35.4%)
AVERAGE GAIN     23.9%
TOTAL CAPITAL RAISED   3,232  

Source: London Stock Exchange, Refinitiv data

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