Based on our direct conversations with stockbrokers, NOMADs, auditors and lawyers, an LSE AIM listed company valued at $100m would need to have (ultra conservatively) $8–10m in revenue and $0–1m in EBITDA. https://jason.com.ng/a-120-150m-ipo-for-iroko-in-2021/

1. Navigating the IPO process
Our IPO credentials
January 2020

2. 1
Our IPO and secondary fundraising credentials
Acting for Investec Bank as sponsor
and sole bookrunner on Sanne
Group plc’s £232m Main Market IPO
Acting for Eurocell plc on its £175m
Main Market IPO
Acting for Diurnal Group plc on its
£75m AIM IPO
Acting for Investec Bank as sponsor
and sole bookrunner on FDM
Group’s £308.5m Main Market IPO
Acting for The SimplyBiz Group plc
on its £130m AIM IPO
Advising Epwin Group on its £135m
AIM IPO
Acting for Joules Group plc on its
£140m AIM IPO
Acting for Investec Bank as
nominated adviser and sole broker
on Gamma Communications
£165m AIM IPO
Acting for Numis Securities and
Panmure Gordon on the £140m
AIM IPO of Morses Club PLC
Acting for TwentyFour on its Main
Market IPO and its ongoing placing
programme raising £245m in
aggregate
Acting for Dairy Crest Group plc on
its £75m non pre-emptive placing to
finance the expansion of its
Davidstow cheese facility
Acting for Medica Group plc on its
£150m Main Market IPO

3. 2
Acting for Greencore Group plc on
its £440m rights issue
Acting for Footasylum plc on its
£171m AIM IPO
Acting for Charter Court Financial
Services Group plc on its Main
Market IPO resulting in a market cap
of £550m
Acting for Waterlogic on its £41m
IPO on AIM resulting in a market cap
of £112.5m
Acting for Collins Stewart and
Macquarie Bank on Energy
Assets’ £57m Main Market IPO
Acting for OnTheMarket plc on its
£100m AIM IPO
Acting for Numis Securities on a
Main Market firm placing an open
offer by Better Capital raising
£185m in total
Acting for IntegraFin Holdings plc
on its Main Market IPO resulting in a
market cap of £650m and raising
£178m for selling shareholders
Acting for Coalfield Resources on
its £150m reverse takeover and
associated fundraising
Acting for NewRiver Retail on its
£25m IPO and over £500m of
subsequent fundraisings
Acting for Kromek Group plc on its
AIM IPO and subsequent placings
Acting for Tyman plc on its
US$ 200m acquisition move of the
enlarged group from AIM to the main
market and subsequent placings

4. 1
Principal Contacts
“The service we received from the Eversheds Sutherland corporate team was absolutely first
class. They worked exceptionally hard for us throughout the process, balancing their technical
expertise and know-how with an efficient and commercial attitude to getting the job done. The
team undertook their work with speed and diligence and also helped our internal team with
some of the ‘heavy lifting’ of administration work that inevitably comes with a process like
this one. We have a huge amount of trust and respect for this team and we look forward to
working with them over the long term. We quite simply couldn’t have done it without them.”
Matt Timmins, CEO, SimplyBiz Group plc on the IPO corporate team, March 2018
Alison Starr
Equity Capital Markets Partner
Alison is a partner in our corporate team specialising in IPOs, corporate governance
and related compliance advice, M&A, takeovers and private placements. Transactions
which Alison has led includes: a current IPO of an international group to AIM,
SimplyBiz Group on its IPO to AIM raising £60m with an IPO market capitalisation of
£130m, Kromek Group on its pre-IPO share capital reorganisations, private
placements and IPO to AIM and its equity fundraisings since IPO, Tyman plc on its
US$200m acquisition of Truth Hardware, its open offer and debt fundraising on AIM
and its move from AIM to the main market; EMIS on its IPO to AIM and subsequent
acquisition of Ascribe and its related fundraising on AIM; Turner & Townsend plc on
its pre-IPO reorganisation and £220m proposed IPO to the main market. Alison is a member of the regional
advisory group of the London Stock Exchange and is a recommended lawyer in Chambers directory “She is a
true advocate for her clients and is tenacious in protecting their position.”
Andrew Terry
Commercial Partner
Andrew specialises in intellectual property issues, brand protection, reputation
management, media related work, advertising, marketing and sponsorship
arrangements. Much of his work in this area involves negotiating with press, television
and social media organisations. He is described as "excellent" by the Legal 500 guide
to legal practitioners in the UK. Andrew supports clients though all stages of the
creation, development and use of new brands and products, including IP portfolio
management, clearing advertising, negotiating high profile sponsorship arrangements
(including for the Olympics and the Tour De France) and the creation and licensing of
merchandising. Once launched, Andrew has many years' experience in helping clients
protect their brands and enforce their IP rights. He has extensive High Court experience, acting in high
profile litigation for major clients, dealing with trade marks, passing off, copyright and designs. However,
much of his work is focussed on providing strategic advice to clients so that they can deal with IP
disputes without the need for litigation.

5. 1