Simmons & Simmons is advising Jefferies International and JP Morgan Cazenove as Joint Sponsors, Joint Global Co-ordinators and Joint Bookrunners, and Numis Securities as Joint Bookrunner, on the initial public offering (IPO) of AO World plc (AO), the United Kingdom’s leading online retailer of major domestic appliances. AO’s sales activities are focused primarily on sales of appliances through the Group’s own branded websites, principally AO.com.
AO today announced the successful pricing of its IPO. The offer price was set at 285 pence per share, based on which the market capitalisation of AO at commencement of conditional dealings was £1.2bn. Admission of AO’s shares to the premium listing segment of the Official List and to trading on the main market for listed securities of the London Stock Exchange is expected to take place on 3 March 2014.
The Simmons & Simmons team is being led by London Corporate partner Colin Bole alongside US securities partner Julian Perlmutter, and includes International ECM team head Chris Horton, Corporate managing associate Rachel Lewis, US securities associate Tara Waters and Corporate associates Sarah Clarke, Thomas Burgoo and Sally Booth. Tax partner Nick Cronkshaw and associate Laura Allwright are providing specialist tax input, and Employment partner Andrea Finn and associate Michele Balfe and Pensions and Employee Benefits partner Ian Fraser and associates Richard Pilsworth and Philip Redston, are providing specialist HR, share schemes and pensions related advice.
Commenting on the transaction, Colin Bole said “We are delighted to be advising the syndicate of underwriting banks on AO’s successful and high profile IPO. UK equity markets continue to build momentum, and AO is the first in a line of IPO and secondary equity fundraisings which the Simmons & Simmons London ECM team is working on which plan to come to market in H1 2014”.
