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Travers Smith advises on £103m IPO of Nippon Active Value Fund plc

Overview

Travers Smith LLP has acted for Shore Capital and Corporate Limited and Shore Capital Stockbrokers Limited as bookrunner and financial adviser on the launch of Nippon Active Value Fund plc (the "Fund") – the first listed fund IPO of 2020.

The Fund will target capital growth for its shareholders from the active management of a focused portfolio of quoted small cap Japanese equity investments. Admission to the specialist fund segment of the main market of the London Stock Exchange occurred at 8.00am on Friday, 21 February 2020.

The Travers Smith team was led by Partner, Aaron Stocks and also included Senior Associate Leigh Stockey. US securities Partner, Dan McNamee, and Senior Counsel, Brent Sanders, provided specialist US securities law advice. 

Aaron Stocks, Travers Smith's Head of Funds commented: "We were delighted to be involved in the first IPO in the sector for 2020. It is another example of a good fund manager with a great track record opening a new product through the markets of the London Stock Exchange".

In addition to Nippon Active Value Fund plc's successful IPO last week, Travers Smith is also demonstrating its leading position in the listed funds sector by advising on all of the other live fund IPOs in the market.

Will Normand, Funds partner, is leading the teams advising each of:

  • Cantor Fitzgerald on Global Sustainable Farmland Income Trust plc's US$300 million IPO; and
  • Jefferies International and Numis Securities on DRI Healthcare plc's US$350 million IPO.