UK

In this episode we sit down with Eben Upton, CEO and Founder of Raspberry Pi - a UK-based technology company known for its single-board computers, initially founded to promote programming education and growing into a global leader in embedded computing. We are joined by Aditi Venkatram, Managing Director at Jefferies, one of the bankers advising on the IPO of Raspberry Pi on the London Stock Exchange in June 2024. We deep dive into the key strategic and operational considerations for a successful Tech IPO outside of the US boundary, discuss the rationale for the Raspberry Pi listing, how to balance demand from both institutional and retail investors, and building long-term success post-IPO. Disclaimer: The discussion in this episode is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments or an offer for financial services or any other transaction. The information contained in the recording has no contractual value and is intended for informational purposes only. Amundsen Investment Management and the participants in this podcast may have holdings in the companies being discussed. Any views expressed are those of the guests only, and not of Amundsen Investment Management.

In this episode we welcome Anne Ross, EMEA Equity Syndicate Manager at Fidelity Management and Research, our first guest from the buy-side. With her background at JP Morgan and now on the buy-side, Anne provides invaluable insights into the IPO process, from the role of bookrunners and strategic selection of banks, to the importance of understanding investor types and maintaining a strong shareholder base post-IPO, offering her view of what it takes to successfully navigate the public markets. Anne also delves into the evolving nature of IPOs, highlighting the impact of market trends and the necessity of aligning management incentives with shareholder interests. She emphasizes the significance of timing and strategic planning, advising companies to be well-prepared and adaptable. Whether you're a company considering going public or an investor seeking to understand the IPO landscape better, this episode is packed with practical advice and expert insights that are sure to enhance your understanding of the IPO journey. Disclaimer: The discussion in this episode is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments or an offer for financial services or any other transaction. The information contained in the recording has no contractual value and is intended for informational purposes only. Amundsen Investment Management and the participants in this podcast may have holdings in the companies being discussed. Any views expressed are those of the guests only, and not of Fidelity Management & Research or Amundsen Investment Management.

When a company becomes listed, index inclusion is a big deal. Beyond the stamp of approval, it brings in new passive investors, more liquidity, and ultimately more stability as a listed company. Yet, index inclusion rules are very technical, and not always easy to understand. To open up the topic of equity indices, we have invited Mark Makepeace, the CEO of Wilshire Indexes. Mark built up and managed FTSE Russell from a small group that produced the UK equity benchmark FTSE 100, to one of the top 3 global equity index providers. With Mark, we discuss what criteria index providers use to include companies, how this relates to the offer size and market capitalization of an IPO, how index rules have evolved to adapt to the market, and the evolution of index providers to also become ESG data providers. If you have feedback, or there are any topics you would like us to cover on the show, please reach out at contact@ipostories.com Disclaimer: this discussion is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments, or an offer for financial services or any other transaction. The information contained in the recording have no contractual value and are destined for an informational purpose only. Amundsen Investment Management and the participants on this podcast may have holdings in the companies being discussed.

Matt Briers has been the CFO of Wise since 2015. In 2021, Matt led the company to a direct listing on the London Stock Exchange, the first major direct listing in Europe. Wise, founded in the UK in 2011 by Kristo Käärmann and Taavet Hinrikus, has revolutionized cross-border payments for individuals and businesses by making them easier, faster and cheaper. After 10 years as a private company, Wise followed in the footsteps of Spotify and Slack by doing a direct listing instead of a regular IPO, at a valuation of 11 billion dollars. With Matt, we discuss the rationale and timing to go public for a profitable tech company which doesn’t need to raise money, his experience of the direct listing process, and the considerations around a UK listing rather than US. If you have feedback, or there are any topics you would like us to cover on the show, please reach out at contact@ipostories.com Disclaimer: this discussion is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments, or an offer for financial services or any other transaction. The information contained in the recording have no contractual value and are destined for an informational purpose only. Amundsen Investment Management and the participants on this podcast may have holdings in the companies being discussed.

Laurence Borde is the founder of Mediatree, an agency specializing in accompanying companies in the preparation and implementation of the IPO roadshow. With Laurence, we discuss the human element of the IPO process: how chief executives should prepare the company, and themselves, for an IPO: from the optimal organizational structure to your personal physical preparation to manage your energy throughout the process. If you have feedback, or there are any topics you would like us to cover on the show, please reach out at contact@ipostories.com Disclaimer: this discussion is not financial advice, nor an investment recommendation, nor a sollicitation to buy or sell any financial instruments, or an offer for financial services or any other transaction. The information contained in the recording have no contractual value and are destined for an informational purposes only. Amundsen Investment Management and the participants on this podcast may have holdings in the companies being discussed.

Why is there so little innovation in the IPO process? How has the investor landscape changed over the last decades, and how can companies get institutional investors engaged in their IPOs? Craig Coben was until recently Bank of America's Global Head of Equity Capital Markets, and for many years the bank's Head of EMEA Equity Capital Markets. We draw on his 30 years' experience advising companies on their IPOs, follow-on offerings and rights issues, to try to find some avenues to reform the IPO process. Having a well-functioning IPO market allowing companies to raise capital is important to support economic growth. With Craig, we take a step back to understand the real challenges facing European IPOs lately, and why there has been so little innovation to the IPO product over the last decades. Craig has written several interesting columns in the FT on the topic: Diagnosing London's listing miasma How should we regulate ESG research? Why Silicon Valley has failed (so far) to disrupt the IPO process If you have feedback, or there are any topics you would like us to cover on the show, please reach out at contact@ipostories.com Disclaimer: this discussion is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments, or an offer for financial services or any other transaction. The information contained in the recording have no contractual value and are destined for an informational purpose only. Amundsen Investment Management and the participants on this podcast may have holdings in the companies being discussed.

ESG investing is becoming increasingly important, both in terms of fund flows and integration in investment decisions. The disclosure requirements for private and public companies are not the same, making the IPO a crucial milestone regarding ESG, in addition to the traditional financial aspects. Marie Freier is Global Co-Head of Sustainable Investment Banking at Barclays, where she provides advisory services for companies on their sustainability journey. She shares with us her views on the evolution of the ESG market and investors' expectations, ESG score providers, ESG-related regulations (SFDR, EU Taxonomy), and the importance of transparency. If you have feedback, or there are any topics you would like us to cover on the show, please reach out at contact@ipostories.com Disclaimer: this discussion is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments, or an offer for financial services or any other transaction. The information contained in the recording have no contractual value and are destined for an informational purpose only. Amundsen Investment Management and the participants on this podcast may have holdings in the companies being discussed.