Walkers Acts on IPO of Financials Acquisition Corp on LSE

Walkers' London team has acted as Cayman Islands counsel on the IPO of Financials Acquisition Corp on the London Stock Exchange (the "LSE") – understood to be one of the first Cayman SPACs to do so since the changes to the Listing Rules, designed to make the LSE more attractive to SPACs, came into effect last year.

The Company estimates that the net proceeds from and in connection with the IPO will be circa £155 million, and the Company intends to focus primarily on technology enabled companies or businesses operating principally in (or adjacent to) the insurance or broader financial services industry.

The Company's Ordinary Shares and Warrants issued and to be issued in connection with the IPO have been admitted to listing on the standard segment of the Official List of the UK’s Financial Conduct Authority and to trading on the main market for listed securities of the LSE.

The Walkers' London team advised joint global coordinators and underwriters, Barclays Bank PLC, HSBC Bank plc and Numis Securities Limited, working alongside lead counsel, Davis Polk.

The team was led by Partner, Neil McDonald, and included Senior Counsel, James Denham, and Associates, Catherine Outerbridge and Tom Esler.

Neil McDonald said: "We are delighted to have been able to advise our clients in relation to this exciting IPO, which clearly demonstrates the versatility of Cayman companies as listing vehicles on the LSE. We have a long-established equity capital markets practice across our ten offices globally, with significant experience advising on IPO's, and we continue to see the Cayman Islands as a jurisdiction of choice for SPAC's on major stock exchanges across the world."

Neil McDonaldPartnerT +44 (0)20 7220 4990neil.mcdonald@walkersglobal.com
James DenhamSenior CounselT +44 (0)20 7220 4978james.denham@walkersglobal.com
Tom EslerSenior AssociateT +44 (0)20 7220 4971tom.esler@walkersglobal.com
Catherine OuterbridgeAssociateT +44 (0) 20 7903 8705catherine.outerbridge@walkersglobal.com

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