How the SpaceX IPO revealed a ‘back door’ into Britain’s capital markets

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SpaceX was the first company to use the POP regime The UK’s public offer platform regime was rolled out as part of a package of reforms designed to get capital flowing into British companies. Now ...

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Now ...</p>\n\n<a href=\"https://www.cityam.com/how-the-spacex-ipo-revealed-a-back-door-into-britains-capital-markets/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SPAL","symbol_name":"2倍做多Space X ETF-GraniteShares","start_time":0,"source_url":"https://www.cityam.com/how-the-spacex-ipo-revealed-a-back-door-into-britains-capital-markets/","article_id":"2647751283","we_media_id":null,"thumbnails":["https://www.cityam.com/wp-content/uploads/2024/12/fca-reception-1-scaled-e1714336826779-2-1.webp?w=824&h=463&crop=1"],"rights":{"source":"cityam_highlight","url":"https://www.cityam.com/how-the-spacex-ipo-revealed-a-back-door-into-britains-capital-markets/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2647751283","pubTimestamp":1782730167,"columns":[],"sourceInfo":{"source_id":"cityam_highlight","name":"cityam"},"weMediaInfo":null,"summary":"SpaceX was the first company to use the POP regime The UK’s public offer platform regime was rolled out as part of a package of reforms designed to get capital flowing into British companies. Now SpaceX has used it to raise funding in the biggest IPO of all time – in New York. Maisie Grice asks whether the changes are working as intended.In January, the financial watchdog changed its fundraising rules in a bid to make it easier for companies to raise equity and attract retail investors.The introduction of public offer platform  regime by the Financial Conduct Authority  was designed to allow companies looking to raise over 5m to sell shares to a wide investor base without the need for a regulated public market or a lengthy prospectus document.In particular, the POP regime was designed to allow “greater flexibility for smaller and scaling companies” to raise capital from a “broader investment base”, including retail investors, the FCA said.","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"SPAL":"2倍做多Space X ETF-GraniteShares","SPCF":"2倍做多SpaceX ETF-ProShares","SPCG":"2倍做空SpaceX ETF-Tradr","BK4089":"非传统电信运营商","SPCH":"2倍做多SpaceX ETF-Leverage Shares","SPAX":"2倍做多SPACEX ETF-T-REX","IPOS":"Renaissance International IPO ETF","BK4615":"SpaceX概念","SPCX":"SPAC and New Issue ETF","FCA":"First Trust China AlphaDEX Fund","LOFF":"2倍做多SpaceX ETF-Direxion","UFO":"Procure Space ETF","XOVR":"ERShares Private-Public Crossover ETF","SPCM":"2倍做多SpaceX ETF-Tradr","SPCQ":"2倍做空SpaceX ETF-Defiance","SPCU":"2倍做多SpaceX ETF-Defiance","SNK":"2倍做空SpaceX ETF-GraniteShares","SSPC":"2倍做空SpaceX ETF-Leverage Shares","DXYZ":"Destiny Tech100 Inc"},"translate_title":"SpaceX IPO如何揭示进入英国资本市场的“后门”","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/d3b102d4d401395dfd425d72df375174","symbols_score_info":{"XOVR":1.5,"SNK":1.5,"IPOS":1.5,"SPCQ":0.6,"SPAX":0.6,"FCA":1,"LOFF":0.6,"SPCF":0.6,"SPCX":1.5,"SPCG":0.6,"DXYZ":1.5,"SPCH":0.6,"SPAL":1.5,"SPCM":0.6,"SSPC":0.6,"UFO":0.6,"SPCU":1.5},"content_text":"SpaceX was the first company to use the POP regime The UK’s public offer platform regime was rolled out as part of a package of reforms designed to get capital flowing into British companies. Now SpaceX has used it to raise funding in the biggest IPO of all time – in New York. Maisie Grice asks whether the changes are working as intended.In January, the financial watchdog changed its fundraising rules in a bid to make it easier for companies to raise equity and attract retail investors.The introduction of public offer platform (POP) regime by the Financial Conduct Authority (FCA) was designed to allow companies looking to raise over £5m to sell shares to a wide investor base without the need for a regulated public market or a lengthy prospectus document.In particular, the POP regime was designed to allow “greater flexibility for smaller and scaling companies” to raise capital  from a “broader investment base”, including retail investors, the FCA said.\n\nBut since its introduction only one company has taken the opportunity to use the regime to make a UK retail offer: SpaceX.\n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSpaceX skips throughSpaceX rocketed onto public markets earlier this month in a blockbuster Nasdaq listing that valued the firm at $1.7 trillion.Founder Elon Musk has long played up the importance of retail money against the scale and power of Wall Street’s biggest insitutional investors. The structure of the deal carved off roughly a quarter of the shares on offer specifically for individual investors, including in the UK, despite Brits typically being unable to take advantage of US debut.In total, British retail investors bought around $364m in SpaceX shares, according to reports.\n\nUnder UK listing rules, such a fundraising would normally require the issuer to prepare a prospectus specifically for UK investors, meaning a company cannot use the regulatory documents acceptable in its domestic market in the UK.But the POP regime has allowed SpaceX to bypass the prospectus requirement.Swerving scrutinyThe satellite company handed over the reins for the UK offer of its IPO to Marex Financial, with the platform using a POP licence to  allow UK retail brokers to purchase shares for customers.Freetrade, AJ Bell, Etoro and Hargreaves Lansdown were among the firms who used the platform to sell shares to the public.\n\nCrowdcube Capital, Capital Rise and Retail Book have also secured POP permission.City figures are now questioning if the regime is too lax, and if the lack of regulatory scrutiny could expose investors to riskier companies.“The danger is that they’re putting retail investors somewhat at risk because they are saying we’re allowing people to skip steps to access retail investors who aren’t institutionally aware, but we think it’s safe enough to do so,” said Michael Field, chief equity strategist at Morningstar.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}