PrimaryBid was mandated on last night's £2.3 billion block sale of shares in London Stock Exchange Group PLC (LSE:LSEG), the third time the platform has been used to give retail access to these large block trades.
The consortium of Blackstone, Thomson Reuters (NYSE:TRI), Singapore’s sovereign wealth and a Canadian pension plan sold around 25.5 million shares at a slightly discounted price.
In May, Blackstone and Thomson were part of a consortium which sold 33 million shares.
At the end of January, the lock-up arrangements governing Blackstone and Thomson Reuters (NYSE:TRI)' indirect shareholding in LSEG no longer applied.
Some €8 million was bought via the Primary platform over three deals, which was the maximum allocation.
James Deal, PrimaryBid's UK head, said: "This is the third time that PrimaryBid has worked with the selling shareholders on a block trade of LSEG shares.
"The retail offering was significantly oversubscribed but was ultimately limited by the €8m cap which remains in force until the FCA amends the prospectus rules.
"This was an excellent demonstration that retail investors can be rapidly mobilised on accelerated transactions and the breadth of their participation via wealth managers, investment platforms and direct."
In the background of the use of the PrimaryBid platform, a consultation is expected from the Financial Conduct Authority on removing the €8 million cap on public share offers that do not include a prospectus.