London Stock Exchange on Friday launched its first transaction under the UK financial regulator’s new PISCES framework that allows investors to trade shares in private companies.
The transaction involved the creation of an exchange-enabled investment structure, or a TPEIC, that will hold shares in Oxford Science Enterprises – an Oxford University-linked investment firm – and facilitate trading through structured auctions on the exchange’s Private Securities Market.
LSE was the first company to win regulatory approval for a Private Intermittent Securities and Capital Exchange System (PISCES) platform, as Britain looks to boost growth, unlock capital markets and curb delistings.
Oxford Science Enterprises, valued at 1.3 billion pounds ($1.75 billion), holds stakes in more than 100 firms spanning artificial intelligence, quantum computing and life sciences.
PISCES is designed to help smaller companies with limited capital markets experience gain visibility among investors without going through a full initial public offering.
“We are delighted that the first transaction will take place on our Private Securities Market in the coming weeks,” said London Stock Exchange CEO Dame Julia Hoggett, adding it showed how companies could use the framework “in innovative ways to access the solutions that best suit their needs”.
Reuters provides news to London Stock Exchange Group’s Workspace platform.
($1 = 0.7421 pounds)
