An overview of intention to float announcements (ITFs) that outlines the key content of an ITF and the factors that may determine whether and when an ITF is published. The note also considers the main legal considerations that arise when publishing an ITF and practical steps to be taken to address these considerations. This note is relevant in the context of an IPO on the Main Market of the London Stock Exchange (including offerings that are concurrently extended into the US under Rule 144A of the US Securities Act of 1933, and/or sold outside the US pursuant to Regulation S under the Securities Act).

This note reflects developing market practice changes resulting from new rules in the Financial Conduct Authority's (FCA) Conduct of business sourcebook (COBS) that took effect on 1 July 2018.

The FCA introduced new requirements that a prospectus or registration document be published and that providers of unconnected research be given access to the issuer's management before any connected research is released. These rules apply to regulated markets and not to IPOs on multilateral trading facilities such as AIM. For further details, see Legal update: IPOs: amended rules on availability of information in the IPO process) and Practical Law article: Initial public offerings: changes coming down the track.