Norton Rose Fulbright advises Marex on SpaceX UK retail offer as part of landmark IPO

Global law firm Norton Rose Fulbright has advised Marex as public offer platform (POP) operator on SpaceX's UK retail offer in connection with its IPO.

The IPO comprised 555,555,555 shares of Class A common stock, representing a total global offering size of approximately $74.999 billion. The UK retail offer saw 2,696,175 shares allocated to eligible UK retail investors via the Winterflood Retail Access Platform (WRAP), one of the largest retail offerings in the UK to date.

Marex played a key role in enabling retail intermediaries to participate in the offering and raise capital through its WRAP platform. Marex acted as POP operator, an entity authorised by the FCA to operate an electronic system through which shares are offered to the public in the UK, in connection with the retail offer.

Based on the IPO offer price of $135.00 per share (£100.65 per share), SpaceX achieved a market capitalisation of approximately $1.75 trillion at the commencement of dealings. The shares trade on the Nasdaq Global Select Market and Nasdaq Texas under the ticker symbol "SPCX".

The Norton Rose Fulbright team advising Marex was led by London-based regulatory and capital markets partners Hannah Meakin and Fiona Millington respectively, supported by US securities partner Tom Vita, senior associate Victoria Pridmore and corporate associates Dale Deplitch, Daniel Femi Alamede and Tim Chia. US regulatory advice was provided by New York based partners Steve Lofchie and Mark Highman. UK tax advice was provided by partner Dominic Stuttaford.

Fiona Millington said:

"This transaction highlights the growing importance of retail participation in global capital markets and represents a significant milestone in expanding access for UK retail investors. It marks the first time that UK retail investors have been able to participate in a US IPO using the POP regime, supported by innovative platforms such as WRAP. We are delighted to have supported Marex on this landmark IPO."