Covington Advises Peel Hunt as Placing Agent on the London IPO of U.S. Medical Device Company, AOTI, Inc.

LONDON—Covington & Burling represented Peel Hunt LLP as Placing Agent and Nominated Adviser on the IPO of AOTI, Inc. which today announced the admission of its shares to the AIM market of the London Stock Exchange. The IPO raised a total of £35.1 million for AOTI and certain selling shareholders, and puts a market capitalisation on the company of approximately £140 million.

U.S.-based AOTI, is a medical technology group with an approved at home therapy to deliver oxygen topically to chronic wounds including diabetic foot ulcers, venous leg ulcers, and pressure ulcers to encourage high quality durable wound healing to improve patient life quality.

This is a rare example of a U.S. company raising funds by listing on the London's stock exchange's alternative investment market. The transaction is one of only a handful of IPOs to successfully take place on the London Stock Exchange this year.

The Covington ECM team comprised partners Paul Claydon and James Halstead, senior associate Michelle Davies and associate Flora Johnston. U.S. securities law advice was provided by partner Brandon Thompson and associate Pamela Usukumah and partner Guy Dingley provided tax advice.