13/10/2026
Hot on the heels of working on the largest IPO for five years – Airtel Money - we’re delighted to announce that we’ve also helped with the largest UK Rights Issue of 2026, the £550m issue for Pennon Group launched on October 7th.
The equity raising forms part of a wider funding plan to support:
- Increased investment: Pennon expects capital investment in its regulated water businesses to total approximately £3.6bn over the AMP8 regulatory period to March 2030;
- Operational improvements: improving asset reliability, maintenance and service performance;
- Growth opportunities: the investment is linked to Ofwat's cost-change process;
- Financial stability: maintaining gearing within the company's longer-term policy range.
Our thanks to our wonderful clients at the company and advisors Barclays Bank, Morgan Stanley, Slaughter & May and Ashurst Perkins Coie.
If you'd like to find out how we can help ensure the success of your most prestigious IPOs and fundraises, chat with us today: hello@blackandcallow.com
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