Inmarsat’s group general counsel Rupert Pearce joined the mobile satellite operator last year, just as it was in the throes making its debut on the London Stock Exchange (LSE).
It was a bold move for Inmarsat, because the decision to float the company was made at a time when there was still very little appetite for LSE listings. Nevertheless, the IPO was hugely successful it was 10 times oversubscribed, despite being priced at the top of the range.
With assistance from Pearce and the company’s principal corporate firm Clifford Chance, Inmarsat used a process known as a competitive IPO. The innovative structure was used as an incentive for the investment banks to get the best price for a company’s shares, achieved by the company delaying the formal appointment of bookrunners until a later stage.
As general counsel, Pearce played a pivotal role in managing the process, which received as much criticism as praise in the business press. If it was a baptism of fire, Pearce came through it well enough to truly earn his place in the Hot 100.
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