Be the first to

Experience a new standard
in IPO investor intelligence

We have always been first to deliver innovative solutions across investor communications, from IPO Research to Prospectuses.


Over 50 years’ experience and service excellence

Given our experience on over 5,000 IPOs and other Capital Markets transactions, we were invited by a number of leading investment banks to create a truly next-generation iRoadshow platform.

We were the first to offer cross-device compatibility, EU data hosting, page level reporting, presentation mode and annotation and highlighter tools. And now the best is getting better…

First to offer:

  • Cross-browser/device compatibility
  • EU data hosting
  • Page level reporting
  • Presentation modes
  • Annotation and  highlighter tools
  • Investor feedback button

We were the first to enable investors to view Research and Roadshow documents where, when and how they want to see them

We were the first to ensure compliance with GDPR via EU data hosting

We were the first to provide unrivalled insight into exactly what investors are spending the most time on, down to page level

We were the first to enable syndicate to present documents live onscreen to investors, providing enhanced delivery of the value proposition

We were the first to give investors more meaningful use of documents via the ability to annotate and save personal comments

We were the first to provide completely editable “feedback” buttons enabling potential investors to make requests or ask a question

Be the first to


Our Plus+ platform delivers the fastest, easiest, and most engaging experience for all users.

Today, our next generation Plus+ iRoadshow and IPO Research Online platforms support you further with greater market intelligence and access to an unrivalled portfolio of opportunity.

Featuring a promoter dashboard, bespoke access for your sales team to enhance client interaction, investor feedback buttons, new video functionality, plus the ability to personalise the invitation with your email address. Plus+ provides you with invaluable, unrivalled insight into investor engagement in real time.

  • Promoter dashboard
  • Bespoke sales team access
  • Investor feedback
  • Personalised invitation email
  • Video content

Hi-level stats in an easy-to use dashboard give you an improved, real-time overview of your deals at a glance.

Ability to review user stats and use Presentation mode when interacting with investors, improving delivery of your value proposition.

Instant, direct feedback from interested investors. Improves investor engagement and ensures MAR compliance.

Promotes your organisation, reduces the possibility of being viewed as “marketing” email and improves investor take-up.

All-new functionality enables you to share video content, increasing investor engagement and bringing your deals to life.

Promoter dashboard


Overview of all projects including number of users invited & accessing each project, user stats, most viewed page, company & location.

Top investors

  • Susan Bennett 13.62%

  • Phil Bon 13.52%

  • Bastian Smartz 12.32%

  • Daniel Lewis 9.85%

  • Silvio Bertoni 9.75%

  • Jason Conrad 6.62%

  • Mary Crosby 9.01%

  • Pierre Lemont 8.35%

  • Daniel Bonn 7.61%

  • Phillippe Blanc 7.27%

Dashboard highlights

  • # Docs:


  • Total investors accessed:


  • Total investors invited:


  • Total time viewed:

    42 hrs 32 m

  • Most viewed document:

    IPO Report Sept 2020

  • Most viewed page:

    Summary – page 7

Bookmark a document

We can bookmark your document, significantly improving navigation for investors.

Investment case
Management team
Risk factors
Company structure
  • Introduction
  • Disclaimer
  • Summary
  • Investment case
  • Management team
  • Risk factors
  • Company structure
  • Valuation
  • Financials

Be the first to


Benefit from unrivalled engagement with your investors

  • We canvassed the opinions of 17,000 investors to find out:
    • how and when they use our platforms
    • how they want to receive and view Research and Roadshow material in future
  • The first platform built for investors by investors.

Too often technology is developed in isolation of the end user. In order to create a new standard, we wanted to deliver a platform driven by what investors want and need.

In 2019, we canvassed the views of 17,000 investors who’d had access to our platforms, to find out what was important to them and what they wanted. From how they use our platforms to how they want to interact with Research and Roadshow materials in future, we listened. The result? Our next generation Plus+ iRoadshow and IPO Research Online platforms have been redesigned to be the first platform built for investors by investors.

Presentation mode

Presentation mode allows the promoter to turn investors' slides during a conference call, improving delivery of the value proposition.

Presentation mode Presentation mode
Presentation mode

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Choose from online and
offline channels to minimise
deal disruption.

  • An integrated, blended approach of online and offline communication.
  • Enabling you to engage and communicate effectively and efficiently.
  • 70% of investors told us they only want to receive online research in the future.
  • Our unique hybrid solution means that we can also send confidential printed Research to investors who still prefer hard copy reports.

No-one communicates using just one channel anymore. We all embrace the omnichannel way – getting the information we need in the most expedient way possible.

That’s why we offer an integrated, blended approach of online and offline communication – enabling you to engage and communicate effectively and efficiently.

Over two thirds of investors told us that receiving IPO Research and Roadshow material online is important to them from an ESG perspective, and some 70% told us they only want to receive online research in future. At the same time, the wishes of the minority who prefer hard copy must be respected, which is why our hybrid solution enables us to meet the demands of every investor.

Be the first to


Obtain real time market insight that drives intelligent investment.

  • Our next generation Plus+ platforms provide for even greater interaction between the team, syndicate and the investor.

Our iRoadshow and IPO Research Online platforms have always promoted real time market insight that drives intelligent investment. Today, our next generation Plus+ platforms provides even greater interaction between the team, syndicate and investors.

The promoter dashboard offers that all important helicopter view of key project stats, while document activity reports and annotations provide invaluable overviews and detailed information needed to enhance client interaction and improve conversion.

User stats

Statistics for the top 10 users


Susan Bennett

  • 381
  • 47

Phil Bon

  • 298
  • 203

Bastian Smartz

  • 66
  • 78
  • 82

Daniel Lewis

  • 248
  • 98

Silvio Bertoni

  • 399
  • 103

Jason Conrad

  • 104
  • 104

Mary Crosby

  • 40
  • 5
  • 134

Pierre Lemont

  • 21
  • 21
  • 132

Daniel Bonn

  • 15
  • 3
  • 90

Phillippe Blanc

  • 12
  • 139

Time spent (seconds)

  • 0
  • 50
  • 100
  • 150
  • 200
  • 250
  • 300
  • 350
  • 400
  • 450
  • 15/07/2020

  • 16/07/2020

  • 17/07/2020

The B&C difference

Our unerring commitment to delivering an unrivalled experience, 24/7 availability, continuous improvement and world class service all add up to the Black&Callow difference.

Our Service

We understand the challenges you face from meeting regulatory requirements to exceeding client expectations. Having project managed some of the most complex global IPOs, we know what it takes to deliver a superior standard of service. In fact, we are the only company in our sector to be independently accredited as ‘World Class’ by the Institute of Customer Service.

While others may be happy to rely on reputation and legacy systems, we are constantly striving to improve our platform – actively seeking out feedback from clients and investing heavily in improvements. We believe our original platform created a new standard in IPO investor intelligence and our Plus+ platform has just delivered another level in enabling you to be the first to capitalise.

Black & Callow website

We were established in 1888 as The Solicitors’ Law Stationery Society

  • 1960

    1960 Moved into Corporate Finance and Corporate Reporting

  • 1991

    1991Black&Callow produces the largest UK IPO of the year: Scotish Power andScottish Hydro Electric Privatisation

  • 1991-present

    1991-presentBlack&Callow works on the largest IPOs, ECM and DCM issues across EMEA, from Privatisations toDemergers, and from High Yield to Municipal Bonds

  • 1995

    1995Black&Callow helps with the Privatisation Information Memoranda of BritishRail’s Track Renewals andInfrastructure Maintenance Units

  • 1999

    1999The company starts building Research websites for Brokersand Investment Banks

  • 2001

    2001Black&Callow produces the largest UKIPO of the year – Friends Providentdemutualisation

  • 2001–2

    2001–2Black&Callow builds first M&A DueDiligence virtual data room in Europe

  • 2002

    2002Black&Callow produces the largest UK IPOof the year – William Hill; the largestEuropean IPO, Eurotunnel; thelargest European fundraising, Aegon;and the multi-million copy ScottishAmicable transfer documents

  • 2002–8

    2002–8Black&Callow becomes #1 printer ofSecuritisations in Europe

  • 2004

    2004Black&Callow produces the largest CEEIPO of the year – Borsodchem RT

  • 2005

    2005Black&Callow produces largest global IPOof the year – PGNiG Privatisation

  • 2009

    2009Black&Callow produces the biggest bankacquisition in history, Lloyds andHBOS (3.2 million copies)

  • 2010

    2010Black&Callow helps International Powermerge with GDF Suez, creating theworld’s largest utility company

  • 2011-13

    2011-13Black&Callow becomes global #1 print ofSukuks with deals valued at overUS$25bn

  • 2015

    2015Black&Callow produces ShareholderAnnouncements for BG Group’s $70bnmerger with Shell; and one of the ‘Top 5European IPO’s to date (GrandVision)

  • 2015

    2015Investment banks approach Black&Callow tocreate a next-generation iRoadshow platform

  • 2016

    2016Black&Callow accredited by ICS asproviding “World Class Service” andis nominated for a nationalcustomer service award.Black&Callow produces over 900deal documents for ContestedDefences, AIM and Global IPO’s.M&A, Capital Markets and CorporateReporting projects

  • 2018

    2018Black&Callow launches IPOResearch Online – in its first yearalone, it’s used on the three largestEuropean IPOs: Aston Martin, DWS& Knorr-Bremse

  • 2019

    2019Black&Callow announces partnership with SS&CIntralinks, the world’s leading VDR provider, toextend services to Capital Markets issuers.

From early-look to post-admission — one-stop 24/7 bundled services from Black&Callow


Bundled Services

Minimise disruption   Minimise costs

Maximise efficiency and confidentiality

A journey from concept to corporate reporting – we help you at every stage of your IPO process and beyond.

Early look / ‘Pilot Fishing’ Online Roadshow

Pre-marketing your IPO: test initial investor sentiment at an early stage and gain invaluable feedback on likely market response

Investor Education / Management Presentation Roadshow

Increase investor engagement prior to launch and improve take-up via iRoadshow’s unrivalled insight and deal interactivity

IPO Research Online

Conquer the crucial IPO Research stage, ensuring security & MAR compliance and enhancing your ESG credentials via our unique IPORO platform

VDR for DD

Benefit from our partnership with the world’s leading VDR platform, Intralinks, to make light work of your Due Diligence

Admission Prospectus

As the market-leading financial printer in Europe for IPOs and fundraisings, production of your Prospectus or Admission Document couldn’t be in safer hands

Post-IPO corporate Reporting

From help and advice on content and structuring, through design and production in print & online: our award-winning services keep your Corporate Reporting effortlessly on track



iRoadshow Plus+ delivers a secure and engaging online platform for investors to review Roadshow presentations and prospectuses in advance of an Equity, Debt or Convertible Securities offering.

IPO Research

IPO Research Online Plus+ delivers an immersive and compliant portal where investors can access IPO research reports and other material issued in relation to forthcoming IPO or Equity Securities offering.


You're in good company

For over 50 years, we've provided the broadest range of services to support companies and their advisors in the execution of Capital Markets, M&A and Reporting projects from start to finish.

We number the world's leading investment banks, financial advisors, law and professional services firms, as well as corporates, among our clients. You're in good company.

Clients using our online platforms include:
Some of our Issuers:


We have been delivering confidential, time-critical, communication services for Capital Markets, M&A, Regulatory and Shareholder requirements for over 50 years.

Our aim is consistently to deliver a new standard in service, all designed to help you be the first capitalise on every opportunity. To find out more please get in touch.

To login, visit:

For more information about the service, visit:

Black&Callow Ltd 80 Coleman Street EC2R 5BJ London


How do I order a new IPO Research Online project room?

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Once you have a corporate account set up, simply email with your chosen project name/title, your bespoke disclaimer (if any) and the documents you wish to be uploaded. We’ll create your IPO Research Online, upload files, install your disclaimer and send you an email back and a URL so you can test the IPO Research Online. To set-up a corporate account, please contact or call +44(0)20 7653 8830

How quickly can a new IPO Research Online project room be opened?

Within a few minutes. Simply email your files to, which is monitored around the clock. We’ll create your room, upload your files and send back an email with your unique deal URL – then you’re ready to go.

What is the best browser to use when accessing IPO Research Online ?

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IPO Research Online works with all modern browsers, but for the best experience we recommend Google Chrome. Older browsers such as Internet Explorer (which is no longer supported by Microsoft) are not recommended.

How are investors contacted ?

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Specific investors are sent an email from ipoResearchOnline and invited to log in to a secure online space (via a URL in the email), entering user name (email address) and password (created at first log-in following invitation).  Once authenticated against the database, and once they have accepted a Disclaimer (if required), they can then access research reports, which can be protected against content extraction, and made subject to time-limited availability.

How long can an IPO Research Online project be active for ?

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As long as you need it to be. Build, live and post-deal access are all included.

How and when is the IPO Research Online project closed ?

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It can be closed at any time by you or by our Customer service team.

What is the process for distributing the reports through IPO Research Online?

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Specific investors are sent an email from ipoResearchOnline, (or we can use your Company name in the sender name) and invited to log in to a secure online space (via a URL in the email), entering user name (email address) and password (created at first log-in following invitation).  Once authenticated against the database, and once they have accepted a Disclaimer (if required), they can then access research reports, which can be protected against content extraction, and made subject to time-limited availability.

Who would get access to the Research reports and how would they find out about the reports ?

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Access would only be given to those people whose contact details are provided by the customer i.e. their investor list for the specific report. The process is in two parts:

  • Black & Callow (on instruction from the client), would send a bespoke email to the addresses on the list supplied by the client, informing them that they will shortly be invited into an ipoResearchOnline space on behalf of the client/Bank (Black & Callow’s client).  The results of this email (bouncebacks, opens, global IP country of access and other data) is fed back to the client to enable them to refine the user list if they wish.
  • Once the client has finalised the Report, it is uploaded to the secure online space and an email is sent from the platform to the refined user list giving them log-in details to that specific report.

How long would investors have access to the reports ?

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Access to the report is governed by the client, who will inform Black & Callow of the period the document should be available to potential investors. This is set up individually for each report and can be changed at any time, at the request of the client.

Can IPO Research Online preview videos?

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Yes, we can add video to your IPO Research Online project. For more details please contact

Are investor usernames and passwords specific to each transaction or can they be used to access other research the investor is eligible to view?

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On first authentication, investors are invited to create a password, which will give them access to a particular project. Thereafter, any further projects to which they are invited – identified by their email address – will give them access to all research which is currently available to them, assuming they login with their password. The initial email sent to them would, however, invite them to view a particular project.

An email will be sent to the specific investor list provided IPO Research Online. Who drafts this email and can we amend it?

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We have a standard template, but it can be amended however you like to be completely bespoke. This can include corporate logos and images.

Is there just one e-mail for onboarding a client and notifying them that research is available or are these separate?

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We recommend two emails for best practice and to maximise investor engagement: The first email advises the investor that they will soon receive a link to access IPO research online.

The results of this email ‘campaign’ – any bounce-backs, the details of everyone who opened it, the countries of origin* – are sent back to you, so you can adjust your final investor list if you wish.

The second email is the actual invitation to the investors containing their URL and Account Activation details, which invites them to log in & view the Research once they have been authenticated.

(*please note that some users have VPN which effectively masks the country of origin)

Some of our investors may still prefer to receive a printed report and won’t want to access this information digitally

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In the initial email, an option can be included for the investors to ‘click here if you prefer to receive a printed copy of this research’ – we would then provide a list of people who selected this option and can arrange for them to receive printed copies in the traditional way.

For investors who already have access to IPO Research Online, can they view research for new IPOs using the same account and log-in details as before? Can users see multiple Research reports at the same time?

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Yes, users log in using their email address and unique password created by them – they would use the same details to log in and access Research for further projects they are invited into.

If an investor is invited to view Research on more than one live project, they would see a list of projects they have access to on their homepage when logging in and can select which one to open.

What protections against content extractions are available ?

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IPO Research Online has a number of protections against content extraction. You can choose from the following: (1) No printing & no downloading; (2) Printing but no downloading; (3) Printing & downloading enabled.

In all cases, Dynamic Watermarking can be applied, which means that every page appears with the Investor’s name + the date they are accessing the document. This watermark appears on both the printed and digitally viewed Reports.

Additionally, in the Disclaimer which the investor must accept when they enter the portal, you can specify that they must not attempt to extract content and must agree to this before they can view the Research.

Can you still number the reports?

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Not in the sense that each copy is numbered, but the Dynamic Watermarking mentioned above provides a unique reference.

Also, in the Reports generated by the platform, you can see all investor activity including Page Level Reporting, and this Report will have your unique Investor codes if you wish.

After investors sign into ipoResearchOnline+ they then need to accept a Disclaimer. Who provides this disclaimer?

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We can provide a general disclaimer, which you can edit as you wish. Alternatively, you can provide us with a new, bespoke disclaimer.

  • Is there a separate disclaimer for the ipoResearchOnline site as well as for each research report? No – it’s one Disclaimer, which also incorporates the user’s acceptance of our Terms (standard website user terms, e.g. not to upload obscene material, viruses etc.)
  • Are there disclaimers included in the e-mails? The first email includes a Disclaimer. The second one does not as standard, but can if required.
  • For the disclaimers before each research report, is there one for when there is an offer/transaction in process (e.g. IPO) and one for after a transaction has closed (or for ordinary course research where there is not a related transaction)? Yes, there are different Disclaimers for each part of the process – these are generally provided by our clients on a deal-by-deal basis, but we can provide examples if necessary.NB all Disclaimers can be updated at any time, as many times as you wish.

It is also worth noting that Black & Callow is a specialist financial print & communications comapny working with many of the leading Investment Banks and Law firms around the world on IPOs and other capital market deals.

In addition, Black & Callow is already involved in the Pre-IPO Research report market in that we print, individually number and distribute Pre-IPO Research reports for clients (who require this method of distribution). So, the move to online publication is a natural extension of our existing, established business.

We can offer a unique “hybrid” solution to clients if required i.e. a mixture of printed and on-line publication to their investor list.

How secure is IPO Research Online+?

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IPO Research Online provides the best security available for your data. The platform used for IPO Research Online uses strong encryption when data is transmitted and stored, and in addition our server systems are secured and regularly audited, and all processes are backed by a comprehensive security policy.

Where are IPO Research Online+’s servers?

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Black & Callow applications are hosted in the cloud using Microsoft Azure cloud hosting solutions. Our web application servers and Azure SQL databases are located in the UK, with built-in regional high availability and turnkey geo-replication to any Azure region. Microsoft Azure guarantees that applications are available 99.95% of the time, and Azure SQL databases will have a minimum uptime of 99.95%.

What security and data encryption does IPO research Online+ use ?

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iRoadshow handles all documents, internal messages, entity names and properties, names and details of financial accounts and transaction details (collectively “data”) as follows:

Data Encryption

The security of the information in a client’s customer portal is paramount to us, which is why we use encryption at rest with SQL Azure. This provides data protection by encrypting data when it is stored on the disk, preventing malicious access to system data if the physical database files were ever compromised. The data is encrypted with a secret AES256 encryption key which is stored securely in Azure Key Vault, without which access to is denied. We work hard to ensure data is held on mission-critical systems which conform to multiple security standards.

We regularly review available encryption technology and the emergence of any potential weakness in the techniques employed by IPO Research Online to ensure that IPO Research Online is secure.

HTTPS Protocol

HTTPS stands for hypertext transfer protocol secure and is the encrypted version of HTTP. It is used for secure communication across the internet or a network. The communication protocol is encrypted using Transport Layer Security (TLS) or, formerly, Secure Sockets Layer (SSL). Black & Callow systems are implemented using this industry standard HTTPS protocol, which uses a secure SSL certificate from a third-party vendor to secure a connection and verify that the site is legitimate. This certificate creates a secure encrypted connection between the browser you use and the server hosting the Black & Callow applications.

Penetration Testing

Cyber security has never been more important that it is today, and Black & Callow applications have been implementing using best coding practices and regular penetration testing. These tests are designed to help prevent malicious attacks to the system and are essential in removing security vulnerabilities.

Data Storage

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IPO Research Online is built on advanced VDR technology and is a fully managed services hosted in the cloud using Microsoft Azure cloud hosting solutions.

Our web application servers and Azure SQL databases are located in the UK at datacentres with both ISO 9001 and ISO 27001 accreditations.

Data is uploaded/created and stored in individual projects. This information is ‘siloed’ and only available to the client who provided the data. It is neither visible nor available to any other parties.

Global Data Protection Compliance

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With servers based in the UK, IPO research Online ensures compliance with EU and global Data Protection legislation and ensures the service has no exposure to US data collection provisions.

Black & Callow applications are developed with GDPR compliance in mind. We are able to extract user information on request, as well as remove user data from our systems if needed.

How can I provide feedback about IPO research Online+ ?

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If you have any suggestions on how IPO Research Online might be improved, the team at Black&Callow would be delighted to hear from you! Please email your comments to and we will keep you in the loop on any improvements we make as a result.