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Pre IPO

Choice of Market

Stock exchanges are increasingly international, and where an IPO on a company’s domestic exchange is the route chosen by the majority of businesses, listing on an international exchange is increasingly common.

Key factors to consider when choosing your market to list on should include:

Your valuation expectations

Market choice of your peers

Eligibility requirements and continuing obligations

Initial costs and ongoing costs of being a public company

Market
activity

Practicalities of managing the IPO and being a public company e.g. time zone, language

Investor
base

Index
inclusion

London Stock Exchange

Main Market

The Main Market is a world leading market for the admission and trading of equity, debt and other securities. It is home to more than 1,000 well-established companies from 100 countries, across around 40 different sectors and includes many of the world’s largest, most successful and dynamic companies. Underpinned by London’s balanced and globally respected standards of regulation and corporate governance, the Main Market represents a badge of quality for every company admitted to and traded on it.

The four segments within the Main Market each fulfil different issuer requirements:

AIM

AIM is the LSEG’s market for small and medium sized growth companies and is one of the most successful growth markets in the world. Its success is built on a regulatory environment which is more suited for the needs of small and emerging companies and a supportive investor and advisory community who understand the needs of fast growing entrepreneurial businesses.

AQSE Main Market

The AQSE Main Market is a market for larger companies with a track record of three years or more, as well as other issuers who are able to comply with the more demanding requirements of the UK Official List and associated UK Corporate Governance standards. Membership of this market gives companies access to the widest range of investors, both institutional and retail.

AQSE Growth Market

The AQSE Growth Market is a market for entrepreneurial companies seeking visibility and access to growth capital. Its regulatory framework is specifically designed to meet the needs of small and medium sized companies allowing management to concentrate on growing their business, whilst protecting investors. The AQSE growth market is formed of two segments – Access and Apex.

AIM and AQSE Growth Market are also designated Recognised Growth Markets by HMRC which means that trades executed in UK companies on these markets are exempt from UK Stamp Duty and Stamp Duty Reserve Tax. Companies on AIM and on the AQSE Growth Market are eligible investments for the full range of unquoted company tax reliefs, including capital gains and inheritance tax. They are also eligible investments for ISAs and EIS.

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