26 March 2026
Thinking of listing in London: which market is right for you?
| Main Market | AIM | |
|---|---|---|
| Typical Company Profile | Larger companies; higher regulation. | Growth companies; lighter regulation. |
| Minimum Market Cap | GBP30 million. | No minimum. |
| Minimum Free Float | 10%. | None but Nominated Adviser discretion likely to be 10–15%. |
| Ongoing financial adviser requirement | Sponsor required at initial listing; ongoing advice required only for certain significant transactions. | Nominated Adviser required at all times. |
| Primary Listing Document |
FCA-approved Prospectus Key exemption:
|
MTF Admission Prospectus – Nominated Adviser approved only Key exemptions:
|
| Dual-Class Share Structures | Permitted under conditions. | Permitted; generally more flexible. |
| Corporate Governance Standard | UK Corporate Governance Code (mandatory). | “Recognised” corporate governance required – QCA most typical |
| Pricing restrictions on further fundraising | Discounts > 10% must be approved by shareholders if not within existing pre-emption disapplication authority. | No equivalent restriction. |
| Further issuances: prospectus requirement |
Only required if issuance exceeds 75% of existing share capital. Note: reverse takeover will trigger prospectus requirement |
No MTF prospectus required:
|
| Public Offers: prospectus requirement |
|
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| Significant Transactions |
≥25% on class tests triggers prescriptive announcement; Reverse takeover requires shareholder approval and re-application for listing (including prospectus and appointment of Sponsor) |
≥10% on class tests triggers prescriptive announcement ≥75% on class tests = fundamental change of business and triggers shareholder approval Reverse takeover requires shareholder approval and re-admission. |
| Related-Party Transactions | ≥5% on class tests; requires announcement and Sponsor confirmation that the terms are "fair and reasonable". | ≥5% on class tests; requires announcement and Nominated Adviser confirmation that the terms are "fair and reasonable". |
| Continuous disclosure obligations | Immediate disclosure of inside information, subject to limited exceptions. | Immediate disclosure of inside information, subject to limited exceptions. |
| Financial Reporting Requirements | Annual and interim accounts (not quarterly). IFRS accounting standards |
Annual and interim accounts. IFRS accounting standards but potential for UK GAAP with LSEG consultation |
| Indices |
Capable for entry into FTSE UK Index Series and demand from related tracker funds. Need not be a UK company. |
Capable for entry into FTSE AIM Index Series but only UK companies qualify for FTSE AIM UK 50 Index |
| Settlement |
T+2 days – consulting to move to T+1 Electronic settlement via CREST |
T+2 days – consulting to move to T+1 Electronic settlement via CREST (some still in paper) |
| Tax on transfers and benefits | Stamp duty on UK transfers (0.5% of value) | No stamp duty on transfers (recognised growth market). VCT / EIS eligible |
| Restrictions on issuing shares or granting options to directors | None, provided company is not in a closed period and director does not have inside information. If significant, may require “related party transaction disclosure” as above. | None, provided company is not in a closed period and director does not have inside information. If significant, may require “related party transaction disclosure” as above. |
| Restrictions on Directors' Dealings | Cannot deal in closed period of 30 calendar days prior to publication of annual and interim accounts | Cannot deal in closed period of 30 calendar days prior to publication of annual and interim accounts |
| Shareholder Disclosure of Ownership/Dealings |
Shareholders of UK companies – disclosure at 3% and every 1% thereafter. Shareholders of non-UK companies – disclosure at 5%, 10%, 15%, 20%, 25%, 30%, 50% and 75%. Directors, other material management members (PDMRs) and their associates must disclose all dealings in prescribed form. |
Shareholders of UK companies – disclosure at 3% and every 1% thereafter. Shareholders of non-UK companies – disclosure at 5%, 10%, 15%, 20%, 25%, 30%, 50% and 75%. Directors, other material management members (PDMRs) and their associates must disclose all dealings in prescribed form. |
