Taking your UK PLC public
Your company on the stock market. Before the market checks your company, we do: we put it in order, keep the papers ready and coordinate the adviser team.
| Main Market | UK Listing Rules since 29 July 2024, at least £30m market value, 10% free float, sponsor |
| AIM | new rules since 5 August 2026, nominated adviser required at all times |
| Aquis Growth Market | corporate adviser or support services, Access and Apex segments |
| PISCES | trading in private company shares in an FCA sandbox |
| Prospectus regime | new rules since 19 January 2026 |
| Our role | administration and company secretarial side, no capital raising |
Readiness starts in the register
A listing has a visible side: the document, the valuation, the first day of trading. And an invisible one. Does the share register match what Companies House holds? Was every share allotment of recent years properly authorised? Were pre-emption rights respected or validly disapplied? Have all directors verified their identity? Was every non-cash contribution valued? Every nominated adviser, sponsor and project lawyer asks these questions, and they ask them at the start.
Sebastian knows PLCs from exactly this side: the administration and company secretarial work on the way to market. That is where our product begins. We find the gaps before the advisers do, close them and keep the company records ready so the project never waits on paperwork.
Which venue runs on which rules
You and your advisers choose the venue. For the administration, that choice decides which documents and which adviser role you need.
| Venue | Rulebook | Required adviser | Admission document |
|---|---|---|---|
| Main Market (London Stock Exchange) | UK Listing Rules, equity shares (commercial companies) category | Sponsor | Prospectus under the PRM rules, approved by the FCA |
| AIM (London Stock Exchange) | AIM Rules for Companies, August 2026 edition | Nominated adviser, at all times | Admission document |
| Aquis Growth Market | Access and Apex rulebooks, January 2026 | Corporate adviser or support services; corporate adviser for the prospectus | MTF admission prospectus |
| PISCES | FCA sandbox rules | no listing adviser; operator and intermediaries | Core information to buyers, no listing |
FCA PS24/6 and PS25/9; LSE AIM Rules for Companies (August 2026); Aquis Access and Apex rulebooks (January 2026); FCA PISCES
The venues in detail
The road, seen from the back office
The order in which we work with you. How long each step takes depends on your company and on the advisers' timetable.
- 1
Readiness review
We reconcile constitutional documents, capital history, resolutions and registers with the Companies House record and deliver a written gap report.
- 2
Legal form and articles
If the company is still a Ltd, it is converted or placed under a new PLC. AIM generally expects a structure similar to a UK PLC. The articles are tailored to a listed company with the lawyers.
- 3
Capital and shares
Tidy up share classes, evidence payments, make shares freely transferable and eligible for electronic settlement, obtain the ISIN and LEI.
- 4
Adviser team
The nominated adviser, sponsor or corporate adviser, lawyers and reporting accountants are engaged. We coordinate the timetable and the papers.
- 5
Data room and document
All company records are ready and in order. For what the admission document says about the company, we supply the evidence.
- 6
Admission
Resolutions, applications and the venue's deadlines. On AIM, for example, the Schedule One announcement goes out at least 10 business days and the application at least 3 business days before the expected admission date.
- 7
Handover
After the first day of trading, ongoing administration takes over with the venue's deadline calendar, for example audited annual accounts on AIM no later than six months after the year end.
Prospectus, tax and the new rules of 2026
A new prospectus regime has applied in the UK since 19 January 2026. Admission to the Main Market generally needs a prospectus approved by the FCA; on the growth markets it is an MTF admission prospectus, which the FCA does not review. What changed is covered in the prospectus regime.
And one tax point belongs in every plan: shares in companies newly listed on a UK regulated market carry no 0.5 per cent SDRT for their first three years. That covers the Main Market, not AIM. The details are in how a UK PLC is taxed. Whether a listing without new shares might suit you instead of a classic IPO is explained in direct listing or IPO.
We do not find investors, place shares or sell listed shells. Responsibility towards the exchange lies with the nominated adviser, sponsor or corporate adviser: a nominated adviser owes its duties solely to the London Stock Exchange. Our job is to make sure it finds a company that stands up to its scrutiny.
What you bring
- Constitutional documents, articles and every resolution since incorporation, as far as they exist
- Share register and evidence of every allotment and transfer
- Audited annual accounts and your auditor's contact details
- Details of directors and PSCs and where their identity verification stands
- A first idea of venue and timing, no commitment needed yet
Questions
How long does a listing take?
Mostly it depends on how tidy your company is on day one and how quickly the adviser team is in place. Fixed deadlines only come from the venues shortly before admission, on AIM for example the announcement at least 10 business days ahead.
Does my company have to be a PLC?
For the Main Market and the growth markets the PLC is the usual route; AIM generally expects a structure similar to a UK PLC. PISCES needs no listing at all. What makes sense for you comes out of the readiness review.
Is PISCES a listing?
No. PISCES allows trading in private company shares in intermittent trading windows and is expressly something other than a listing. It can make sense as an intermediate step, because the company already needs orderly registers and information for it.
Do you also support a takeover by a company that is already listed?
The administrative side, yes: registers, resolutions and the valuation of non-cash consideration. What applies on AIM and Aquis is covered in reverse takeovers.