| Rulebook | UK Listing Rules (UKLR), in force since 29 July 2024 |
| Category for trading companies | Equity shares (commercial companies), ESCC for short |
| Minimum value of the shares | £30 million expected market value |
| Free float | 10% of the shares in public hands |
| Prospectus rules | POATRs and the FCA's PRM sourcebook since 19 January 2026 |
| Size | 907 companies and funds (at 31 December 2025) |
| Updated | November 2026 |
What the Main Market is, and what it is not
When people talk about the London stock exchange they usually mean the Main Market of the London Stock Exchange. It is a regulated market. Alongside it the exchange runs AIM, a growth market that is legally a multilateral trading facility. And London has a second operator with a growth market of its own, Aquis. The three venues follow different rulebooks, and that is what decides how much preparation goes into your company.
According to the London Stock Exchange, 907 companies and funds were listed on the Main Market at 31 December 2025. Admission to the Official List is granted by the Financial Conduct Authority (FCA); trading is organised by the exchange. So you always deal with two bodies: the regulator, which checks whether your shares may be listed, and the exchange, which admits them to trading.
One requirement comes before all others: anyone offering shares to the public needs a public limited company. Under the Companies Act a private limited company may not offer its securities to the public. How to get from Ltd to PLC is set out under converting a Ltd into a PLC.
The UK Listing Rules since July 2024: one category instead of two segments
On 29 July 2024 the FCA replaced the old listing rulebook with the UK Listing Rules. The split into premium and standard listing has gone. Operating companies now have a single category: equity shares (commercial companies), ESCC in the jargon. The FCA itself calls it the biggest change to the UK listing regime in more than three decades.
The new regime leans more on disclosure than on prior approval. The exchange also points to a more flexible stance on enhanced voting rights: founders can keep voting control after the IPO. For many family-owned businesses across Europe, that is the point at which London becomes interesting again.
The admission thresholds are still real. The expected market value of all the shares to be listed must be at least £30 million. And enough shares must be in public hands: that test is met when 10% of the shares are held by the public. Shares held by directors, their connected persons and certain employee schemes do not count as public hands.
The admission requirements at a glance
What the UK Listing Rules ask for in the ESCC category, as far as the company's structure is concerned:
| Point | Requirement | What it means inside the company |
|---|---|---|
| Minimum value | £30 million expected market value of the shares | Capital structure and valuation must line up before anyone runs the numbers |
| Free float | 10% of the shares to be admitted in public hands | The register of members must show who counts as public and who does not |
| Sponsor | required on admission to the ESCC category | The sponsor checks; the company supplies the papers, minutes and registers |
| Prospectus | under PRM for admission to a regulated market | Articles, capital history and board structure must be documented to prospectus standard |
FCA PS24/6 (UKLR), FCA PS25/9 (PRM)
The sponsor, and who else sits at the table
To bring shares into the ESCC category you must appoint a sponsor, a firm within the FCA's sponsor regime. The sponsor guides the admission towards the regulator and has to form its own view of the company. Add lawyers for the prospectus and the contracts, auditors for the financial information and, usually, a broker.
What tends to be underestimated: every one of these advisers works with what the company gives them. If the shareholder resolution for a capital increase six years ago is missing, none of them will go looking for it. They will ask you for it. That is exactly where we come in. We run the company side, keep registers and minutes ready and speak the advisers' language.
The new prospectus regime since 19 January 2026
On 19 January 2026 the Public Offers and Admissions to Trading Regulations 2024 (POATRs) came into force together with the FCA's new rules, replacing the UK Prospectus Regulation. For the Main Market the relevant sourcebook is now PRM, the prospectus rules for admission to trading on a regulated market.
According to the FCA, prospectuses, rights and duties stay largely the same in substance. On an initial offer of shares being admitted to trading for the first time, the prospectus must be published at least three working days before the offer closes. Things get noticeably easier afterwards: a prospectus for further shares of the same class is only needed once the new tranche reaches 75% of the shares already admitted, up from 20% before. The detail is under prospectus regime.
Stamp duty: a three-year holiday for newcomers
Buying UK shares normally costs 0.5% Stamp Duty Reserve Tax. Since the Finance Act 2026 there is an exception for newly listed companies: no 0.5% charge applies to shares in a company first listed within the last three years whose shares trade on a UK regulated market. The relief covers agreements from 27 November 2025 and companies newly listed from that day. Mergers and changes of control are among the exclusions.
This matters for the choice of venue: the relief is tied to a regulated market, and AIM and Aquis are multilateral trading facilities, not regulated markets. From late 2027 a Securities Transfer Tax is also due to replace stamp duty and Stamp Duty Reserve Tax. More on the tax side under PLC tax.
What should be in place before the first adviser meeting
The homework no sponsor does for you, and which we work through in preparation:
- 1
Legal form
The company is a PLC or is converted in good time. A PLC needs at least two directors and a qualified company secretary.
- 2
Capital history
Every share issue is backed by a resolution, an allotment and a Companies House filing. Gaps are closed before the project, not during it.
- 3
Registers
The register of members, the register of directors and the details of persons with significant control match Companies House. Every director has verified their identity.
- 4
Articles
The articles of association suit a listed company: share classes, transferability, pre-emption rights, general meetings.
- 5
Board and routines
Minuted board meetings, a calendar for the annual accounts and the AGM, clear responsibilities. This is the part we take on permanently under PLC Company Secretary.
Common questions about the London Stock Exchange
What is the difference between the Main Market and AIM?
The Main Market is a regulated market with FCA admission, a sponsor and a prospectus under PRM. AIM is the London Stock Exchange's growth market with its own rulebook and a Nominated Adviser instead of a sponsor.
Can a company from elsewhere in Europe list directly on the Main Market?
The exchange actively courts international companies, for example through its segment for secondary listings. In practice a British PLC as the top company is often the simpler route, because registers, articles and general meetings then run under one law. Whether that suits you is something we work out in a consult.
Do premium and standard listing still exist?
No. Since 29 July 2024 trading companies have had a single category, ESCC.
Sources: FCA: PS24/6, final UK Listing Rules; FCA: PS24/6 (PDF); FCA: PS25/9, public offers and admissions to trading regime; London Stock Exchange: Main Market; legislation.gov.uk: Finance Act 1986, section 89C; GOV.UK: Stamp Duty Reserve Tax, UK Listing Relief; legislation.gov.uk: Companies Act 2006, section 755
