On 26 March 2021, Julia Charlton moderated a virtual roundtable on Listing in London

Julia Charlton moderated a virtual roundtable on Listing in London with great speakers and panellists Tom Attenborough & Jon Edwards of the London Stock Exchange, Andrew Collins & Victoria Younghusband of CRSB & Giles Rolls of Finncap on 26 March 2021.

CH-019120 (Webpage Portal) | 2021-03-26 (Published) | 2021-08-31 (Updated)

A Snapshot of London Stock Exchange

£5.2 trillion of value with over £125 billion raised since 2018

A Snapshot of London Stock Exchange

Source: LSEG, Dealogic, February 2021

*IPOs raising more than £500m

Europe’s Most Active Equity Market

$65.6bn has been raised in London through IPOs & FOs in 2020

London was the most active equity market in Europe in 2020, with:

  • 2.7x more transactions (635 IPOs & FOs) than the next most active exchange, Stockholm (231 IPOs & FOs)
  • 2.8x more in IPO and FO proceeds ($65.6bn) than the next exchange, Frankfurt ($23.3bn)
Europe’s Most Active Equity Market

Source: Dealogic, January 2021

All calculations are based on a deal pricing date

A Globally Diverse Investment Base

Gain access to the most internationally diverse pool of investment

Domicile of Top investors in listed securities in London*

  • 46% UK
  • 33% North America
  • 15% Europe (ex UK)
  • 6% Rest of W orld
  • London has the most diverse investor base of any major global exchange, while still allowing issuers to access US institutional investors.
  • This allows issuers access to a pool of capital that is comfortable with companies who build internationally facing business models.

Domicile of Top investors in listed securities in the US*

  • 85% North America
  • 6% UK
  • 6% Europe (ex UK)
  • 3% Rest of World

Largest Institutions Investing in LSE Listed Stock

Investor Country


United Kingdom

The Vanguard Group, Inc.

United States

Norges BankInvestmentManagement


BlackRock Fund Advisors

United States


United States


United Kingdom

Source: FactSet, February 2021

*Based on the Value of Securities Held

The Home of International Issuers

More international companies choose London for listing

The Home of International Issuers

Source: London Stock Exchange, FactSet, March 2021

Note: Chart data as of January 2021. Exchanges w ith fewer than 250 companies listed are excluded. *1530 (60%) of HKSE companies are Chinese — International companies are those where the country of primary business of a company is not equal to the country of its primary listing. Our country of primary business methodology uses FactSet data and takes into account the country of largest revenue exposure, headquarters and incorporation

Significant Increase in New Issues

Landmark deals since the start of 2021

Significant Increase in New Issues

Source: LSE, company w ebsite, Dealogic, FactSet, March 2021

A Partnership with Asia Pacific Corporates

Overview of companies listed on LSE

A Partnership with Asia Pacific Corporates

Source: LSE statistics, Dealogic, February 2021

* Countries defined by country of primary business (i.e. primary HQ / revenue / operations) Note: Money raised fromboth IPO and FO are included.

Supporting Chinese Growth

Key access points for Chinese companies across LSEG

  • Huatai Securities, the inaugural Stock Connect issuer opening the London market, 17 June 2019
  • FTSE Russell leadership celebrating the inclusion of China A shares in global indexes, July 2019
  • ICBC celebrating their £600m bond in July 2019, the first ever Chinese bank to issue a sterling denominated bond
  • Nikhil Rathi, CEO LSE Plc meets President Xi Jinping, October 2015

Going Public in London

LSE offers four key options to suit companies with different needs

Premium Main Market

Standart Main Market

Hight Growth Segment



Companies that want to adhere and benefit from some of the most robust listing requirements and corporate governance standards in the world.

Companies looking to access London’s investor base and liquiditywhilst complying with baseline regulatoryrequirements found across international markets.

Younger, high-growth companies that aspire to be on the Premium segment but do not qualify for all of the listing criteria (e.g. free float).

Smaller and growing companies looking to make an early transition from private to public on a market with a flexible regulatory framework.


  • Offersinvestorsthepathofleast resistance – segment attracts the broadest set of domestic and international investors

  • Index inclusion (e.g. FTSE 100, 250, 350, All Share) w here eligible

  • Clear expectations around disclosure of transactions – class tests / votes

  • Disclosure based regime – no prescriptive eligibility requirements

  • Flexibility in choice of corporate governance code

  • Easier M&A – less prescriptive transactional requirements

  • Dual class shares permitted

  • 10% vs. 25% free float requirement w ith a value of at least £30m(1)

  • Min market cap. of £300m (based on 10%freefloat)atadmission(2)

  • 3-year revenue CAGR of at least 20% (3)

  • Flexibility in corporate governance code choice

  • Dual class shares permitted

  • Nostampduty

  • Nomad to guide applicants through admission and ongoing requirements

  • No prescriptive free float or financial history requirements

  • Flexibility in corporate governance code choice

  • Index inclusion (FTSE AIM series) w here eligible

  • Various tax benefits for founders and shareholders alike

Note: (1) (majority of which must be raised at IPO. (2) Smaller companies with a higher f ree f loat are permitted to use HGS. (3) Based on audited rev enue f or the last f our y ears

  • Tom Attenborough
  • Head of International Primary Markets
  • London Stock Exchange Plc
  • +44 20 7797 3747
  • tom.attenborough@lseg.com
  • Zhu Liu
  • Vice President, Primary Markets
  • Zhu.Liu@lseg.com
  • Hong Kong
  • Jon Edwards
  • Chief Representative, Beijing Office
  • London Stock Exchange Plc
  • +86 10 5811 1911
  • jon,edwards@lseg.com
  • Sally Tang
  • Beijing Representative Office,
  • Primary Markets
  • Sally.Tang@lseg.com
  • Beijing
  • Ollie Fox
  • Business Development, Primary Markets, South East Asia
  • London Stock Exchange Plc
  • +65 8740 6567
  • ollie.fox@lseg.com
  • Singapore

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Listing in London: a virtual roundtable

Current rules overview

Victoria Younghusband, Partner, Charles Russell Speechlys LLP London and Hong Kong

Giles Rolls, Corporate Finance Associate Director, finnCap

charlesrussellspeechlys.com | finncap.com

Official List – Eligibility

  • 25% free float worldwide (no longer just in EEA)
  • Whole class of shares to be listed
  • Shares freely transferable
  • Minimum market cap of £700,000 (for shares)
  • Prospectus (vetted and approved by FCA)

Official List – premium listing

  • Equity shares only
  • Segments
  • commercialcompany
  • closed-ended investment fund
  • open-ended investment company
  • sovereign controlled commercial company
  • Commercial company
    • three year track record for 75% of its business
    • revenue earnings track record
    • relationship agreement where controlling shareholder
    • special rules for mineral, property and scientific research companies
    • shareholder approval for large transactions and related party transactions
    • FTSE Index eligibility
    • Sponsor required

    Official List premium listing – closed-ended investment funds

    • Spread of investment risk
    • No significant trading activity (but OK in investment portfolio)
    • Clear and sufficiently precise investment policy
    • Majority of board must be independent of investment manager
    • Sponsor required

    Standard listing

    • Commercial company or specialist fund segment
    • Much less prescriptive
    • Currently used for SPACs
    • No sponsor requirement


    • No market cap or free float requirement
    • AIM Rules for Companies
    • Admission Document not prospectus unless “offer to the public”
    • Role of Nomad and AIM Regulation
    • Special rules for investing companies and oil & gas companies

    Ongoing Requirements

    • Official List – all segments
    • Disclosure Guidance and Transparency Rules
    • AIM Rules on reporting and disclosure
    • UK Market Abuse Regulation applies to all London markets
    • City Code on Takeovers and Mergers

    Indicative IPO timetable

    Indicative IPO timetable Indicative IPO timetable


    Prospectus Review*


    Corporate Governance Landscape

    • The UK Corporate Governance Code (“FRC Code”)
    • Applies to all Main Market companies on the Premium List (UK and International)
    • Lesser disclosure standards for Standard List companies
    • Board Composition requirements:
    • Chairman to be independent on appointment
    • Need a senior independent NED
    • Diversity of experience and gender
    • Majority of Independent NEDs
  • The Corporate Governance Code for Small and Mid-Size Quoted Companies (“QCA Code”)
    • Predominantly for AIM companies and utilising a ‘comply or explain’ approach
    • Applies elements of the FRC Code and other relevant guidance
  • Environmental, Social and Governance (ESG)
  • Proxy voting agents give investors voting recommendations based on a company’s corporate governance compliance
  • UK Investors

    The UK has a deep pool of capital

    • Institutional, wealth manager, retail investors from across the world

    What are investors looking for?

    1. A great leadership team

      • strong track record
      • aligned with shareholder s
      • strong corporate governance
    2. Growth opportunity

      • potential to accelerate growth
      • ability to capitalise on opportunities (e.g. acquisitions)
    3. Clear equity story

      • predominantly generalist investors
      • Growth/inc ome
    4. Earnings visibility/Cash generation
    5. Industry dynamics
    6. Size/Liquidity

    Will UK investors invest in Chinese Companies?

    • Important points for considerations:
    • Legal jurisdiction and regulatory environment
    • Country and political risk
    • Tax regime
    • Share class and ownership restrictions
    • The directors (highly likely that at least one UK director required)
  • Return profiles are likely to have to be higher to compensate for perceived additional risks
  • Fund managers are looking for appropriate investment opportunities that they can justify to their investors
  • The only way to find out for sure is to ask one or more Sponsor/Nominated Adviser/Broker and Solicitor/li>