Market Standards Trend Report
Trends in UK Equity Capital Markets in 2024

Our contributors
Background and approach
This report provides an insight into UK ECM activity in 2024 and what we expect to see in 2025.
Lexis+® UK Corporate and Market Standards have conducted research to examine trends in respect of UK IPO and secondary offer activity in 2024. We reviewed IPOs and secondary offers on the Main Market and AIM which completed in 2024 and looked at transactions which completed in 2020, 2021, 2022 and 2023 for comparative purposes.
Our IPO data excludes introductions and transfers between markets, save where otherwise indicated. Market capitalisation has been calculated based on the closing price on the day of admission as quoted by the London Stock Exchange plc. Companies listing GDRs have been excluded from the market capitalisation data.
Our secondary offer data looks at commercial companies undertaking placings, open offers and rights issues raising at least £10 m for the company.
Gross proceeds refers to gross proceeds raised by the company and does not include amounts raised by selling shareholders, save where otherwise indicated.
Deal values have been rounded to the nearest million where expressed in millions and rounded to the nearest hundred million where expressed in billions. The percentages in this report have been rounded up or down and accordingly may not in aggregate add up to 100%.

Executive summary
“With economic and political factors continuing to impact market conditions globally, including a big year for elections in 2024, the London Stock Exchange showed the strength of its public markets in connecting long-term capital and companies. 274 companies raised £25 billion of equity capital across London’s markets in 2024, more than was raised on the next three European exchanges combined. The Main Market welcomed innovative companies, from homegrown success stories such as Raspberry Pi and Applied Nutrition to international businesses including Air Astana, CKI Infrastructure and CANAL+. AIM welcomed dynamic growth businesses from across the world, including AOTI, Rosebank Industries, Winking Studios and Microsalt.
Alongside this, the UK capital markets have been undergoing the most dynamic set of reforms anywhere in the world right now, ensuring that they continue to serve their purpose of enabling companies to be able to start, grow, scale and stay in the UK, and in the process deliver returns for investors and savers. This includes the FCA launching the largest set of reforms to the UK listing rules in decades, making London’s markets simpler for companies to raise capital and in turn create more opportunities for investors in London listed companies. While there has been significant progress, our priorities are to continue working with the Government, regulators, and the wider industry, to ensure the UK has the best possible environment for companies to raise the capital they need to succeed, and for investors to be able to benefit from the value created.”
“Whilst we are now bedding down to Trump II and all that it brings with its early bluster, 2024 was a year when political uncertainty resolved itself in the UK with the election of a pro-growth Labour government.
Whilst how they fair will clearly influence capital markets in the coming 12 months, where we end up in the coming months with US international policy feels more significant.”
IPOs
IPO activity remained suppressed in 2024 with 17 deals, down 26% from 23 in 2023.
“2024 was another difficult year in UK capital markets, but a better year than 2023 with 42% increase in secondaries executed. We see this return secondary activity as a solid marker for returning IPO activity once markets settle with the new administrations in the UK, and more particularly the US. The message from investors at our recent IPO Forum was clear: we are open for business.”
Main Market
IPO deal volumes on the Main Market reduced by 50% from the previous year. However, some noteworthy companies came to the market, including Raspberry Pi and Applied Nutrition, the latter being the first company to list on the new commercial companies listing category.
The aggregate value of companies completing Main Market IPOs went down by 35% from 2023, although larger companies on average were seen coming to the market. The average market capitalisation of a company completing a Main Market IPO increased to £188m (up 21% from 2023).
Listings were significantly boosted by two large introductions by Canal+ SA and CK Infrastructure Holdings valued at £2.6bn and £14.2bn respectively on admission which increased the total value of companies coming to the Main Market in 2024 to £19.96bn (over double the total in 2023).
AIM
AIM saw a considerable rise in the aggregate value of companies completing IPOs to £425m (up 180% from 2023) and aggregate gross proceeds climbed to £122m (up 165%) despite only a modest increase in IPO deal volumes.
The average value by market capitalisation of a company completing an AIM IPO increased to £43m (up 152% from 2023) and the average amount raised per AIM IPO increased to £12m (up 140%).
2024 saw the largest AIM IPO by value since 2021 by US-based AOTI Inc which debuted with an opening market capitalisation of £144m.
As seen with the Main Market, larger companies were admitted to AIM way of introduction and transfer from the Main Market. The largest listing by value was by Optima Health which had an opening market capitalisation of £186m on admission.
Industry sector
Investment was the most active sector for Main Market IPOs in terms of deal volumes (as also seen in 2023), accounting for 43% of all Main Market IPOs. The GDR offering by Air Astana made the Travel, Hospitality, Leisure & Tourism sector the best performing in terms of funds raised.
On AIM, the Mining, Metals & Extraction sector led the way in terms of IPO volumes in 2024 with 30% of IPOs in this sector, two of which were by helium exploration companies. The highest grossing sector was Investment with two IPOs raising nearly half of all proceeds for the year including the SPAC IPO by Rosebank Industries which was the highest grossing IPO on AIM for the year.
“2024 has been a difficult and challenging year for UK IPOs, mirroring subdued activity levels experienced by the UK markets in the preceding two years.
Geopolitical tensions continue to exasperate the stability of the global financial markets. Potential issuers need to ensure that they maximise the use of time now to focus on IPO preparedness, to the extent that there is increased IPO opportunity.”
“The success of the Raspberry Pi IPO was a great boost to the UK tech sector and particularly with the uncertainty being caused to the US markets, we would expect more domestic tech companies to think more carefully about London before assuming Nasdaq is the Holy Grail.
The LSE have been keen to highlight the various “myths” about UK companies listing on the US markets and in a recent presentation they noted that only 23 UK companies have listed in the US in the last 10 years and of those, 6 have delisted and of the remaining, their share price performance is down -34.6% on average. Also, companies often fail to appreciate how difficult it is to make a long term impact among investors in the US markets and also the significant costs in maintaining a listing in the US.”
“The decision of US based medical technology business AOTI to float on AIM demonstrates that AIM continues to retain its appeal to overseas businesses as it affords a unique and flexible regulatory environment.”
“As demand for energy transition and battery materials continues to soar, it is unsurprising that the mining and natural resources industry headed AIM IPO volumes for the third consecutive year. Given that helium demand in semiconductor manufacturing, medical technology and the aerospace industry is set to surge within the next ten years, it is likely that we will see other exploration companies coming to market.”
Secondary offers
There was a substantial increase in funds raised in secondary offers in 2024: £10,853m was raised in aggregate on both markets (up by over 80% compared to 2023). Funds raised in Main Market secondary offers stood at £9,909m (almost double the 2023 total) with the largest fundraising being the £7bn rights issue by National Grid. Funds raised in AIM secondary offers were £975m (up 9%) with the £256m placing by Greatland Gold taking the top spot.
The average amount raised per Main Market secondary offer in 2024 was £583m compared to £240m for 2023. The average per deal raised on AIM in 2024 remained constant at £29m (£30m the year before).
Fundraising structure
48 secondary offers (96%) which completed in 2024 within our data set included a non-pre-emptive placing as the main part of their fundraising.
24 secondary offers included a retail offer (either through an investor platform or an open offer) alongside a non-pre-emptive placing: 12 on the Main Market and 14 on AIM. The majority of these were retail offers through investor platforms such as PrimaryBid, BookBuild and Rex/RetailBook.
There were two rights issues in 2024, by National Grid and Great Portland Estates. Proceeds raised under the 2024 rights issues represented 74% of all funds raised in 2024 Main Market secondary offers.
Industry sector
The highest grossing sector for Main Market secondary fundraisings in 2024 was Utilities, with two fundraisings raising 73% of funds raised in the year.
The Property sector saw substantial activity with eight real estate investment trusts (REITs) raising 24% of all funds raised in the year.
This sector saw some large fundraisings undertaken to fund acquisition and development opportunities including placings by FTSE 100 UK REITs Segro, British Land Company and Unite Group.
With AIM secondary offers, companies in the Mining, Metals & Extraction sector (39% of all funds raised) and the Healthcare, Pharma & Biotech sector (19%) raised the most funds.
“2024 was typified by fewer but bigger deals, showing that while investors were being very selective as to what they would support, they are prepared to invest in strong businesses and opportunities. The secondary offers by National Grid, Segro, Unite, British Land and Great Portland Estates are a clear demonstration that investors are still prepared to invest in UK equities, despite the quieter market conditions.”
Legal and regulatory developments 2024
Legal and regulatory developments included:
- The major reforms to the UK listing regime taking effect on 29 July 2024 with the publication of the new UK Listing Rules creating increased flexibility for companies coming to the market and adopting a more disclosure-based approach to regulation, with the FCA’s feedback on the consultation on listing rules reforms published in PS24/6
- The reform of the prospectus regime progressing with the Public Offers and Admissions to Trading Regulations 2024 (POATRs) becoming law on 29 January 2024 and the FCA publishing several consultations on its new rules under the regime in CP 24/12 and CP25/2 and in CP24/13 and CP25/3 on proposed rules for the new public offer platform
- Developments in relation to the private intermittent securities and capital exchange system (PISCES) including a government consultation published in March 2024, consultation response and draft statutory instrument relating to PISCES published on 14 November 2024 (with the legislation expected to be laid before Parliament in May 2025) and FCA consultation CP24/29 published in December 2024
- FCA policy statement PS24/19: Enhancing the National Storage Mechanism published on 20 December 2024 (following consultation CP24/17 published earlier in the summer) with final rules and guidance intended to make it easier for users to find regulated information on the National Storage Mechanism
- Publication of the UK Corporate Governance Code 2024 in January 2024 – the new Code applies generally to accounting periods beginning on or after 1 January 2025 with provisions on board declarations regarding internal controls coming into effect one year later
- FCA updating guidance in the FCA Knowledge Base and consulting on further updates in a number of issues of Primary Market Bulletin (PMB)
- FCA publishing PMB 52 with guidance on applying aspects of the UK Market Abuse Regulation
- FCA publishing a Final Notice fining a former person discharging managerial responsibility for trading listed company shares during a closed period and failing to notify share dealings in contravention of Article 19(1) and 19(11) of the Market Abuse Regulation, and
- New rules on payment optionality for investment research coming into effect on 1 August 2024 following an FCA consultation CP24/7 in April 2024 and publication of a policy statement PS24/9 in July 2024
For full information on the reforms to the UK listing and prospectus regimes see Practice Notes: Reform of the UK listing regime-fundamentals , UK listing and prospectus regime reform—progress tracker , and UK prospectus regime reform
“The new rules governing the UK’s listing regime are the biggest changes it has experienced in over 30 years. The final rules maintained the FCA’s overall strategic approach of moving to an overarching disclosure-based philosophy which was evidenced by changes in relation to significant transactions and controlling shareholders. The much-needed reform sets out a more simplified and competitive UK listing regime and has been warmly welcomed in the market. We hope to begin to see the fruit of this labour during the course of 2025.”
“The FCA has made great strides in improving the regulatory environment for listed companies with the new UK Listing Rules in 2024 and is continuing in a similar vein with upcoming changes to the Prospectus Regulation Rules. The test now is whether they prove sufficiently attractive for both issuers and investors.”
“The Main Market listing rules changes were significant and welcome but did not immediately turn back on the IPO tap in 2024. We hope they still could and meanwhile the trend for AIM stocks to transfer to the Main Market has the potential to accelerate.”
“The recent listing reforms make London a more attractive listing venue for a broader range of companies, particularly higher-growth and founder-led companies, that will benefit from greater flexibility and simplified rules relating to significant transactions and dual class share structures. However, measures aimed at driving increased pension fund and other investment in UK equities to improve market valuations and overall liquidity remain key in improving London's global competitiveness as a listing venue.”
Outlook for 2025
“The outlook for 2025 is positive, with lots to look forward to. The pipeline of companies looking to access the UK public markets, aided by the reforms to the UK’s capital markets ecosystem, is encouraging. There is still more to come, including the UK Government’s Pensions Investment Review, which aims to channel more institutional capital into UK companies. We will also see the launch of the London Stock Exchange’s Private Securities Market, which utilises the UK Government’s PISCES regulatory framework and enables private companies to offer periodic liquidity via private auctions to their shareholders through a groundbreaking regulated crossover market supported by our public market infrastructure. We’ll also be celebrating the 30th anniversary of AIM, which since launch has supported more than 4,000 companies to raise nearly £135 billion from a committed base of investors together with a dedicated ecosystem of nominated advisers, brokers and market makers. Together, these milestones highlight the London Stock Exchange’s commitment to ensuring that the funding continuum across the private and public markets in the UK is fully connected.”
“Capital markets can change rapidly as they did in 2021 when over 120 IPOs were executed raising more than £16bn in the process. With inflation and interest rates heading in the right direction, once the hopefully short-term Trump II actions have levelled out and comfort around UK fiscal position is established, the environment has the potential to be more open in the second half of 2025.”
“Despite ongoing geopolitical instability, we remain optimistic about the outlook for 2025 and beyond. There is a healthy pipeline of potential UK IPO candidates that will look to list in London as soon as market conditions are conducive and a number of recent IPOs have performed well in the after-market. Several further factors support an improved IPO outlook: a more stable domestic political and economic backdrop, a modernised UK listing regime and increasing investor confidence. Some challenges remain, but we believe there are strong tailwinds for the UK market.”
“The combination of a nimbler, lighter-touch regulatory environment in the UK, a significantly altered and more challenging US backdrop and some turbulence in key competitor EU markets suggests that London is well-placed to benefit from an upturn in equity market activity over the short to medium term.”
“The biggest thing which the market will be looking to in 2025 is for a reversal of the outflows from equities and investor appetite for the asset class returning.”
“At our recent UK Corporate Conference, which is the largest gathering of its kind for investors and issuers, the message was that issuers are increasing their engagement with global investors. This reiterates the day to day reading from our pan European and US equities platform that international sentiment towards UK companies is improving noticeably.”
“Overall, 2024 was undoubtedly a challenging year for UK equities, with the lowest number of IPOs for 15 years. The dampened appetite from the start of 2024 continued into Q4 mainly against the backdrop of the general election and the subsequent Budget but there were signs of renewed optimism in UK equities during the year, including the successful Raspberry Pi and Applied Nutrition IPOs. In Q1 2025, we have seen a notable increase in the number of ECM-related queries, both IPOs and AIM to ESCC moves.”

IPOs included in this report
Main Market IPOs |
|||||
---|---|---|---|---|---|
Company name |
Country of incorporation |
Listing category (at end of the year) |
Industry sector |
Gross proceeds |
Market capitalisation |
Air Astana Joint Stock Company |
Kazakhstan |
Certificates representing certain securities (depositary receipts) |
Travel, Leisure |
£95m for the company; £196m for selling shareholders |
- |
Fuel Ventures VCT plc |
England & Wales |
Closed-ended investment funds |
Investment |
£3m |
£3m |
Praetura Growth VCT plc |
England & Wales |
Closed-ended investment funds |
Investment |
£3m |
£3m |
Raspberry Pi Holdings plc |
England & Wales |
Equity shares (commercial companies) |
Technology |
£31m for the company; £135m for selling shareholders |
£745m |
Aberforth Geared Value & Income Trust plc |
England & Wales |
Closed-ended investment funds |
Investment |
£15m |
£144m |
Applied Nutrition plc |
England & Wales |
Equity shares (commercial companies) |
Food & Beverage |
£158 for selling shareholders |
£360m |
Fairview International plc |
England & Wales |
Equity shares (transition) |
Consumer services |
£3m |
£61m |
AIM IPOs |
||||
---|---|---|---|---|
Company name |
Country of incorporation |
Industry sector |
Gross proceeds (received by the company) |
Market capitalisation |
Microsalt plc |
England & Wales |
Food & Beverage |
£3m |
£20m |
Helix Exploration plc |
England & Wales |
Mining, Metals & Extraction |
£8m |
£15m |
European Green Transition plc |
England & Wales |
Mining, Metals & Extraction |
£7m |
£15m |
AOTI, Inc |
United States |
Healthcare, Pharma & Biotech |
£20m for the company; £16m for selling shareholders |
£144m |
Rosebank Industries plc |
Jersey |
Investment (SPAC) |
£50m |
£63m |
Pulsar Helium plc |
Canada |
Mining, Metals & Extraction |
£4m |
£37m |
GenIP plc |
England & Wales |
Technology |
£2m |
£7m |
Winking Studios Ltd |
Cayman Islands |
Professional services |
£8m |
£71m |
Selkirk Group plc |
England & Wales |
Investment (SPAC) |
£8m |
£12m |
Amcomri Group plc |
England & Wales |
Industrials |
£12m |
£41m |
Report written and produced by Lexis+® Corporate and Market Insights team members
Claudia Gizejewski
Solicitor
Lexis+® Corporate
Jenisa Altink-Thumbadoo
Head of Market Insights
Lexis+® UK Practical Guidance
Aaliyah Syed
Market Trend Analyst
Lexis+® UK Practical Guidance
With thanks to our valued contributors
James Ashton
Chief Executive, The Quoted Companies Alliance
James Ashton is Chief Executive of the Quoted Companies Alliance, the members’ organisation that champions small and mid-sized companies whose shares are publicly traded. James was City Editor and Executive Editor of the Evening Standard and Independent titles and before that City Editor of the Sunday Times. He is the author of several business books and chairs Oscar’s Book Prize, the annual search for the UK’s best picture book. James is also a non-executive director of Finsbury Growth & Income, the FTSE 250 investment trust.
Simon Bullock
Partner, Ashurst LLP
Simon Bullock heads up the Ashurst equity capital markets practice in London. His practice has a particular focus on advising underwriters, issuers and investment funds on a range of equity capital markets transactions including IPOs, rights issues and equity placings. Simon is recognised in Chambers UK and Legal 500 UK as a leading UK ECM lawyer.
Tom Coulter
Partner, Travers Smith
Tom is a partner in our Corporate M&A and ECM Group at Travers Smith. He specialises in advising clients on IPOs, equity fundraisings, public and private mergers, acquisitions and disposals, corporate joint ventures and general corporate advice. Tom regularly advises UK and overseas quoted and private companies, institutional investors and several financial intermediaries. He is also ranked by the Legal 500 for his ECM expertise.
Nina Driver
Practice Development Lawyer, Squire Patton Boggs (UK) LLP
Nina is part of the Squire Patton Boggs UK Equity Capital Markets Practice and has over 15 years of experience advising AIM-quoted and main market listed clients on a broad range of transactions including IPOs, fundraisings, takeovers and public M&A. Nina also advises clients on corporate governance matters and non-financial reporting obligations. Nina leads the team’s knowledge management and is responsible for updates of market trends, legal and regulatory developments, legal training and advisory sessions to clients.
Nicholas Holmes
Partner, Ashurst LLP
Nicholas Holmes is a senior consultant in Ashurst's equity capital markets practice in London. He has considerable experience advising both corporate clients and investment banks on the full spectrum of ECM matters as well as M&A and corporate finance. Nicholas is recognised in the Hall of Fame for ECM in Legal 500 UK and is ranked Band 2 in ECM Chambers UK where he is described as “first rate in how he represents issuers and banks.” Nicholas is a member of the City of London Law Society Company Law Committee and leads its Listing Rules/Prospectus Rules Working Group.
Clive Hopewell
Partner, Bird & Bird LLP
Clive heads up the International Capital Markets Practice across the firm. His securities practice involves acting for institutions and issuers in respect of listings in London and elsewhere. He has extensive experience advising clients in a variety of sectors, with a particular emphasis on energy and utilities and technology and communications. Clive has broad experience and a significant track record in advising corporates and investment banks on equity capital markets transactions in London and internationally. He was admitted to practice as a solicitor in England and Wales in 1994 and during his 30 year career as a corporate lawyer, he has also experienced life as a regulator, having spent two years as an adviser in the equity markets group of the London Stock Exchange. In addition to his expertise in equity capital markets, Clive works on private financings and mergers & acquisitions. He also advises entrepreneurs, family offices and high net worth individuals on corporate transactions in a variety of jurisdictions. Clive is recognised in the Hall of Fame for Capital Markets in Legal 500 and also as a leading lawyer for M&A (lower mid-market deals) and for mining in Legal 500 and as a leading lawyer in Capital Markets and in mining in Chambers & Partners.
Alexander Keepin
Partner, Simmons & Simmons LLP
Alexander is a Partner in the Simmons & Simmons Public Markets Group within its UK Corporate practice and specialises in transactions involving listed issuers on both the Main Market and AIM. Alexander acts for both issuers and underwriters/ sponsors on a range of ECM transactions including equity offerings, listings and transactions on the London markets, almost exclusively on transactions involving natural resources companies. Alexander is recognised in the Hall of Fame for mining in the Legal 500 and is recognised as a Leading Individual for both Mining and Capital Markets: AIM by Chambers and Partners.
Hannah Kendrick
Partner, Squire Patton Boggs (UK) LLP
Hannah co-leads the Squire Patton Boggs UK Equity Capital Markets Practice and has a wide range of experience advising both public and private companies on mergers and acquisitions, fundraisings, takeovers, restructurings and reorganisations. She also leads the Food and Drink Sector group for EMEA. Her work varies between UK and cross border and she works closely with executives, in-house legal teams and general counsel both in the UK and globally. Hannah also leads the team focusing on the “G” of ESG and is a member of the Regional Advisory Group of the London Stock Exchange plc for the North East.
Marianna Kennedy
Senior Associate, Ashurst LLP
Marianna Kennedy is a senior associate in Ashurst’s corporate practice in London. Marianna specialises in advising corporates and investment banks on a range of equity capital markets matters including IPOs, rights issues and capital raisings. Marianna also works closely with Nicholas Holmes in his role leading the Listing Rules/Prospectus Rules Working Group of the City of London Law Society Company Law Committee.
Jayson Marks
Partner, Squire Patton Boggs (UK) LLP
Jayson is a corporate Partner based in the London office, specialising in capital markets transactions for corporate and investment banking clients. He has 20+ years of experience advising on IPOs, secondary fundraisings and other equity capital markets transactions on AIM and the Main Market, as well as public and private M&A, equity investments and joint ventures. Jayson advises on complex cross-border transactions across various jurisdictions and industries, including natural resources, financial services and commodities.
Alasdair Steele
Partner, CMS Cameron McKenna Nabarro Olswang LLP
Alasdair Steele is a Corporate Partner and Head of Equity Capital Markets at CMS in London specialising in UK and cross-border corporate finance, including IPOs and secondary equity issues, public and private M&A, and strategic investments as well as regularly advising on consortia and corporate joint venture arrangements. He regularly advises quoted companies and financial intermediaries on the UKLA Listing Rules and Disclosure Rules, the Prospectus Rules, the AIM Rules, the Takeover Code and general company law.
Marcus Stuttard
Head of UK Primary Markets & AIM, London Stock Exchange plc
Marcus Stuttard is Head of AIM and has responsibility for Primary Markets in the UK across both AIM and the Main Market. He is responsible for the management and development of AIM, London Stock Exchange’s international growth market for small and medium sized enterprises. Marcus has a particular focus on boosting access to finance for ambitious growth companies. He is a regular speaker on growth and business funding issues and sits on a number of industry and policy advisory bodies including the ScaleUp Institute’s Access to Finance and Growth Capital Committee and the IoD’s Centre for Corporate Governance Advisory Board. He has played a leading role in key capital market developments such as the launch of the High Growth Segment and policy changes such as making AIM shares eligible for inclusion in ISAs and the abolition of stamp duty on the trading of shares admitted to Recognised Growth Markets such as AIM.
Ariel White-Tsimikalis
Partner, Goodwin Procter (UK) LLP
Ariel White-Tsimikalis is a Partner in the firm’s Technology and Life Sciences group and leads the UK Equity Capital Markets & Public Company practice in London. She specialises in advising growth companies, underwriting banks and private equity and venture capital investors on equity capital markets transactions (including IPOs, secondary offerings and private placements) and general public company advisory matters. She is also Co-Chair of the firm’s ESG & Impact practice and regularly advises listed companies and regulated entities on their ESG obligations, particularly on governance matters. Outside Goodwin, Ariel is a member of the Parker Review set up by the UK Government’s Department for Business & Trade focused on increasing ethnic minority representation on UK boards.
Ben Wright
Co-Head of UK Investment Banking, Berenberg
Ben is the Co-Head of the UK Investment Banking team at Berenberg having joined the Bank in November 2015 to help build its UK investment banking business. He was previously a Director in Corporate Finance & Corporate Broking at N+1 Singer and Brewin Dolphin. Ben has over 18 years of experience advising international and domestic companies across a range of transactions including IPOs, pre-IPOs and fundraisings on the London markets, and with private and project equity financing. He has also led public company M&A transactions and worked on the disposal of a number of private renewable energy assets. Ben qualified as a Barrister from the Inns Court School of Law.