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Who are the main advisers on an AIM or Main Market IPO?
Published on: 28 June 2017
Written in partnership with John Holme (Senior Associate, Hogan Lovells International LLP) and Maegen Morrison (Partner, Hogan Lovells International LLP).
A company seeking an Initial public offering (IPO) and Admission of its securities to trading on AIM, or the Main Market of the London Stock Exchange, will need to appoint a number of parties to advise on the transaction. The main advisers in the deal team are set out below.
Financial adviser
The financial adviser, which is typically an investment bank or corporate finance firm, will be primarily responsible for managing the IPO process and co-ordinating the other advisers. Some of its responsibilities will include advising on the deal strategy and timetable, the offer structure, the board's composition, the necessary corporate governance structures and any arrangements with selling shareholders.
Additionally, it will assume some, or all, of the following roles:
- •
sponsor—as required by Listing Rule 8 for a Main Market IPO. The sponsor assesses the applicant's suitability for listing, provides assurance to the Financial Conduct Authority (FCA) that the applicant
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Jurisdiction(s):
United Kingdom
Key definition:
Main Market definition
What does Main Market mean?
The main market for listed securities of the london stock exchange. The Main Market is a UK regulated market and has several segments: the Premium and Standard listing segments (for securities admitted to the Official List), the Specialist Fund Segment, the High Growth Segment and the Shanghai-London Stock Connect Segment. Companies wishing to have their shares admitted to trading on the Main Market will have to comply with the LSE’s Admission and Disclosure Standards.
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