ARCHIVED: This Practice Note has been archived and is not maintained. This Practice Note looks at market trends in IPOs and secondary offers on the Main Market of the London Stock Exchange and AIM in 2023. For fuller analysis and additional insight into UK ECM trends from our external contributors see our Market Standards ECM Trend Report 2023. The 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. The secondary offer analysis looks at transactions raising £10m or more where the main part of the fundraising is a placing, open offer or rights issue and excludes transactions by closed ended investment companies. IPOs IPO activity remained suppressed in London as in most markets globally as challenging economic and geopolitical conditions continued to stifle fundraising. Twenty-three IPOs completed on the London Stock Exchange, a decrease of 49%

ARCHIVED: This Practice Note has been archived and is not maintained. This Practice Note looks at market trends in IPOs and secondary offers which completed on the Main Market of the London Stock Exchange and AIM in 2024. For fuller analysis and additional insight into UK equity capital markets trends from our external contributors see our Market Standards ECM Trend Report 2024. Click here to download the full report in shorthand format. For general information on IPOs and secondary offers see Practice Notes: IPOs—fundamentals and Undertaking a secondary offer—fundamentals. IPOs IPO activity remained suppressed on the London Stock Exchange in 2024 with 17 deals, down 26% from 23 in 2023. On the Main Market, the number of IPOs fell by 50% from the previous year. However a number of 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

This Practice Note looks at market trends in IPOs and secondary offers which completed on the Main Market of the London Stock Exchange and AIM in 2025. For general information on IPOs and secondary offers, see Practice Notes: IPOs—fundamentals and Undertaking a secondary offer—fundamentals. IPOs IPO activity increased in 2025, with 23 IPOs across the Main Market and AIM, up from 17 in 2024 although volumes remained subdued by historical standards. Main Market IPOs Main Market IPO volumes rose modestly to nine IPOs, compared with seven in 2024. Aggregate market capitalisation of companies completing an IPO increased significantly, driven by a small number of larger transactions, most notably the dual listing of Fermi Inc., the largest IPO of the year by value (£14.5bn). Gross proceeds raised also rebounded from 2024 levels. As in recent years, Main Market listings were significantly boosted by companies joining by way of introduction or transfer from AIM. 2025 saw a notable number of sizeable introductions, including International Paper which listed with an opening market capitalisation of over £22bn. There was a marked

The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an transaction'>arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.

A reduction to a with-profits policy that could apply if it is cashed in before or after its maturity date or other date(s) as specified in the policy.

The Financial Conduct Authority (FCA) has published Market Watch 84, reflecting on the first year of UK European Market Infrastructure Regulation (UK EMIR) Refit implementation. The FCA examines UK EMIR errors and omissions notifications in order to support firms in reporting more accurate and complete data. Firms with an obligation to report derivatives under Article 9 of UK EMIR (counterparties) are expected to review Market Watch 84 against their existing processes and reporting frameworks.

For the purposes of the Financial Services and Markets Act 2000, market abuse is behaviour which (1) occurs in relation to: qualifying investments admitted to trading on a prescribed market; qualifying investments in respect of which a request for admission to trading on such a market has been made; or in the case of two of the specified kinds of behaviour, investments which are related investments in relation to such qualifying investments and (2) falls within any one or more of the types of behaviour.

The European Banking Authority (EBA) is consulting on draft regulatory technical standards (RTS) on the method for identifying the main risk driver and determining whether a transaction represents a long or a short position. These RTS are part of the Phase 1 deliverables of the EBA roadmap on the implementation of the EU banking package in the area of market risk. Responses are sought by 24 July 2024.

The total value of a company or market. For a company, the number of shares multiplied by their market price. For a market, the sum of the market capitalisations of the constituents of that market.

Valuation of future pension benefits using actuarial assumptions consistent with present market conditions.

the starting point for most competition law assessments, which will then consider whether there is any market power.

Introduction Market definition is the traditional starting point for most analysis under competition law. It provides an objective conceptual framework for systematically identifying competitors (or potential competitors) that may constrain a company’s behaviour. The European Commission (Commission) refers to these as ‘effective and immediate competitive constraints’. Competition authorities use market definition in several contexts, especially for merger control, the assessment of anti-competitive agreements, and abuse of dominance cases. • merger control—competition authorities assess the effects of the proposed merger. To that end, the Commission and the Competition and Markets Authority (CMA) identify the markets in which the merging parties are active, and the competitive constraint that the merged entity would face in such markets • anti-competitive agreements—when competition authorities suspect an anti-competitive agreement between suppliers or purchasers, they usually assess whether the agreement had anti-competitive effects. This requires defining the markets that may have been affected by the agreement • abuse of dominance cases—competition authorities assess whether the