IPO Journey Explorer

Explore the stages along your company’s growth journey to IPO and beyond – on AIM, the world’s leading international growth market, and part of London Stock Exchange Group.

Considering an IPO

Timescale: 3-6 months

CEO Tip: Get started now

"You can never start your homework too early. Having the systems in place before the IPO was time well spent."

Ed Molyneux, CEO, FreeAgent

Having the right strategy for growth is essential to ensure that your business continues to be a scaling success. A key ingredient needed to execute that growth, is having the right access to long-term patient capital in the form of equity. In this stage of your journey, consider an IPO on AIM as the growth market of choice to support your entrepreneurial and corporate ambitions.

Start your journey by considering your company growth options – and whether an IPO may be right for you
Engage with London Stock Exchange Group to discuss the possibilities
Informal discussions and factfinding
CEO Tip: Be 100% committed

"If you make up your mind to do this, you have to commit 100%. I enjoyed the challenge, but if I hadn’t been so interested it would have been tough."

Bobby Kalar, CEO, Yu Group

Growing your business
Planning your IPO

Related Resources

Are you at the right stage for AIM?

Take the quick online assessment to get a clearer understanding of the next steps that may be right 
for your company’s expansion and development.

Take the Assessment

Discover ELITE

The international business support and capital 
raising programme ELITE helps ambitious 
companies scale up and structure for growth.

How ELITE can help you

Planning your IPO

Timescale: 3-6 months

CEO Tip: Know your objectives

"Understand why you are going public. You have to explain why you are doing this and what you are going to do with it."

CEO, Hvivo

The key to a successful and smooth IPO process is often found in the planning completed before the transaction even begins. This stage is about assessing your readiness for IPO, choosing your advisers, defining your objectives and locking down a practical timeline and agenda.

Appoint your advisers – in particular, the Nominated Adviser
Negotiation of agreements for the engagement of Nominated Adviser, law firm, broker, reporting accountant and registrars
Full business review with key advisers
Test marketing or pilot fishing (optional)
CEO Tip: Secure quality advisers

"Make sure you choose good advisers – they are key. If we had chosen different lawyers, it could have been difficult."

Louis Hall, CEO, Cerillion

Growing your business
Preparing your IPO

Related Resources

A Guide for Entrepreneurs

Get IPO tips from companies like Mortgage 
Advice Bureau, Cerillion and Blue Prism.

Download the Guide for Entrepreneurs

Find your Nomad

Nominated advisers are vital partners in 
your IPO journey – find yours here.

Search the Nomad directory

by sector and location

Preparing your IPO

Timescale: 3-6 months

CEO Tip: Build a winning team

"The most important thing to think about is the composition of the board and the management team. Having people around you who have been there and done it before is important, so that you can continue to run the business."

Russ Cummings, CEO, Touchstone Innovations

After the research and planning phase, your company reaches a key decision point. In the light of all information and factors, how should you now proceed with your IPO? During this focused phase of preparation, you should understand the key aspects of the IPO, such as timescale, financials, roles and required agreements.

Agree deal timetable and structure
Financial due diligence and reports, long-form report, historical financial information, and working capital
Legal due diligence report produced and verified
Senior executive employment arrangements and terms of appointment of non-executive directors
Drafting of AIM admission document
Verification of admission document
Negotiation of placing agreement
Intention to Float announcement (optional)
CEO Tip: Choose the right board

"Spend time finding the right directors for you. You can leave it to the last minute and have someone foisted on you, or take the time to find someone who fits with your company and brings new skills. We were fortunate to find really good people."

Angus Thirlwell, CEO, Hotel Chocolat

Planning your IPO
The IPO Process

Related Resources

A Guide for Entrepreneurs

Get IPO tips from companies like Mortgage 
Advice Bureau, Cerillion and Blue Prism.

Download the Guide for Entrepreneurs

Are you at the right stage for AIM?

Take the quick online assessment to get a clearer understanding of the next steps that may be right 
for your company’s expansion and development.

Take the Assessment

The IPO process

Timescale: 1-2 months

CEO Tip: Trust the process

"Don’t be overawed. An IPO is a well-trodden path and London Stock Exchange is very helpful. People tend to be put off, thinking it will be difficult, but it is a management process."

Louis Hall, CEO, Cerillion

The formal part of the IPO process consists of financial and legal due diligence, documentation – specifically, drafting the AIM admission document – the marketing process and then completion. Your advisers will lead you through the workstreams, but if you’ve used the preparation time effectively, you should be able to provide all the information and verification needed to ensure that the key milestones are reached on time.

Draft admission document completion meeting
Research note written by house broker
Roadshow meetings with institutional investors
Placing list finalised
Schedule One announcement: Public announcement made at least ten days prior to admission.
Completion meeting
Pricing of shares agreed
Final documents and final admission submitted to AIM three days before admission
CEO Tip: Keep on track

"Project-manage the IPO. The bank gave us a high-level project plan, but I developed a detailed landing plan in order to hit our target date."

Kym Denny, CEO, hVIVO

Preparing your IPO
Life as a Public Company

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of tomorrow

Hear from a range of entrepreneurs who are 
continuing to grow their organisation on AIM.

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A Guide to AIM

Read this comprehensive overview of the 
world’s most successful growth market.

Download the Guide to AIM

Life as a public company

Timescale: ongoing

AIM is powering potential

"We were installing 2,000 meters a month when we were admitted to AIM. By December that year, we were installing 9,000 meters a month because we had the capital we needed. We received enhanced terms from the bank because we were a reduced risk to them"

Alan Foy, CEO, Smart Metering Systems

A new chapter begins for your business – life as a public company. Being quoted on AIM brings with it a number of ongoing obligations. AIM’s regulatory structure has been designed to ensure that it meets the needs of growing smaller businesses, allowing them to flourish once on market.

Admission to AIM and dealings commence: You have access to our Issuer Services and a range of other helpful products and services.
Prepare for first set of results
Make the most of being public. See how other companies thrive on AIM. Explore AIM Stories
Attracting talent

"It helped us to attract good people to the business and to look and think differently. Having non-executive directors on board gives you a different perspective. And everyone in the business, no matter how junior, has shares in the company."

Peter Brodnicki, CEO, Mortgage Advice Bureau

The IPO Process
Next

Related Resources

Issuer services for AIM companies

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services and offers.

Explore our issuer services

A Guide to AIM

Read this comprehensive overview of the 
world’s most successful growth market.

Download the Guide to AIM
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