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AIM · Europe

AIM (London Stock Exchange)

Listing requirements, segments and the practical points that matter for a company from the CIS, Central Asia or the Gulf.

Data checked: 6 November 2026
Location
London, United Kingdom
Regulator
London Stock Exchange plc (AIM Rules for Companies, AIM Rules for Nominated Advisers)
Trading currency
GBP
Indicative timeline
Not specified

Listing segments

AIM

Minimum market capitalisation
Not specified
Minimum free float
Not specified
Track record
Not specified
Profit required
No
Minimum shareholders
Not specified
Lock-up
12 months

AIM Rules for Companies (effective 5 August 2026) set no minimum market capitalisation, free float, track record or profit test. Rule 1: a nominated adviser (Nomad) must be appointed and retained at all times; trading is suspended without one and admission cancelled after 6 weeks. Rule 2: draft Schedule One announcement at least 10 business days before admission (3 business days for an express applicant). Rule 7: if the main business has not been independent and earning revenue for at least the last 2 financial years, related parties and applicable employees are locked in for 12 months (not applicable to express or Main Market applicants). Rule 8: investing companies must raise at least GBP 6m in cash. Express route: issuers traded at least 3 years on an IOSCO-regulated Express Market, no fundamental change in 12 months, market cap at least GBP 20m (approx. USD 25m). Free float in practice is agreed with the Nomad (often 10-25%); this is market practice, not a rule.

Foreign issuers

Open to companies from any jurisdiction; structure should usually resemble a UK plc. The new Express Market route (replacing the AIM Designated Market route) lets companies traded for 3+ years on an IOSCO-regulated market with market cap of GBP 20m+ join without a full admission document, provided disclosures are in English.

Recent changes

After a November 2025 feedback statement and AIM Notice 62 consultation (June 2026), the LSE published revised AIM Rules for Companies and for Nominated Advisers effective 5 August 2026 (AIM Notices 64-65): working capital statement replaced by capital resources disclosure, substantial transaction threshold raised from 10% to 25%, reverse takeover redefined, special voting (dual-class) shares allowed at admission, corporate governance code requirement replaced by five prescribed disclosure areas, new Express Market route, capital access windows.

Strengths

  • Growth and smaller companies without a long track record or profit
  • Issuers that want a lighter admission document instead of an FCA-approved prospectus
  • Foreign companies already listed on an IOSCO-regulated market (Express route)

Watch-outs

  • Nomad must be retained permanently; losing it leads to suspension and cancellation
  • 12-month lock-in for related parties if the business lacks a 2-year independent revenue history
  • Liquidity can be thin for small caps

Sources

  1. 01AIM Rules for Companies, August 2026 (London Stock Exchange)primary source
  2. 02Slaughter and May - London Stock Exchange updates AIM Rules
  3. 03Osborne Clarke - London Stock Exchange overhauls AIM Rules: effective from 5 August 2026

Requirements change. Always confirm with the exchange and the regulator before making decisions.

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Information on this site is educational. It is not investment advice, an offer of securities or financial advice. Exchange requirements change; always check the primary sources. Full disclaimer