Skip to content
AllIPO
EN

LSE Main Market · Europe

London Stock Exchange - Main Market

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
Financial Conduct Authority (FCA), UK Listing Rules (UKLR)
Trading currency
GBP
Indicative timeline
Not specified

Listing segments

Equity shares (commercial companies) - ESCC

Minimum market capitalisation
USD 38m
Minimum free float
10%
Track record
Not specified
Profit required
No
Minimum shareholders
Not specified
Lock-up
Not specified

UKLR 3.2.7R: expected aggregate market value of shares at admission at least GBP 30m (approx. USD 38m). UKLR 5.5.2R: at least 10% of the class in public hands at admission; shares held by directors and connected persons, holders of 5% or more, persons with board nomination rights, and shares locked up for more than 180 days do not count. A sponsor must be appointed on application for an ESCC listing (UKLR 4). The listing rules no longer contain a revenue track record or profit test; the prospectus (FCA PRM sourcebook) still requires audited historical financial information for the last 3 financial years or the shorter period of operation. No mandatory founder lock-up in the rules; 180-365 day lock-ups are market practice.

Foreign issuers

Foreign (third country) companies can list in the ESCC category on the same terms. UKLR 5.6.1R: the FCA will not admit shares of a third country company that are not listed in its country of incorporation or in the country where most of its shares are held, unless it is satisfied that the absence of such listing is not due to the need to protect investors. A separate category exists for secondary listings of international companies (ESICCSL).

Recent changes

UK Listing Rules (UKLR) took effect on 29 July 2024: premium and standard segments merged into a single ESCC category, free float lowered from 25% to 10%, revenue track record and independence eligibility tests removed, shareholder votes on most significant transactions replaced by announcements. The new prospectus regime (Public Offers and Admissions to Trading Regulations 2024, FCA PRM sourcebook, PS25/9) came into force on 19 January 2026. FCA made further miscellaneous UKLR amendments in April 2026 (instrument FCA 2026/21).

Strengths

  • Large and mid-cap companies seeking deep international institutional demand
  • Issuers wanting a low 10% free float and flexible governance (dual-class allowed under UKLR)
  • Companies without a 3-year revenue track record, since eligibility tests were removed in 2024

Watch-outs

  • Mandatory FCA-approved sponsor and full prospectus with 3 years of audited financials
  • Minimum market value of GBP 30m at admission and ongoing UK disclosure and governance obligations

Sources

  1. 01FCA Handbook - UK Listing Rules sourcebook (UKLR), PDF, updated April 2026primary source
  2. 02FCA PS25/9: New rules for the public offers and admissions to trading regimeprimary source
  3. 03Baker McKenzie Cross-border Listings Guide - LSE Main Market

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

All exchangesIPOs on LSE Main Market

Exchange comparisons

Is this exchange right for your company?

We compare it with the alternatives on your numbers and tell you what to fix before you apply.

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