London Stock Exchange Main Market listing
Listing your shares on the London Stock Exchange's Main Market, under the FCA's UK Listing Rules, to raise money from public investors. It suits larger companies.
- Shares
How it works
Since July 2024, commercial companies list in a single FCA category called equity shares (commercial companies) (ESCC), which replaced the old premium and standard segments.
- The expected total market value of the shares must be at least £30 million.
- At least 10% of the listed shares must be in public hands (free float).
- You must appoint a sponsor each time you apply for listing.
- At IPO you publish a prospectus under the FCA's prospectus rules for regulated markets. Since 19 January 2026, listed companies can issue further shares of up to 75% of their existing admitted shares without a new prospectus.
Once listed, you must follow the UK Listing Rules, plus the disclosure and transparency rules.
Upsides and downsides
Upsides
- Access to the deepest pool of public capital in the UK
- Shares can be traded easily, which helps owners and staff sell
- Raising more money later is easier, with higher prospectus thresholds since 2026
- A strong public profile
Downsides
- The most expensive and demanding route to join and stay on
- Heavy public reporting and governance duties
- Your share price is public and can fall for reasons outside your control
Risks
- Takeover bids and pressure from shareholders
- Costs and management time crowding out running the business
What it costs
- How it is priced
- Shares sold to public investors, plus sponsor, adviser and exchange fees
- Costs that are easy to miss
- Sponsor, legal, accounting and broker fees for the IPO
- Ongoing listing and compliance costs
- Management time spent on reporting and investor relations
The minimum is the expected total market value of the shares (£30 million), not the amount raised.
Have an offer? Dilution calculator: see what you would own after each round
Does it fit?
Could fit when
- You are a large company worth well over £30 million that needs substantial capital
- You can meet public-company governance and reporting standards
Unlikely to fit when
- You are below the size threshold (AIM or private investors may fit better)
- You do not want public scrutiny
Who can use it
- Business types: Public limited company
- Needs sales (revenue)
- Expected total market value of the shares of at least £30 million
- At least 10% of the listed shares in public hands
- A sponsor appointed for the listing application
- A prospectus approved under the FCA's rules
Am I ready?
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- Sponsor appointed
- Audited financial history
- Public-company governance
Regulation and protections
Listing is regulated by the FCA under the UK Listing Rules, and prospectuses are governed by FCA rules. These rules protect investors. As the issuer, your obligations increase.
Types of provider: FCA-approved sponsors; Brokers and investment banks; Reporting accountants and law firms.
Also consider
Sources
- FCA Handbook: UK Listing Rules sourcebook (UKLR) · checked 7 October 2026
- FCA: PS24/6 Primary Markets Effectiveness Review: final UK Listing Rules · checked 7 October 2026
- FCA: PS25/9 New rules for the public offers and admissions to trading regime · checked 7 October 2026