Routes to market for listing single assets
Markets available for listing single assets
Specialist Fund Segment (SFS) of the Main Market
As a regulated market under MiFID II, SFS is dedicated to specialist, closed-ended investment funds targeting institutional, professional, professionally advised and knowledgeable investors.
Key attributes
- Lower free float requirement
- No requirement to spread risk
- Flexible voting structure
Alternative Investment Market (AIM)
AIM is an exchange-regulated market; suitable for commercial companies and straightforward investment structures seeking a broad investment audience including institutional and retail investors.
Key attributes
No minimum track record requirement, but all listing companies must demonstrate appropriateness to join a public market.
| Description | Specialist Fund Segment | AIM |
|---|---|---|
| Structure | Closed-ended Investment Fund |
Operating Company/ Closed Ended Investment Fund. An AIM Investing Company must have a structure that is straightforward and not complex. Minimum equity fundraising of £6m. |
| Domicile | Any | Any |
| Regulation | Regulated Market | MTF (SME Growth Market) |
| Minimum Freefloat | No prescriptive freefloat | No prescriptive freefloat – guidance on free float available. |
| Revenue Criteria | Not Applicable | Not Applicable |
| Admission |
Request for admission to trading to exchange UKLA Approved Prospectus |
AIM Admission Document & Nomad declaration |
| Sponsor/Nominated Adviser | Not applicable | Nominated Adviser on admission and on a continuing basis. |
| Corporate Governance | Corporate Governance statement | Corporate Governance Statement against a Recognised Corporate Governance Code |
| Related Party Transactions | As per Prospectus Regulation | Applicable as per AIM Rules for Companies |
| Cancellation | No shareholder approval required | 75% shareholder approval |
| Indices | Not applicable | FTSE AIM Series, where eligible |