From AIM to the main market: The rise of the market move-up

This article, first published in the August 2025 issue of PLC Magazine, considers the possible motivations, timing, procedural intricacies and legal considerations that AIM-listed companies should take into account when considering a move-up to the Main Market.

For over 30 years, AIM has nurtured smaller, growth-oriented companies seeking capital. It offers a relatively flexible regulatory framework that allows businesses to raise capital efficiently while continuing their development. Successive governments have sought to incentivise investment in smaller public companies and AIM companies now benefit from an exemption from stamp duty on trades in listed shares and investors in AIM companies benefit from inheritance tax (IHT) relief on AIM-listed securities held in their estates.

Opportunities v obstacles

As a company matures and seeks to attract a broader pool of investors, the opportunity may arise for it to move from AIM to the Main Market of the London Stock Exchange (LSE). This transition can mark a significant milestone in a company’s lifecycle, signalling corporate stability and heightened investor confidence, and resulting in an enhanced global profile through access to the FTSE indices. However, as a result of the perceived complexities and costs associated with the move-up process, as well as a potential reduction in flexibility once on the Main Market as a result of the market’s regulatory requirements and the loss of applicable tax reliefs, many AIM-listed companies have traditionally chosen to maintain their AIM listing even though they may have outgrown what AIM can offer them.

Narrowing the regulatory burden gap

Recent changes in the UK’s financial regulatory environment, notably the coming into force of the new UK Listing Rules (UKLR) in July 2024, have incentivised many AIM-listed companies to consider moving to the Main Market. The changes have narrowed the gap between the regulatory burden imposed on Main Market companies and those applying to AIM-listed companies, which appears to be encouraging companies to consider their options. For example, in early July 2025, Elixirr International PLC, an established global, award-winning challenger consultancy became the latest company to transition from AIM to the Main Market, following Gamma Communications PLC, a leading provider of technology-based communications services in May 2025 and Brooks Macdonald Group PLC, which moved up in March 2025. As the first AIM to Main Market move-ups since the regulatory reforms were implemented, these may indicate that larger AIM-listed companies, some of which have been listed on AIM for significant periods, are considering whether they may be better served by moving up to the Main Market.

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Click here to see some of this work in action in our latest International Capital Markets Deal Round Up H1 2025.