Listing in London - PwC

mn/capital-markets

Listing in London

A guide to premium and standard listings of equity and flotation on AIM

Capital Markets

About this brochure This brochure summarises the different London markets, the listing standards for each market for going public in London and an overview of the wider regulatory environment.

2 Executing a successful listing - London PwC

Content

London ? an overview

2

London Stock Exchange markets

5

Overview of key regulatory requirements

6

Corporate governance

8

Market indices

9

London ? an overview...

London remains one of the most influential global financial centres. It owes much of its continuing appeal to its cosmopolitan status, the liquidity of the financial markets and the regulatory, business and political framework that supports those markets.

? The London Stock Exchange is one of the world's oldest exchanges and offers a wide choice of routes to market, for UK and international companies. The markets that companies can list on are shown in the table below. Which market a company should consider will depend upon different criteria including the:

?? stage of the company's development;

?? size of the company;

?? complexity of the offer and securities issued;

?? overall strategy and objectives; and

?? investors who are being targeted;

?? eligibility.

Securities admitted to official list

(maintained by UKLA)

Securities not admitted to official list

EU Regulated Markets

Main Market

Specialist Fund Market

Exchange Regulated Markets

Professional Securities Market

Alternative Investment Market (AIM)

? NYSE Euronext recently opened its London platform, complementing their other European platforms in Paris, Amsterdam, Brussels. Eurotunnel SA was the first company to complete a listing on the London platform in June 2012.

Companies from all over the world are listed in London

Number of companies listed

1 ? 20 21 ? 40 41 ? 60 > than 61

Source: LSE data as at 30 June 2012

2 Listing in London | PwC

London offers a wide choice of markets to companies of all sizes and origins

As of September 2012 Number of listed companies Total market capitalisation (GBP bn) Number of international companies IPO 2007 ? 28 Sept 2012 average money raised (GBP mn) Number of IPOs 2007 ? 28 Sept 2012 IPOs 2007 ? 28 Sept 2012 proceeds (GBP bn) Number of further issues 2007 ? 28 Sept 2012 Further issues 2007 ? 28 Sept 2012 proceeds (GBP bn)

Data source: London Stock Exchange data

Main Market AIM

1,338 1,107

3,740

64

316 213

513

34

133 338

68

11

754 2,275

954 295

Market capitalisation of London listed companies by industry as at 30 June 2012

3% 3% 7%

7%

19%

Financial Oil and gas

Telecommunications Consumer services

8% 9%

18%

Consumer goods Industrials Basic materials

Healthcare Technology Utilities

13%

13%

Data source: London Stock Exchange data

Spread of companies by market capitalisation as at September 2012

250 232

210

200

188

197

Main Market AIM

196

150

147

141

130

97 100

137

99

105

120

123

102

84

Number of companies

50

39

27

34

0 0-2

8

4

2

2-5

5-10

10-25 25-50 50-100 100-250 250-500 500-1,000 1,000-2,000 Over 2,000

Capitalisation band (US$ millions)

Data source: London Stock Exchange data, Dealogic data

PwC | Listing in London 3

2 Executing a successful listing - London PwC

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download