Listing Process

Listing Process

Joining the Main Market for Premium and Standard listing involves two processes:

  • Responsibility for the approval of prospectuses and admission of companies to the Official List lies with the UK Listing Authority (UKLA), a division of the Financial Conduct Authority (FCA).
  • London Stock Exchange is responsible for the admission to trading of companies to the Main Market.

Roles and responsibilities

The UKLA is responsible for drawing up and monitoring the FCA's Listing, Disclosure and Transparency, and Prospectus Rules for Main Market companies.

London Stock Exchange is a recognised investment exchange under UK law and has a duty to ensure that dealings in securities admitted to its markets are conducted in a proper and orderly manner. To ensure this, it requires listed companies to meet the requirements set out in the Admission and Disclosure standards.

Countdown to flotation

The Main Market listing timetable counting down to admission can be broadly divided into two phases − pre-float preparation and the listing process itself. 

Pre-float preparation (from 36 months before admission to 24 weeks) 

36 – 24 months

Develop a robust business plan and a detailed review of ownership and tax issues, customers/supplier contracts, management information systems and operational and compliance controls.   

24-12 months

The business educates itself on what a Main Market flotation involves, reviews its corporate governance, and completes any strategic initiatives or acquisitions.

12-6 months

Develop investor relations strategy and ensure the necessary financial statements and non-executive directors are in place. Decide on the method of flotation and interview potential advisers. 


The listing process (from 24 weeks before admission)

6-3 months

Appoint and instruct advisers and agree on the timetable. 

12-6 weeks

Company and its advisers review pricing issues, host analyst presentations and produce drafts of key documents − including the prospectus. 

8 weeks

UKLA sees and approves all documents. The company and advisers complete their due diligence, hold PR meetings and analyst road shows. 

2 weeks - admission

The company makes it's formal application for listing and admission. This is granted and trading begins. 

The table above is indicative only and timing may differ from company to company. Some processes run concurrently, for further information please contact the Primary Markets Team.

Passporting in to the Main Market

Under the Directive, ‘passporting’ involves a prospectus approved by the issuer's home competent authority in the EU being accepted by another EU member state as the basis of a public offer or admission of securities to a regulated market. In the UK the competent authority for listing is the UKLA, which is part of the FCA.

This enables companies to raise capital across the European Economic Area on the basis of a single prospectus. 

Practical steps

Passporting a prospectus for admission to trading on the Main Market involves a two-stage application process. 

Stage 1

The competent authority in the issuer’s home country supplies the UKLA with a certificate of approval, a copy of the prospectus as approved, and (if applicable) a translation of the summary of the prospectus.

Stage 2

The issuer applies to London Stock Exchange for admission to trading. This involves submitting a completed Form 1 and an electronic copy of the relevant prospectus, as well as confirming the location of the company’s listing and the date it became effective. Companies are also subject to the Exchange’s Admission and Disclosure Standards.

Please refer to the FCA's Prospectus Rules (PR 5.3).

Services for Main Market companies

The Exchange works with all Main Market companies to maximise the value of their quotation through regular contact and consultation, coupled with education programmes and other services and initiatives. 

Dedicated relationship managers
Your relationship manager will keep you updated with forthcoming events and emerging industry developments, as well as meeting your company’s management on a regular basis and offering ongoing support.

Regulatory News Service
RNS is our regulatory and financial communications channel for companies to communicate with their investors.

Capital Markets Events
Bringing investors and companies together in a highly effective setting.

The Media and Business Complex
A City of London venue specifically designed to meet business and media needs, and well-known as the location for several market news TV programmes. Available to companies as a venue for staging their own events such as annual results, investor road shows as well as their own corporate events.