A guide to completing an IPO or other admission to the main market or growth market of the Aquis Stock Exchange.
Background to the Aquis Stock Exchange
The Aquis Stock Exchange (Aquis) operates primary and secondary stock markets for equity and debt securities. Since its founding in 2012, it has grown to be the seventh-largest exchange in Europe, with over 2000 equity securities listed across its trading platforms. Aquis currently operates two equity markets, the Aquis Main Market and the Aquis Growth Market. Each market has its own eligibility criteria, and companies should consider which market is the most appropriate for their business given their size and other corporate characteristics.
The Aquis Main Market is a U.K. regulated market supervised by the U.K.’s Financial Conduct Authority (FCA) in the same manner as the Main Market of the London Stock Exchange (LSE).
The Aquis Growth Market is a U.K. multilateral trading facility (MTF) that is supervised by Aquis (as a recognised investment exchange). As an MTF, it is subject to a lighter degree of regulation than Aquis Main Market. In this regard, it is the only other U.K. MTF outside of the AIM market of the London Stock Exchange (AIM), both of which are designed to be accessible to early stage/growth companies.
The Aquis Growth Market is further divided into two segments: the Access Segment and the APEX Segment (Apex). The Access Segment is designed in particular for younger and growing companies, to enable them to focus on growing their business rather than be distracted by red tape. However, while Apex is designed for more established companies, it still generally deals with small and medium enterprise companies (SMEs).
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Disclaimer: This publication is provided by Laytons LLP for informational purposes only. The information contained in this publication should not be construed as legal advice. Any questions or further information regarding the matters discussed in this publication can be directed to your regular contact at Laytons LLP or Laytons’ Equity Capital Markets team.