AIM: back to venture capital with a quote?
3 Dec 2025
2 min read
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At the end of November, the London Stock Exchange published its feedback statement on Shaping the Future of AIM.
We will be publishing a series of short updates on the changes (both those effective immediately and those which will require further consultation). Although the discussion paper covers a wide range of issues, the objective seems obvious: to take AIM back to its original purpose of being a growth market. The phrase “venture capital with a quote” was often used to describe AIM when it first launched and rekindling the excitement and risk element of those early days of AIM seems to underpin much of the LSE's feedback statement.
Companies already on AIM, those considering joining AIM whether via an IPO or via the The AIM Designated Market Route and Nominated Advisers will welcome the change of emphasis even if some of the changes (which require further consultation or action by others) may take longer to implement.
If all the changes set out in the discussion paper are implemented, then AIM may find its place within UK capital markets and the funding continuum alongside PISCES (and the LSE's Private Securities Market) and the LSE's Main Market. Let's hope so.
For the background to the feedback statement, please see our earlier update: UK Capital Markets: Navigating the Future of AIM - Burges Salmon.
If you would like to discuss any of the points raised in this update, please contact AJ Venter (Partner, Corporate and M&A), Guy Francis (Director, Corporate and M&A), Charlotte Hamilton (Senior Associate, Corporate and M&A) or Nick Graves (Head of the Corporate and M&A team).
London Stock Exchange The overriding theme from the market responses was the strength of feeling and support for AIM, a market uniquely positioned between the private markets and the Main Market. Despite the headwinds of recent years, respondents highlighted the unique and vital social and economic function AIM performs and the future opportunity for AIM to support the next generation of growth companies.