AIM listings soaring, but what does it take to thrive there?

Thirty-five firms joined in H1 2021

clock • 4 min read
Melanie Wadsworth of Faegre Drinker.
Image:

Melanie Wadsworth of Faegre Drinker.

Although the full economic impact of COVID-19 may not have made itself felt yet, 2021 has witnessed an extremely buoyant IPO market so far.

In the United States, this has been driven in part by an extraordinary increase in the number of SPAC IPOs: more SPAC IPOs completed in the United States in the first quarter of 2021 (300) than completed in the whole of 2020 (248). On listing, these special purpose acquisition companies have no ongoing operations but raise funds to identify and pursue acquisitions within a limited time period. For regulatory reasons, a similar 'SPAC attack' has not been seen in the UK market, where any post-listing acquisition by a cash shell is likely to constitute a reverse takeover, triggering suspens...

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