A Conversation with Nicola Baldwin

1. Have you seen a shift in your clients’ interest in the UK versus the US?

We have seen greater optimism regarding the UK as a listing venue at the start of 2025. We have clients who have listed in both jurisdictions and it is apparent that the US should only be considered as a listing venue for companies with an expected market cap of at least $100m (if not more). Many conversations we are having concern less, UK vs. US as a listing venue, but more about the benefits of being public right now.

2. What is the best thing the UK regulator could do to make the UK more attractive?

There is no shortage of good quality deals and an eagerness to complete transactions in London – the issue is of funding (both pre-IPO and on the listing itself), particular for the small/mid cap companies. In addition, the costs of a listing have to be proportionate, which in many cases they are not. 

Increased pressure to enable, and encourage, investment is paramount, as is expediting the increase to the 20% headroom Prospectus Rule (thus enabling companies on the Main Market to raise funds more easily and cheaply).

Finally, the inability for most UK banks to accept any start-up for banking services needs to be addressed. To the point, we have seen circumstances where getting a bank account holds up the listing process.  

3. In the microcap space, are there still as many bad players, or is there a trend that management teams are cleaning up their disclosure and reporting?

I certainly feel that, in recent years, there is a lot less appetite for risk, both within management teams and from the advisers who work alongside these companies. It is rare now, in my experience, for a member of the management team to intentionally act in “bad faith”.