A Conversation with Sara-Louise Porter, Jonathan Dickson, and Chris Mayo
Looking back on 2025, how did your expectations for global capital markets at the start of the year compare to how things actually played out by year-end?
Sara-Louise Porter: We expected a steady improvement in UK market conditions, but the year has actually ended up surpassing those expectations due to the rise of the digital asset sector and Aquis being at the forefront of this. We have seen record trading and fundraising activity, an increase in the number of companies choosing to list with us, and a pipeline that continues to build. Being acquired by SIX was a real highlight and has opened up exciting new possibilities. We were also thrilled with the Global Markets Forum alongside OTC Markets and the Canadian Securities Exchange as it gave our companies international exposure and showcased the strength of our growing issuer-base.
Jonathan Dickson: Going into 2025 I did expect a strong run on global equities and it has been interesting to watch the continued resilience against a delicate macro backdrop. In part, this resilience is down to a few years of slower IPO and M&A activity and 2025 has been a year where the lights are back on in capital markets. However what has surprised me is the continued dominance of the Mag 7 which makes up over a third of the S&P 500's total market cap.
Chris Mayo: We were worried that optimism might be misplaced initially, but I'm glad to say that we’ve seen the expected improvement in issuance in the second half of 2025. This current quarter is the best for UK IPO issuance since Q4 2021 and the UK is again the dominant equity capital raising venue in Europe. The UK has been the largest foreign market recipient of inflows from US investors and improving valuations has been the main driver of returns. It's not just about large caps, this week North Carolina-based middle market industrial company Power Probe raised $15m in a London IPO, highlighting a recent resurgence in small and micro-cap AIM issuance and listings.
What do you expect 2026 to bring for small- and mid-cap companies?
Sara-Louise Porter: Looking ahead to 2026, I’m optimistic. Small and mid-cap companies are increasingly a focus for government and regulatory initiatives as they drive innovation, GDP and employment. The UK is a great place to start a business but we need to work on facilitating access to growth capital so they can stay here. Aquis already plays a vital role in enabling entrepreneurs to use the public markets in the most efficient way possible. SMEs are also on investors’ radar and we expect that interest to strengthen as global markets continue to open. With the added reach and connections that come from joining SIX - and with supportive partners like OTC, CSE, and Harbor Access - we see even more opportunities for companies on Aquis to tell their story and access capital on a wider scale.
Jonathan Dickson: I believe we will continue to see inflows into small- and mid-cap companies in 2026. For the most part, I don’t expect this to be strictly sector-specific, though certain areas - such as rare earths - will likely continue to attract focused investment given the importance of these materials. In our market, we are still seeing strong interest from U.S. investors in U.K. and European equities where they identify valuation gaps in high-quality companies, and we look forward to continuing to play a role in that.
Chris Mayo: I expect 2026 to be a strong year for small-cap companies as we see interest rates continue to come down and we can hopefully put inflation fears behind us. The broad secular tailwinds of investments in AI, energy transition tech, and near-shore supply chain can really benefit smaller companies. That said, it will be critical for these companies to stand out and compete with large companies. As US markets become increasingly top-heavy, it's important for smaller companies to evaluate how they can stand out to investors.
