AIM Advisers, Inc. helps small and medium-sized*, growth-oriented U.S. companies with international operations or aspirations complete IPOs on the Alternative Investment Market (AIM) of the London Stock Exchange (LSE).
With a track record spanning 15 years as a consultant helping U.S. companies complete IPOs on London's AIM and as the CFO of a U.S.-based, AIM-listed company, I have deep knowledge of London's AIM and extensive relationships in London, most notably with the 40 Nominated Advisers and 80 Nominated Brokers who act as the market’s primary gatekeepers.
Unlike in a U.S. IPO, where there is a short list of similar investment banking firms, London AIM Nominated Advisers and London AIM Nominated Brokers are plentiful and do not form a homogenous group. Each Nominated Adviser and Nominated Broker tends to focus on certain sectors and on certain size companies where they have relevant connections within the London AIM investment community and equity research analysts to support an AIM IPO.
The main risk to a company is that the Nominated Broker is only able to raise a fraction of the targeted capital, leaving the company with the unpleasant decision of ‘taking what it can’ or aborting their AIM IPO after having spent a lot of time and money on due diligence. The decision to take your company public on London's AIM is likely the most important decision you will make since formation. AIM Advisers saves companies time, money and, crucially, derisks the process of an AIM IPO.
Additional information and links:
- AIM Presentation
- Services for Prospective New Entrants
- Services for Existing AIM-Listed Companies
- Mark McGowan’s Bio
* Generally market capitalizations ranging from $30 Million to $500 Million.
AIM is regulated by the London Stock Exchange (LSE) and is the most successful growth market in the world. Since London AIM's launch in 1995, 3,700 companies have listed on AIM, raising an aggregate of £100 Billion ($125 Billion); £42 Billion ($52 Billion) in AIM IPOs and £58 Billion ($73 Billion) in AIM Secondary Offerings.
The largest institutional investors in London's AIM include; BlackRock, Invesco, J.P. Morgan, Schroders, Legal & General, Aviva, Standard Life, Barclays, M&G and AXA.
The aggregate market capitalization of the 1,000 companies currently listed on London's AIM is £81 Billion ($101 Billion) for an average market capitalization of £81 Million ($101 Million) with 61% falling between £10 million and £250 million ($13 million and $313 million). The most common reason an AIM listed company leaves the market is because it was acquired by a competitor, supplier or customer.
65% of the companies listed on London's AIM are British with the balance coming from overseas jurisdictions such as the U.S., China, Australia, Ireland, India, South Africa, Israel, Canada and Russia.
AIM’s regulatory model is moderate and balanced as opposed to the one-size-fits-all approach of the U.S. Exchange Act and Sarbanes-Oxley.
A preliminary determination of suitability for London's AIM is the first step. Too many U.S. companies embark on an AIM IPO at the behest of lawyers and accountants who hope the company will be deemed suitable by a Nominated Adviser and hope a Nominated Broker will be able to raise the desired capital. Their business models are driven by charging hourly fees and relying on cross-referrals with the Nominated Advisers and Nominated Brokers.
AIM Advisers’ business model is financially driven by successful outcomes (completed AIM IPOs) with a sharp focus on maintaining a positive reputation in London by introducing high-quality, very suitable U.S. companies to the most appropriate Nominated Advisers and Nominated Brokers. There is no incentive whatsoever for AIM Advisers to try to ‘fit square pegs into round holes’.
AIM Advisers does not receive referred work from the Nominated Advisers and Nominated Brokers but rather remains agnostic with respect to their selection. The most appropriate Nominated Advisers and Nominated Brokers for a U.S. company’s sector, size and aspirations, are the ones they will be introduced to, whether it is as few as four or as many as ten.
Upon successfully securing a Nominated Adviser and Nominated Broker, AIM Advisers’ provides a range of hands-on services to assist U.S. companies through an AIM IPO and in the aftermarket.
The timeline to an AIM IPO is six months. The first two months consist of optimally packaging up the company for London's AIM and arranging and attending meetings with the most suitable Nominated Advisers and Nominated Brokers. The third month entails ‘test marketing’ to a representative sample of London Institutional Investors, Private Client Brokers and High-Net-Worth Individuals. Months four and five are focused on the production of equity research reports and legal, operational and financial due diligence. The final month is spent on an AIM IPO roadshow and finalizing the listing documentation.
Recent U.S. AIM IPOs:
Los Angeles, California-based
Film Finances AIM IPO
June 2017 - $77 Million
Global Benefits Group AIM IPO
February 2017 - $40 Million
Diversified Gas & Oil AIM IPO
February 2017 - $50 Million
Orlando, Florida and
Filta AIM IPO
November 2016 - $8 Million
San Francisco, California and
LoopUp AIM IPO
August 2016 - $11 Million
MaxCyte AIM IPO
March 2016 - $14 Million
Motif Bio AIM IPO
June 2015 - $35 Million
Verseon AIM IPO
May 2015 - $100 Million
Constellation AIM IPO
December 2014 - $15 Million
ClearStar AIM IPO
July 2014 - $15 Million
IBEX Global Solutions AIM IPO
June 2013 - $23 Million
Electrical Geodesics AIM IPO
April 2013 - $12 Million
Digital Globe Services AIM IPO
February 2013 - $21 Million
Sheffield, England and
San Ramon, California-based
WANdisco AIM IPO
June 2012 - $29 Million
Santa Clara, California-based
Enteq Upstream AIM IPO
May 2012 - $68 Million
California and Texas-based
Zattikka AIM IPO
April 2012 - $20 Million
California and New York-based
TLA Worldwide AIM IPO
December 2011 - $19 Million
Port Erin Biopharma AIM IPO
September 2011 - $5 Million
MyCelx Technologies AIM IPO
August 2011 - $20 Million
Providence, Rhode Island-based
Spectra Systems AIM IPO
July 2011 - $23 Million
HaloSource AIM IPO
October 2010 - $80 Million
The Future is Small - November 2014:
Why AIM Will be the World’s Best Market Beyond the Credit Boom
Corporate INTL Magazine - June 2014:
AIM Advisers, Inc. Wins 2014 Global Award for AIM Consulting Firm of the Year in the USA
- AIM Advisers to Present to the British-American Group of Lawyers at the British-American Business Council’s Annual Transatlantic Business Conference - May 2014
The Telegraph – September 2013:
Should You Join the Rush Into AIM Shares?
The Telegraph – August 2013:
Shares Listed on AIM Can Now be Held in ISAs
The Financial Times – March 2013:
Stamp Duty on AIM Shares Abolished
Corporate INTL Magazine - January 2013:
AIM Advisers, Inc. Wins 2012 Global Award for AIM Specialist Firm of the Year in the USA
The Daily Express – June 2012:
Floats Steady And Firms Are Awash With Cash
The New York Times – June 2011:
Fleeing to Foreign Shores - Fast Growing U.S. Companies Look Abroad for Investors
AimZine – June 2010:
Meet the AIM Players – Promoting AIM in the U.S.
Quoted Business – Spring 2010:
AIM and the U.S., A Tough Nut to Crack? Can the U.S. Market Reboot AIM?
Twin Cities Business Magazine –
Capital Migration: Foreign Exchanges Persist in a Drive for U.S. Listings. They’re a Venue for Small-Cap IPOs
The Financial Times – December 2008:
Economic Winter Bites on AIM’s Hopeful Minnows
About the U.S. Companies on AIM
The 47 U.S. companies listed on the Alternative Investment Market (AIM) of the London Stock Exchange (LSE) make up the largest foreign contingent and come from a range of sectors such as consumer and enterprise software, healthcare, including; biopharma, medical devices and healthcare IT, technology-enabled industrials, the extractive industries (i.e. mining and oil and gas), technology-enabled consumer services (i.e. digital media), internet technologies and applications, cleantech and general finance.
These 47 U.S. companies listed on London's AIM raised an aggregate of £1.0 Billion ($1.3 Billion) at the time of their AIM IPOs for the company and selling shareholders and a further £0.9 Billion ($1.1 Billion) in AIM Secondary Offerings.
The average U.S. company AIM IPO raised £24 Million ($30 Million) with 73% raising between £3 Million ($4 Million) and £100 Million ($125 Million). The average U.S. company listed on AIM then goes on to raise an additional £26 Million ($33 Million) from AIM Secondary Offerings.
The U.S. companies listed on London's AIM have outperformed the FTSE AIM All-Share Index in eight of the last 10 years.
Most of the U.S. companies list on London's AIM as a 3 - 5 year bridge for a dual or primary listing on NASDAQ or as a platform from which to be acquired.