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The Main Market is one of the equity markets of the London Stock Exchange - and one of the largest stock markets in the world. It is usually reserved for larger, more established companies as it has exacting requirements that you must fulfil in order to join.

The Main Market is not suitable for all companies. Instead, some smaller, growing companies can choose to join AIM - another market operated by the London Stock Exchange - see London Stock Exchange: AIM.

How the Main Market operates

Joining a public market - eg the Main Market or AIM - can help you grow and enhance your business by creating more capital to expand or to develop the services or products you offer.

However, before you decide to float on the stock market, you should have your business independently valued, and decide what percentage of your business - through issuing shares equal to that value - you are willing to make available for sale on the stock market.

The London Stock Exchange Main Market works by offering a unit - or units - of your business to potential investors - usually in the form of 'securities'. There are a number of securities you can list on the Main Market, including:

• shares
• depository receipts
• debt securities
• investment entities

In order to join the Main Market, there are certain requirements you must fulfil - see how to list your business on the London Stock Exchange Main Market.

Main Market - the regulatory framework

To join the Main Market your business must meet the requirements set out in the London Stock Exchange's Admission and Disclosure Standards. These standards set out what a company must do in order to be eligible for the Main Market - London Stock exchange provides .

When you apply to join the Main Market, you can choose which type of listing you want to have - Premium or Standard. The Standard Listing requires compliance with European Union minimum standards, while a Premium Listing requires compliance with an additional body of rules that are 'super-equivalent', or additional to the European minimum requirements.

Companies who are not yet eligible for Premium or Standard Listing on the Main Market can now gain access to capital via the High Growth Segment (HGS) which provides companies the opportunity to fund their growth whilst preparing for an official listing in time.

The listing type you choose will also determine the eligibility criteria, prospectus contents and continuing obligations which apply to the issuer, as well as the securities it issues.

See .

In the Financial Conduct Authority (FCA) Handbook there are three sections that outline the relevant rules for companies joining the Main Market:

• Listing Rules - include eligibility for admission and requirements which apply once on market
• Prospectus Rules - detail the occasions when a prospectus is required and the necessary contents
• Disclosure and Transparency Rules - govern the periodic and event driven disclosure of information by Main Market companies

Read the .

How shares are traded on the Main Market

When a company's shares are admitted to the Main Market, they are traded on the London Stock Exchange trading platform. The trading platform is designed to maximise liquidity in the stocks traded on them, by bringing together a high number of potential investors (both buyers and sellers) with quick, efficient share transactions.

In order to attract a wide range of investors, you should be committed to, and follow, the high standards of corporate governance required of companies listed on the Main Market.

Floating on a public market is an important decision for your business. It can provide you with access to increased capital for growth and development, and can lead to investment opportunities. A listing on the London Stock Exchange Main Market also gives your business access to a wide investor base and one of the world's most liquid trading facilities.

However, the Main Market is not appropriate for all businesses - it is typically reserved for larger, more established businesses. As such, you should fully consider whether your business is ready to join. For advice on preparing for a stock market flotation, see floating on the stock market and secure equity investment.

The London Stock Exchange also operates AIM. This market is designed for smaller, growing companies - so may be a more suitable option for your business. For more information, see London Stock Exchange: AIM.

Once you have decided to apply for a listing on the Main Market, you need to decide on the most appropriate type of listing - Premium or Standard. Many UK businesses choose a Premium Listing which requires compliance with an additional body of rules that are 'super-equivalent', or additional to the European minimum requirements.

Companies who are not yet eligible for Premium or Standard Listing on the Main Market can now gain access to capital via the High Growth Segment (HGS) which provides companies the opportunity to fund their growth whilst preparing for an official listing in time.

London Stock Exchange provides .

To join the Main Market, you must work with your advisers to produce a prospectus which must be approved by the . 

There are specific eligibility criteria that your company must meet before it can be admitted to the Official List and then admitted to trading on the Main Market. These requirements differ depending on whether you join the market through a Premium or Standard Listing.

You must also appoint certain professional advisers, who will be able to explain the eligibility requirements in more detail.

For more information, see eligibility requirements when joining the London Stock Exchange Main Market.

Before you join the London Stock Exchange Main Market, you should consider the potential advantages, but you should also bear in mind the challenges your company will face.

Such a decision brings responsibilities as well as benefits. People at every level of your business - from board members to employees - must be ready to accept the disciplines inherent in having shares traded publicly.

Advantages of joining the Main Market

Joining the Main Market can bring a range of benefits to your company, including:

• access to capital which could help your company raise finance for further development, both at the time of admission and through further capital raisings
• an increased profile which can increase demand for your shares and improve your company's liquidity - some investors are more comfortable investing in a business listed on the Main Market as they may see it as being a more secure opportunity
• facilitation of acquisitions - increasing your company's ability to make acquisitions, using listed shares as currency
• objective valuation - placing an independent value on your company's business
• creating a market for your company's shares - helping to broaden your shareholder base
• improving employee commitment - you can use shares as an employee incentive to encourage their long-term motivation

Matters to consider

However, you should also carefully consider the potential issues involved in joining the Main Market, for example:

• Listing costs - the expense of joining a public market can be considerable, both at the time of admission and in ongoing costs. You will need to pay for the services of a range of advisers - including a reporting accountant, lawyer, investor relations and public relations.
• Market fluctuations - these can be caused by a range of external factors, including social, political and economic change, all of which can affect your company's share price - both positively and negatively.
• Compliance - as a publicly listed company you will need to comply (or explain why you do not comply) with the UK code on Corporate Governance.

You should carefully evaluate both the benefits and potential issues before joining the Main Market - see .

Alternative sources of finance

If being listed on a stock market is not right for your company, you could consider other ways to raise finance. For example:

• private equity - either through a firm or individual such as a venture capitalist or business angel
• debt finance
• management or employee buy out

For further information see business financing options - an overview.

There are specific eligibility criteria that your company must meet before it can become listed on the London Stock Exchange Main Market - read London Stock Exchange .

You will need to appoint a range of advisers, including:

• a lawyer
• an auditor
• an investor relations adviser
• public relations
• a sponsor - depending on your chosen route to market

These advisers will help you prepare the necessary documentation, guide you through the application and admission process, and assist with legal and financial issues - see how to list your business on the London Stock Exchange Main Market.

If you intend to join the Main Market through the Premium Listing route, you must appoint a Financial Conduct Authority (FCA) approved sponsor.

If you choose the Standard Listing, a corporate adviser can be appointed - this isn't a legal requirement, but a corporate adviser can help you through much of the listing process and provide valuable expertise - see London Stock Exchange .

Main Market listing requirements

Your advisers will be able to explain FCA's listing requirements to you. These are the requirements that you must meet in order to be eligible for listing on the Main Market. There are other exceptions that may apply to your business that your adviser will also discuss with you.

Read more on .

The Financial Conduct Authority (FCA) handbook provides .

There are several steps you need to consider when listing your business on the London Stock Exchange Main Market.

Appointing advisers

In order to join the London Stock Exchange Main Market, you must have certain advisers in place. You may already have advisers who have the relevant public market experience, or you may need to seek recommendations to appoint new ones.

Each adviser plays a vital role in the application and admission process for the Main Market:

• A sponsor or corporate adviser - for a Premium Listing on the Main Market, you must appoint and use a sponsor to guide your company through the application and admission process, and to advise on the Financial Conduct Authority's (FCA's) legal requirements. For companies on a Standard Listing, a corporate adviser may be appointed instead.
• A broker - a broker will assist with the pricing of your shares and help generate interest in your business by marketing it when your company is admitted to trading and thereafter.
• A reporting accountant - your accountant will independently review your company's financial position and produce a number of reports to meet specific regulatory requirements and to assist the directors or the sponsor in meeting their obligations.
• A lawyer - your lawyer will be able to advise you on any legal issues that might arise as a result of your admission to the Main Market, including the necessary disclosure requirements and continuing obligations.

Preparing your company for the Main Market

You should review the following aspects of your company before beginning the listing process:

• Assets and liabilities - you must ensure that your company owns or controls all of the assets needed for the operation of your company and that you can cover any liabilities
• Shareholder arrangements - you should ensure that any current shareholders agree a time-limit restriction on selling their shares after flotation
• Share capital - you will need to organise how to split your new share capital, or re-organise the current capital you have
• Contracts - formalise any important contracts - eg for personnel, suppliers, sub-contractors, etc
• Intellectual property (IP) - ensure that any valuable IP is protected before flotation
• Insurance - ensure that all insurance policies are up to date and provide adequate cover

Your adviser will be able to provide guidance around many of these points.

Joining the Main Market

The length of time it will take to join the Main Market will depend on a number of factors, including your chosen route to market and on your company's fundraising requirements. Once you have appointed your advisers you should be able to agree a realistic timescale for joining the Main Market. Once you have appointed your advisers, you must also:

• Create your prospectus - you must produce a prospectus which will be verified by the FCA. This will also be your main marketing document and should contain enough information for investors to decide whether your business is a viable investment opportunity.
• Apply for admission to trade - you must apply to both London Stock Exchange and the FCA to admit your securities to the Main Market. The applications will run simultaneously and you must meet all the requirements of both organisations.
• Market your flotation - you should promote your flotation amongst potential investors to ensure success on admission day. Your broker will help with this.
• Complete the underwriting agreement - you should enter into a placing or underwriting agreement between relevant parties such as brokers, directors and selling shareholders.
• Hold an impact day - the impact day is when the prospectus is approved and published, and flotation is announced.

Once you have successfully completed these tasks, your company's shares will be admitted to trading on the Main Market, and trading can commence.

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