Market Resilience and Opportunity in London’s Capital Markets

Will Smith, Director, Corporate Finance

Despite ongoing macroeconomic uncertainty, the UK’s capital markets demonstrated resilience in H1 2025, with AIM continuing to prove its value as a platform for agile, high-growth companies.

While overall IPO volumes remain subdued across major global exchanges, with 566 IPOs raising USD $52.2 billion globally in H1 2025, AIM has shown positive momentum. The market has benefited from investor appetite for well-governed, scalable businesses, and Crowe has been at the centre of this. A notable example was MHA’s successful admission to AIM in April 2025, where Crowe acted as reporting accountant, delivering financial and tax due diligence for both MHA and its nominated advisor, Cavendish, to ensure regulatory compliance and support the ‘public’ statements required in the admission document. MHA achieved a market capitalisation of £271 million on admission, which has since increased to approximately £360 million, making it one of the largest AIM floats in recent years and a clear indicator of sustained investor confidence in UK issuers.

A measured market, but opportunities remain

IPO markets globally remain cautious, with investors continuing to focus on quality, sustainability, and profitability. Global IPO activity held up surprisingly well given the backdrop of inflation, geopolitical tension, and interest rate uncertainty. While larger-cap activity remains slow, AIM has continued to attract founder-led businesses, private equity-backed exits, and sector specialists seeking long-term growth capital.

Crowe completed 12 capital markets transactions in H1 2025, spanning AIM, the Main Market, and AQSE. This included six new AIM admissions, as well as reverse takeovers and secondary placings, reinforcing the firm’s position as a leading adviser on capital markets transactions.

AIM: London’s growth engine

AIM continues to punch above its weight. In H1 2025:

over £675 million in new and further money was raised across London markets, a notable proportion of which was on AIM
the technology, healthcare, and professional services sectors featured prominently in AIM activity, reflecting investor preference for high-margin, scalable business models
Crowe retained its number one position by number of audit clients in both the technology and healthcare sectors on AIM.

As Mitesh Patelia, Partner in Crowe’s Capital Markets team, comments:

“AIM continues to deliver when the conditions are right. We are seeing a clear shift toward value over volume, with better-prepared businesses listing for the right reasons. The market rewards governance, growth, and global reach.”

A strong foundation for H2 2025

Although the UK Main Market faces headwinds, particularly in retaining large-cap listings, the picture on AIM is more nuanced. Recent discussions at the broader exchange level, including extended trading hours, reforms to the UK Listing Rules, and regulatory simplifications, are evidence of a market looking forward, not back. With active UK and international pipelines, ongoing M&A interest, and increased private equity participation in IPO readiness, H2 2025 could see momentum build further, particularly as clarity around the broader economic outlook returns.

Crowe’s role

Crowe is a leading audit, tax, advisory and consulting firm. Our capital markets team is here to provide comprehensive support and guidance throughout the process of becoming a listed company. From conducting an IPO readiness review to acting as your reporting accountant and preparing IPO-related financial deliverables, we are here to support your journey to success.