Crowe rises to first place in AIM Adviser Rankings for Technology and Healthcare

The January 2025 AIM Adviser Rankings Guide highlights Crowe’s continued strength in advising AIM-listed companies. Crowe has risen to joint first place in the Technology sector and the Healthcare sector. This achievement reflects our deep sector experience and ongoing commitment to supporting AIM-listed businesses through complex transactions, audits, and growth strategies.

The AIM market has faced headwinds over the past year, with macroeconomic uncertainty, rising interest rates, and investor caution leading to a decline in new listings and an increase in delistings from both AIM and the LSE Main Market. However, while these trends present challenges, they also create opportunities for well-positioned companies and investors.

• AIM remains a vital platform for growth companies seeking capital, particularly in the technology and healthcare sectors, where investor appetite remains strong.
• Fundraisings continue on AIM and 2024 ended strongly with December being the busiest month. This momentum has carried into 2025, as evidenced by RC Fornax’s successful AIM IPO on 5 February 2025. The Bedford-based defence consultancy raised £6.2 million, with £5.2 million allocated for developing artificial intelligence products.
• Recent delistings have, in some cases, led to strategic merger and acquisition transactions and private equity-backed takeovers, reflecting a shift in market dynamics rather than a fundamental weakness of AIM itself, including a number of high-profile success stories.
  • Darktrace, which listed on the LSE in 2021 but was acquired by private equity firm Thomas Bravo for $5.3 billion in 2024 (148.1% premium to the IPO price on 30 April 2021). This transaction highlights how listed and the broader London market can serve as a launchpad for companies, before securing higher valuations in private markets.
  • Keyword Studios, an AIM success story that listed in 2013 at £1.23 per share. It was acquired for £25.52 in 2024, providing a 20x return for the original AIM IPO investors.

Despite a difficult climate, AIM continues to attract innovative, high-growth businesses, particularly in resilient sectors like technology, healthcare, and industrials. As we move into 2025, stabilising economic conditions and renewed investor interest could set the stage for a rebound in IPOs and capital market activity.

Crowe’s position as a top-ranked AIM advisor reflects our ability to navigate evolving market conditions and support clients in achieving their strategic objectives. Whether through IPOs, secondary fundraisings, or transaction advisory, we remain committed to helping AIM-listed businesses thrive in an ever-changing environment.