Neil Shah

This month, we’re spotlighting Neil Shah, Head of Tech Sector, Primary Markets at the London Stock Exchange. Neil helps privately held UK and international tech and tech-enabled companies, and their shareholders evaluate the merits and process of going public in London and helps founders and management teams connect with advisors and the wider ecosystem.

  www.londonstockexchange.com


May 2025

What is a common misconception about the UK capital markets which you would like readers to better understand (this can be based on some recent data you’ve seen)?

In the UK, we have 300 years of heritage and two leading stock markets in the London Stock Exchange’s Main Market and growth market AIM, which turns 30 in June. They are more open and dynamic than many realise. In contrast to other global exchanges, London welcomes companies of all sizes— e.g. from those with £4 million in revenue to those with £400 million, and as the world’s most international Exchange, we welcome issuers from all over the world for listings and follow-on issuances, whether they’re based in Stevenage or Singapore. For investors, the opportunity is just as compelling as can be seen by the returns of companies in our AIM 100 Index such as Cerillion and Craneware and recent FTSE 250 entrants, Alpha Group International and Gamma Communications among many others.

We had our busiest quarter since 2021 and over £7.5bn of equity capital has been raised in London year to date through 101 transactions, including 93 follow-ons and 8 IPOs.

With the increased level of take privates at the moment, are you seeing a flow of funds back to UK investors which they are now looking to redeploy?

In a well-functioning capital market, it’s natural for some companies to join the public market while others are acquired and taken private, and for London quoted companies to move between Aquis and AIM or AIM and the Main Market where we see traffic in both directions. When this happens — such as Gamma Communications transitioning from AIM to the Main Market in May — it frees up capital that can be recycled into new opportunities and enables investors to deploy capital into new deals. We saw that play out recently, for example with the IPO of MHA in April — the largest on AIM since 2021.

What are the key proponents of the Listing Reforms and what impact do you expect it to have?

The UK continues to deliver the most significant set of reforms to its capital markets in a generation and we’re already seeing the benefits. These reforms include modernised listing rules that level the playing field with other global markets; fast-track FTSE index inclusion, even for companies with shares denominated in euros or dollars; and a more flexible and globally competitive governance, stewardship, and remuneration environment. New prospectus rules will also make it easier for companies to raise capital including from retail investors.

What we’re now seeing is the beginning of demand-side reforms. The UK doesn’t lack capital, we have over £6 trillion in pensions and insurance assets, plus £400 billion in cash deposits. The real opportunity lies in unlocking that capital to drive further domestic capital into backing the UK’s private and public companies.

What is the most interesting thing you’ve watched or read recently?

Just last week, a colleague shared a paper titled ‘The Growth Trilogy’ by The Purposeful Company. It’s a relatively short but interesting read which lays out the roadmap between venture and public markets to boost the UK’s innovation economy. It’s great to see such a clear, data-rich vision for how we can unlock domestic capital and scale high-growth companies across the country and complements The Capital Markets of Tomorrow report that was published last year.


Please note: The views and opinions expressed in this interview are those of the individual financial professional(s) and do not necessarily reflect the views or opinions of Alma Strategic. These insights are provided for informational purposes only and may not be relevant at the time of reading, as market conditions can change rapidly. The information provided should not be construed as investment advice or a recommendation to buy, sell, or hold any financial product or security. Individuals should conduct their own research and consult with a qualified financial advisor before making any investment decisions. Alma Strategic disclaims any responsibility for the accuracy or completeness of the information provided in this interview.