Asian firms can find a friendlier listing home in London

London is emerging as an appealing listing venue for companies with a strong Asian nexus pursuing global capital, not only because of its worldwide exposure and regulatory changes, but also because of its relatively inclusive indices, experts say.

“There is significant investor demand that comes with being included in an index like the FTSE 250, and inclusion in the UK FTSE indices is much easier to achieve,” said Mark Hankinson, co-head of equity capital markets at investment banking firm Deutsche Numis, at a panel discussion at the Asia  PE-VC Summit 2025, in Singapore on Sept. 11.

The panel, titled ‘Why London? Scalable Exit Pathways for Asia’s Growth Investors’, compared London to US exchanges such as the NYSE and Nasdaq, who are seen as “world leaders”. But Hankinson noted that international companies valued at less than $10 billion, or even $5 billion, often struggle to enter the S&P500—a key US index that attracts large amounts of investor money.

For companies in Asia who are considering an initial public offering (IPO), the London Stock Exchange (LSE) can be a better option. UK regulators have recently made it easier for companies to qualify, scrapping the old “premium” and “standard” listing categories and lowering the minimum proportion of shares that must be available to outside investors aka the free float requirement—from 25% to 10%.

“There are a bunch of things that have been made easier at the point of entry. And importantly, once you are a listed company, there are various things that you can now do in a straightforward way,” said the London Stock Exchange’s head of international primary markets, Tom Attenborough, at the panel discussion.

“That means you can get on with your business, growing it and expanding quickly,” Attenborough shared, adding that companies that have listed in London have come from different regions across the globe—Malaysia, Hong Kong and Japan to South Africa, the Democratic Republic of Congo, and Kazakhstan.

Crafting a story for stakeholders

For companies from fast-growing economies that want to launch an IPO on international stock exchanges, one crucial aspect often overlooked is building brand exposure with investors.

According to Joan Ng, associate director at Sandpiper Communications, companies should avoid limiting investor engagement solely to the day of the listing; this process must start well before the first day of trading and continue afterwards. She noted that many firms stumble on international stock exchanges because they underestimate the need for sustained communication with investors beyond the initial sale of shares.

Ng highlighted that even business-to-business companies need brand visibility to resonate with investors.  were relatively unknown to US investors at the time of their respective listings on Nasdaq and NYSE; they later invested heavily in building recognition and credibility.

“A lot of people forget that stocks are not just bought—they are sold. So you need a team that is selling your stock. One of the components that is very important in this selling process is your exchange. Are they part of that journey?” she said, adding that an active exchange can provide critical support through roadshows (promotional events), direct investor outreach, and initiatives to attract more market participants.

Building on Ng’s remarks about the importance of brand visibility and ongoing investor engagement, Mark emphasised that preparation for an IPO must also involve early, sustained dialogue with potential backers. He noted that while bankers, exchanges, and advisers can provide extensive analysis on listing venues, the most decisive input often comes from direct conversations with investors across different markets.

“So engaging early with those investors to build that trust is incredibly important, and that’s particularly true where you are a company coming from an international perspective, because there will be an education process that those investors need to go through around your business, if you’re not a household name,” he said.

Simon Thomas, partner and head of UK capital markets at Clifford Chance, noted that structuring for FTSE UK Series inclusion has become significantly easier under new rules, particularly around the currency in which companies are quoted. This flexibility removes a major hurdle for international issuers and streamlines the path to index eligibility.

Companies incorporated in Singapore or tax-neutral jurisdictions such as the Caymans can be eligible for inclusion. He pointed to the recent listing of Greek energy group Metlen Energy and Metals, which debuted in London with a market capitalisation of over €5 billion and now sits in the FTSE 100, as an example of how thoughtful structuring and early alignment with index criteria can deliver strong outcomes for global companies.

Launch of a fresh market for private companies

Among the LSE’s latest efforts to support pre-IPO firms is the launch of its Private Securities Market.

The new secondary market will, for the first time, allow private companies to access scheduled share auctions, using the same systems that support the LSE’s public markets. The initiative broadens liquidity options for companies and their shareholders, including employees, while giving investors earlier exposure to the next generation of high-growth private firms.

The initiative was welcomed by Simon Thomas, of Clifford Chance, who noted that by opening windows of liquidity, the Private Securities Market will allow companies to remain private for longer while still benefiting from the infrastructure of public markets. For example, he said, a company may want to open a window where a percentage of its existing shares could be offered for sale, say every year or every six months. “You can offer the opportunity to members of the [company’s] management to sell a portion of their shares, which provides them with a bit of liquidity,” he said.

According to LSE’s Tom Attenborough, the Private Securities Market uses auction-based structures that give boards control over how much stock is sold and at what price, while enabling transparent price discovery. Targeted at institutional and high-net-worth investors, these auctions provide disclosures for valuation assessment and safeguards to cancel sales if demand is weak. Anchored to recent funding rounds, the mechanism offers liquidity for early stakeholders and helps companies maintain valuations ahead of an IPO.

With its deep international issuer and investor base, far-reaching regulatory reforms, and new initiatives such as the Private Securities Market, London is positioning itself as a dynamic hub for both growth-stage companies and larger firms alike. With seven IPOs in the past seven weeks in London, raising close to $2 billion, among them, London offers a compelling alternative for Asian businesses seeking global capital and investor visibility.

London, therefore, is a serious contender for Asia’s IPO-hopefuls, offering a clear, accessible pathway to global visibility, capital, and long-term growth. For PE- and VC-backed companies, in particular, the city is a listing venue that cannot be ignored in any global exit strategy.

If you have any questions or would like to arrange a meeting, please reach out to Thomas.Abbott@lseg.com, Head of South East Asia, Primary Markets, London Stock Exchange.