Barclays and Aquis launch ‘IPO academy’ in bid to revive small-cap listings
Aquis has teamed up with Barclays to launch an “IPO academy” in a bid to turn around the dwindling number of small-cap listings in the UK, Morning Wire can reveal.
The academy, which is the only programme of its kind run by an exchange in the UK, is intended as an investment in entrepreneurs and capital markets, serving as an engine for listings.
The academy’s six-month programme will provide participating companies with direct access to investors, funding advice, pitch development support, expert mentoring across finance, governance and regulation, as well as offering discounted admission fees and pre-eligibility support for those choosing to list on Aquis.
Scale-ups across all sectors with turnover in excess of £1m will be eligible for the scheme, to help founders better understand their options and engage with public markets with confidence.
“The UK has no shortage of ambition or entrepreneurial talent, and by providing earlier engagement, targeted education and practical support, we can help more of these high potential businesses successfully navigate their next stage of growth and remain here in the UK,” said Aquis chief executive David Stevens.
The initiative comes amid a trying period for London’s small-cap stock exchange venues, after a dearth of listings and a rising number of growth companies delisting or being snapped up in private equity-backed takeovers. Those who have left the exchange have cited a mixture of high costs, soft valuations, challenges raising capital and a lack of liquidity.
The number of constituents on Aquis rival AIM slumped to fewer than 700 by the end of 2025, less than half the peak of around 1700 in 2007 and barely more than the exchange had at the turn of the century.
The Barclays-backed programme is set to place a particular focus on tech-enabled and women-founded businesses, with an ambition of 50% female-founded participation in the IPO Academy. Only around 7 per cent of UK high-growth IPOs since 2011 have been by female-founded businesses.
“The journey from private to public markets is one of the most powerful engines of innovation and growth, but what we’re seeing is that too many promising UK businesses are struggling to access the knowledge, networks and capital needed to take that step confidently here in the UK,” said Abdul Qureshi, head of Barclays Business Bank.