The UK’s new prospectus regime came into force on 19 January 2026. This update looks at the key takeaways under the new regime for equity capital markets (ECM) transactions.
Shares to be admitted to a regulated market (such as the LSE’s main market) or to a primary MTF (such as AIM) will be exempt from the general prohibition on offers to the public;
Listed commercial companies will be able to offer up to 75% (as opposed to 20%) of their existing share capital (within a 12-month period) without having to publish a prospectus; and
Retail offer periods on IPOs shortened from 6 working days to 3 working days.
Whilst it will take time for market practice to adapt, the new regime should facilitate the inclusion of retail investors on both IPOs and follow-on equity raises and potentially see the wider use of pre-emptive offerings (open offers, rights issues) going forward.
Click on the Read full insight link above for more details and please contact Ben Morgan, Hannah Crosland, Nina Driver or another member of the Squire Patton Boggs UK ECM team if you have any queries.
