Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Main Market definition

What does Main Market mean? In UK capital markets practice, the Main Market is the london stock exchange’s primary venue for trading listed securities. It is a regulated market under FSMA and UK MiFIR, but “Main Market” is an LSE market name rather than a statutory definition. The market includes: securities admitted to the Official List under the UK Listing Rules (including the single equity shares category that replaced the former Premium and Standard segments), the Specialist Fund Segment, the Shanghai–London Stock Connect Segment, and the High Growth Segment (now closed to new admissions). Issuers seeking admission to trading must comply with the...

UK IPOs: Managing Employee Share Incentives—Existing Plans, New Schemes, Prospectus Disclosures, HMRC Valuations, Employee Offers, Lock-ups, Corporate Reorganisations and Communications

Published by a LexisNexis Share Incentives expert

Practice notes

Introduction

An initial public offering (IPO) is a company’s first sale of shares to the public. For more on what an IPO entails, see: IPO—main market—overview. A business heading towards an IPO must assess the effect on any employee share arrangements it runs. This analysis should begin at the earliest planning stage, as the IPO structure may need to reflect share plan considerations. An IPO also creates a chance to launch new share schemes—often extending participation to all staff for the first time—and it is usually best for those arrangements to be established before the company’s shares are officially admitted to trading. Organisations may likewise wish to make awards or run an employee offer at the point of listing. Doing so demands advance preparation, with suitable disclosures built into the prospectus. This Practice Note outlines the key points that typically arise on employee incentives in an IPO and the steps that are commonly required. It covers both current and newly introduced schemes, points of timing ahead of admission, and how any grants or employee offers align with prospectus disclosures, ensuring the overall flotation approach accommodates share plan features and operational practicalities. This Practice Note does not address matters that will arise...

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Stephen Diosi

Mishcon de Reya

Stephen leads the Employee Incentives team at Mishcon de Reya. He has significant experience advising on the strategy, design, implementation and compliance of UK and global employee incentive arrangements, including long term incentive plans, all-employee share plans, HM Revenue and Customs tax-advantaged plans, management incentive plans and growth share and joint ownership plans. Stephen also advises on all related corporate, tax and trusts aspects, corporate governance issues, disclosure of directors' remuneration and share dealing regulations.In addition, Stephen works with companies on the impact that corporate actions have on their incentive arrangements and has acted on many public takeovers, mergers and acquisition, public to private transactions, initial public offerings, capital raising activities and private equity deals.Stephen also advises on contractual disputes and tax investigations relevant to incentives arrangements.Stephen works with a wide range of businesses across several industry sectors, including financial services, natural...

Web page updated on 21/05/2026

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