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AIM Stabilises, But Fails to Heal in 2025
9 Feb
Summary
- AIM raised £2.7bn in 2025, but one deal distorted the figure.
- More companies left AIM than joined, shrinking the market.
- Foreign buyers acquired nearly half of the 26 AIM companies bought.
In 2025, London's AIM market stabilized, raising £2.7bn. This figure, however, was significantly skewed by one major transaction, masking a more modest overall capital-raising year. Beneath the surface, activity remained thin, with many companies seeking survival funds rather than growth capital.
The number of new companies joining AIM improved slightly, yet it remained far below historical averages. More concerningly, the total number of companies on AIM decreased. In 2025 alone, 88 companies exited, with only 22 new joiners, indicating a shrinking market.
A notable trend was the increase in takeovers, with foreign buyers, particularly from North America, acquiring nearly half of the 26 AIM companies that were bought. This activity is attributed to the undervaluation of UK small caps and a weak sterling.
While trading volumes saw an uptick, liquidity remained historically weak. The overall picture for AIM in 2025 was one of survival rather than revival. Without sustained rerating of UK equities and a return of genuine growth IPOs, AIM risks becoming a feeder market for global buyers.
