Connecting with Investors: Pre- and Post-Listing Tactics

London has long been a leading destination for companies, particularly growth companies, looking to go public. In this five-part series, we explore why US-incorporated and US-operated private companies would consider an initial public offering (“IPO”) on the London markets and the key considerations they need to evaluate when planning and preparing for such a listing.  

Co-authored by Anna Dunphy, Director at Walbrook PR Limited

There are many strategic advantages for US companies to seek a listing in London, many of which were covered in article 1. Once the decision has been made to pursue a listing, the company should consider its public and investor relations (“PIR”) strategy. There are a number of key elements a company needs to consider when it comes to investor relations and, depending on the approach that the company has taken prior to the listing, it may need to completely change how it engages with its investors as it approaches admission. 

“Upon listing, the way that the company communicates, how transparent it is as a business and how the board will be held accountable for its decision making will come into focus in far greater detail.”

Following listing, there will be new obligations, expectations and strategies for the company to think about. The way that the company communicates, how transparent it is as a business and how the board will be held accountable for its decision making will come into focus in far greater detail. Getting a strategy in place ahead of time can ensure the company is prepared for what lies ahead. The landscape between US and UK listings has many regulatory, cultural and structural differences. Being prepared can ensure the board of a US company does not get into difficulty with communications being misinterpreted or not presented in the most effective manner. 

Why are investor relations important for a company considering a London listing?

As noted above, there are a number of changes that result from a company being admitted to trading on the London markets. The company will be under more scrutiny and this may come from a variety of sources, including existing or potential investors, employees and regulators, among others. 

An effective PIR strategy with regular news flow will help to ensure stakeholders and the wider market are kept properly informed of corporate developments. The strategy will need to reflect the disclosures required under the LSE rules, but systematic information flow is also important to build trust and achieve a sustained interest in the company from the wider market. This interest can, in turn, increase liquidity in the company’s shares as a recognition of the investment case in the company and an increased confidence in management encourages existing and potential investors to invest or remain invested in the company. 

Tied into achieving a greater interest in the company from investors, an elevated share price and increased trading volumes can create a higher valuation for the company which encourages further broadening of the shareholder register of private and professional investors. This can lead to increased analyst coverage and media attention in the UK, particularly where a company has engaged with an experienced agency with the right connections in their industry to promote them. In expanding engagement for the company, it will be important to work into the strategy consistency around the message the company is delivering. The UK market places strong value on a clear, consistent narrative, so US companies would benefit from taking the chance to fine tune their messaging, increase visibility and establish a credible public market profile ahead of listing and further growth. Early consideration given to messaging will make the overall goal easier to achieve than ad hoc messaging once the company is listed. 

As noted in article 2, a US company looking to achieve a London listing may be looking to develop a nexus in Europe, position the company to take advantage of UK or European based revenue earning opportunities, or to seek acquisition opportunities in these markets. A strong investor relations strategy may be essential to achieve the visibility necessary to realise these goals. 

Investor relations can also be an important means of helping to inform key opinion leaders about the company and its strategy as well as managing ongoing perceptions focusing on the company’s financial position and valuation.

Why should a US company engage a PIR agency?

Competition for investor, analyst and media attention is very high, particularly for smaller growing companies, and engaging with an experienced PIR agency can help to raise the profile of the company amongst investors and with the press. There were 935 companies listed on London’s Main Market and a further 630 listed on AIM as at 30 September 2025, so it is important for a company approaching a listing to have a focused PIR strategy to ensure that it stands out from the crowd. 

The company’s interactions with its shareholder base will be important both at the time of listing and thereafter. London listed companies often benefit from closer investor relationships through their nominated adviser, corporate broker or financial PIR partner than US listed businesses, which allows for more frequent feedback and informal dialogue with a large variety of shareholders and potential shareholders. Developing and maintaining these relationships, listening to feedback and providing the information that investors need takes time, which the management team may struggle to devote to these efforts alongside running the business. Engaging an experienced PIR agency which has relationships with the investors the company is targeting as well as others looking to invest in the company’s sector can help with this process and allow management to devote time to building relationships that will last.

An experienced agency will have a variety of strong relationships with financial media, analysts and institutional investors. Hiring an agency with links across all categories of the press, including national and regional business, financial magazines, newsletters, stock tipping websites and newswires, can help to promote the company in a variety of arenas with the intention of attracting interest from a broad range of potential investors as well as making sure that important information is disseminated where existing investors can also access this.

It is equally important for a company to communicate with the investment analysts who follow the company and the sector as this will form a key part of building up a company's profile. Gaining analyst coverage in addition to the house broker's research also helps to build the company’s profile and a PIR expert can help to persuade investment analysts to consider the company’s profile. Working with an agency which has a particular specialism in the industry sector that the company is operating in can also help to ensure that the company is being promoted in the right places.

What should a company look for when engaging a PIR agency?

As with the other advisers who will assist the company with its IPO, choosing the right PIR agency for the company will be an important, but personal, decision. There are a variety of PIR advisers in the London market who each have their own industry focuses and levels of expertise. They can each offer different services to their clients so it will be important for the company to consider the options available and discussing these options with their other advisers may be beneficial, particularly as they will have experience of a variety of providers and may be able to provide recommendations.  

The company should meet with their potential PIR advisers before confirming an appointment, to ensure that the company and the advisers will be able to build a strong working relationship, they can communicate effectively and that the particular adviser understands the company, its business and the messages that it wants to communicate with its stakeholders. The company should also consider the proposals that the adviser sets out in relation to the strategy and whether these will work for them.

When choosing a PIR adviser, the board might consider the following factors, among others: 

• The PIR adviser’s sector specialism(s) and recent experience advising companies in the same industry as the company;
• The typical deal size that the PIR adviser advises on and the press and investor relationships that it has (which is likely to be linked to the typical deal size acted on); and
• The PIR adviser’s track record and proven experience advising on IPOs; and
• The PIR adviser’s access to the investor community and the relationships they have in the market.

Strategic fit and chemistry is important. It is important that the PIR adviser team integrates well with the company’s internal team and the other appointed advisers as the wider team will need to work well together to make the process smooth and ultimately successful. The company might consider seeking introductions to existing clients of the PIR adviser to gain an insight into the experiences of those clients and how this might align with the culture of the company. 

What will the company be focussing on prior to the listing?

In the period leading up to an IPO, it is imperative that the company achieves the right messaging so as to minimise disruption with its current investor base and encourage new, active investors to consider investing. There are a number of audiences that a company will need to engage with as part of the listing process and the approach taken may need to be adjusted to ensure the message is received with maximum impact.

The company will need to define its key communications objectives and goals with particular focus on building a compelling equity story and corporate narrative that will resonate with key stakeholders and potential new investors. It will be important to discuss key messages and points of differentiation as compared to other companies, whether listed or not, and how the company can best stand out in a positive way. Consideration will also need to be given to the key milestones that the company has achieved and those it is intending to achieve in the near future and the longer-term. Many companies find it useful to discuss their PIR objectives and how to communicate these with their PIR advisers. An experienced adviser will be able to offer tailored guidance on tactics and approaches which are likely to be successful to help achieve a company’s specific aims. 

“There are a number of audiences that a company will need to engage with as part of the listing process and the approach taken may need to be adjusted to ensure the message is received with maximum impact.”

Identifying the key audiences that the company needs to reach, whether industry partners, customers, potential investors or existing and future employees, is also a key element of the PIR journey. An experienced PIR adviser will have worked with many companies already and will be in a position to help the board refine the message that they are sharing with an audience to ensure that this has the maximum impact. 

Once the strategy has been prepared, this will need to be delivered to the relevant stakeholders. The company will need to identify who will be acting as its spokespeople, usually identified from within the management team, and introductions will need to be made. It is advisable for companies to consider whether there is anyone within the team who is already known within the industry, whether as a thought leader or otherwise. Using existing profiles can sometimes be useful to help the company gain traction within the PIR community.

What concerns might apply to a US company seeking a London listing?

When considering a listing on the LSE, the board of a US company must adopt a proactive investor relations strategy to effectively connect with existing investors both before and after the IPO. It is likely that the majority of the existing investors will be US investors, whether friends and family or institutions. Being a shareholder in a London listed company may be a new experience for them and they may have concerns around this which will need to be addressed. Transparent communication with existing investors is vital to manage their expectations of the path ahead and build confidence in the IPO plan and why it is the best option for the company. Investors will naturally be wary of a change in structure and dynamics, and this may lead to volatility and uncertainty in the share price. Positive action may be needed to manage such a situation. 

Looking towards new investors, prior to the listing, the investor relations strategy will involve crafting a compelling equity story tailored to the UK market, engaging early with potential cornerstone investors and conducting targeted non-deal roadshows to build familiarity with institutional and retail audiences. Partnering with a UK-based financial PIR firm is a critical part of refining the messaging correctly and engaging with media to ensure visibility when the time is right. 

Looking further, once the business has successfully listed, the company needs to maintain momentum through consistent and transparent communication, including regular trading updates, investor presentations, and participation in key and relevant AIM-focused conferences and events. Establishing relationships with brokers, analysts, and retail platforms can further enhance liquidity and long-term investor engagement. By aligning US corporate messaging with UK investor expectations, the company can build trust and sustain interest across both markets.

“While investor relations are an important consideration during the IPO process, these relationships do not end on listing. Longer term objectives will also need to be set out in advance of listing...”

While investor relations are an important consideration during the IPO process, these relationships do not end on listing. Longer term objectives will also need to be set out in advance of listing, including those around any potential challenges and issues that may need to be managed. Not everything will go to plan all of the time and not all news will be interpreted by investors in the way that the company intends. The company should work with its PIR advisers at an early stage to identify any areas where issues may arise and how these can be dealt with.

What are the key announcements that a company will make?

The first formal announcements the company is likely to make are the ‘Intention to Float’ announcement and (in the case of an AIM IPO) the ‘Schedule One’ announcement, a regulatory announcement which summarises the key particulars of the transaction which is issued by the LSE at least 10 clear business days prior to Admission. These announcements signal to the wider market that the IPO transaction is nearing a successful completion. The company will then release a ‘First Day of Dealings’ announcement to the market when the IPO is formally completed and the company’s shares are admitted to trading. The PIR adviser will work with the company and its other advisers to prepare these.

Once admitted to trading on the LSE, US companies must be prepared to meet ongoing reporting and disclosure obligations that are central to maintaining investor confidence and regulatory compliance. While the demands differ between the Main Market and AIM, effective communication with the market is essential on both venues. The company will be required make disclosures in relation to annual and half-yearly financial reports, inside information, transactions, director dealings and major shareholdings. While the bi-annual financial reporting requirements of the LSE are less onerous than those on US markets, some companies with a US investor base voluntarily provide more regular updates than the LSE rules require in order to meet shareholder expectations.

What will investors be interested in as the company approaches the listing?

One of the first questions often raised in respect of US companies is why the company is pursuing a London listing. The justification for this has usually been considered in detail by the management team prior to embarking on the process, but the messaging around this will be important to ensure the reasoning is strong and thus interest in the company is maintained. Linked to this, and as a result of the company being incorporated and/or having the majority of its operations in the US, investors may be interested to discuss any plans the company may have for a future dual listing or transfer of primary listing to another market.

Each investor will have its own questions for, and expectations of, the company and many of these will be raised with management directly on the IPO roadshow (which was discussed in more detail in article 2). An experienced PIR agency, along with the broker, will be able to provide guidance on questions that might be raised by potential investors and how to respond to these effectively. However, among other things, it is advisable for companies to consider the current ownership structure of the company, the identity of the company’s major shareholders, how these may change as a result of the listing and how investors might respond to that. The responses to this might influence the focus of the company and those investors it wishes to target ahead of admission. Free float and any restrictions on dealings that will be effective post-listing may also be important factors, particularly if the company is likely to retain a majority shareholder after the listing or a US-incorporated vehicle is being listed, which will be impacted by restrictions under US securities laws.

“The approach of a company to its investor relations will largely be driven by the expectations and behaviour of the investors it is able to attract.”

Other considerations will revolve around financing: whether there will be a fundraise, how much is targeted to be raised and from whom (institutional or retail investors), what any funds raised will be used for and what the company’s cash burn is expected to be post-admission. The identity of any incoming shareholders and their likely percentage holding may also be a consideration, although most questions of this nature link to the expected valuation of the company on admission. 

How will the PIR approach differ from what might be expected for a US listed company?

The approach of a company to its investor relations will largely be driven by the expectations and behaviour of the investors it is able to attract. There are a number of factors that might influence the approach for London listed companies and there are some significant differences as compared to the approach a US listed company might take. For example:

• Investor Base – the London markets tend to attract institutional investors who have a longer-term approach to their investments, a more straightforward view of new potential listings and who may be more receptive to earlier-stage stories than the more risk adverse US public markets. In addition, London’s investors have a high interest in environmental, social and governance (ESG) matters and the market has a higher proportion of institutional investors rather than retail shareholders, although this is changing and the active retail investor community may be able to support liquidity in a company share capital and develop their market engagement. Conversely, the US investor base tends to be made up of more retail shareholders and there is more short-term trading activity than is generally seen in London. A different approach is therefore needed for US companies aiming for a London listing, with more focus on longer-term goals and keeping shareholders updated on progress towards these than they might otherwise be used to.
  
  
• Analyst coverage – There tends to be higher analyst coverage for companies in the technology and biotechnology sectors within the US markets, however companies usually need a high market capitalisation before they gain any awareness amongst those analysts. In the UK, there tends to be less coverage for smaller and mid-cap companies, especially those on AIM, and stocks can struggle for coverage outside of their house analysts, however, an experienced PIR agency should be in a position to help its clients increase their coverage as compared to the average rate.
  
  
• Disclosure culture – companies listed on the London markets are encouraged to be conservative with their disclosures and to avoid overpromising to their investors and falling short of these expectations. There is an unwritten rule that companies should “under-promise and overdeliver” to help to increase their share price and market capitalisation. Companies usually avoid making forward looking statements or profit estimates due to rule requirements and to avoid setting targets which are then not met. The US approach is more aggressive and forward-looking guidance is more acceptable to the market.
  
  
• Market behaviour – US investors have a higher risk appetite than that of the UK investor base. The US markets see more speculative and short-term trading than is usually seen on the LSE markets. The London markets are more focused on valuation and governance, investments are made for the longer term and there tends to be less speculative trading, with investors maintaining their conservative approach and valuing steady returns over taking a more adventurous approach where there are potentially larger gains, but also losses, to be made. 
  
  
• Retail investor channels – similar to the US market, there are a number of retail investor channels and forums where shareholders can trade ideas and opinions on the companies they have invested in. It will be important for the company to be aware of the information that is being shared in these environments to understand the feedback being provided directly from, usually retail, shareholders but also so that appropriate action can be taken to correct misinformation before it has a negative impact on the company.

Next steps

As with so much of the listing and post-listing process, a company’s approach to PIR will be personal to it. However, given the difficult market conditions that have been experienced by companies over the last few years, as well as the broader macro-economic situation that is playing out, now more than ever it is crucial to for companies to have a well thought-out and considered PIR strategy to ensure that they can benefit from all that the London markets are able to offer publicly listed companies. 

There is a growing interest from US companies, especially mid-cap and growth-stage companies, looking to diversify their investor bases through a listing in London. Success, however, hinges on thoughtful pre-listing preparation and sustained post-listing engagement amongst the company’s shareholder community. 

The engagement of a strong and experienced PIR agency can help a company to reach those within the LSE community and beyond to promote the company’s equity story with the benefit of maintaining the company’s engagement with existing investors but also appealing to potential investors.