ASOS moves to main London Stock Exchange

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ASOS has confirmed it will be listed on the main London Stock Exchange from next Tuesday 22 February, making it eligible for the FTSE 250 index.

The online fashion brand’s move to the main market comes after 20 years of trading its shares on the junior AIM stock market. it is currently one of the biggest companies listed on the junior market, with an equity value of £2.2 billion.

The intention to move to the London Stock Exchange’s main market was first announced in January, following a rise in sales over the Christmas period.

The move was one of the first decisions taken by ASOS’ new chairman Ian Dyson and will allow ASOS to continue its ambitious growth plans, with particular focus on overseas sales.

His next step will be to find a new chief executive after former boss Nick Beighton left following a profit warning last October, which saw the company’s share price fluctuate.

Read more: ASOS reveals impact on UK economy with expected £3.8bn boost

Previous bosses have resisted leaving the AIM market, as moving to the main market involves greater scrutiny and signing up to additional rules. However, the move also offers companies access to a greater pool of investors, as some will only invest in businesses listed on the main market.

Interim chief Mat Dunn said: “ASOS has set out a clear plan to deliver an ambitious growth strategy over the next three to four years and to deliver on the sizeable opportunities ahead for our business.

“Against this backdrop, the time is now right to move to the main market. I would like to take this opportunity to thank the teams who worked so hard over the past few months getting ready for today, and to all ASOS’ers for their ongoing dedication and commitment.”

Dunn also confirmed no new shares would be issued when the business starts trading on the FTSE main market from Tuesday morning.

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