What the public markets really require: reflections from the LSEG Growth & Funding Forum.

Last week, Cavendish joined London Stock Exchange Group for the Growth & Funding Forum – a day of frank, practitioner-led conversation about the case for public markets, and what it actually takes to get there. Across two panel sessions and a keynote conversation, we heard from investors, advisers, and executives who have navigated the IPO process first-hand. The themes that emerged were consistent, grounded and – in the current climate – timely.

The case for going public

Stephen Keys, Head of Corporate Finance at Cavendish, opened the day in conversation with Rakesh Shaunak, CEO of MHA, on why public markets remain a compelling option for growth-oriented businesses.

The argument wasn’t built on sentiment. It was built on structure. Public markets offer access to long-term, patient capital – freeing businesses from the constraints of a typical five-year private equity cycle. For founders who want to retain strategic control, attract and retain talent, and build for the long term, the case is straightforward.

That framing set the tone for the rest of the day: public markets aren’t a transaction, they’re a platform.

What investors actually want

Panel one brought together a strong group of investors, including representatives from Liontrust Asset Management, Mercia Asset Management, Janus Henderson Investors and Canaccord Wealth, alongside Matthew Lewis from Cavendish.

A few themes came through clearly.

Engage early. Most fund managers run diversified portfolios and won’t always come to your sector with deep specialist knowledge. That makes early engagement critical not as a formality, but as a genuine opportunity for management teams to shape the narrative and land key messages before they matter most.

Build credibility over time. Meeting investors early, and consistently, demonstrates an ability to set expectations and meet them. In a market where trust is the currency, that track record matters.

Craft a compelling equity story. Investors want to understand what drives revenue, how margins evolve, and what risks the business faces. The best management teams don’t shy away from challenges, they address them with clarity and constructiveness.

The top tips from the session were pointed: under promise and overdeliver; treat investors with patience; and ultimately, investors back strong management teams. Simple principles, but ones that separate good listings from great ones.

The transaction itself: planning, process and people

Panel two turned to the mechanics of an IPO, moderated by Hugh Maule of Gowling WLG, with perspectives from Joe Pollard (CFO, Applied Nutrition), Emma Salthouse (CFO & Deputy CEO, ActiveOps), Jonathan T. (CEO, Optima Health), Jo Davenport (BDO) and Gemma Owens (MUFG).

The standout message: preparation is everything, and it starts earlier than most people expect.

Being diligence-ready from day one with robust controls, a fully staffed finance function and a credible governance structure, isn’t just about ticking boxes. It’s about removing friction at the moments that matter most.

On process, the panel was clear that the textbook approach isn’t always the right one. Companies shouldn’t be passive participants in their own IPO. Challenging assumptions, asking hard questions of advisers, and owning the process are what separate a confident listing from a reactive one.

Adviser selection also came through strongly. The people you choose to work with, and the trust you have in them, shapes how the process unfolds. Deep sector understanding and genuine expertise matter more than brand alone.

On timing: IPO processes can run anywhere from 12 weeks to over 12 months. Preparation, complexity and the company’s own readiness collectively determine the timeline. There are no shortcuts, but there is a lot that can be done to shorten unnecessary delays.

A consistent thread

Across both panels and the opening keynote, the fundamentals were the same: trust, consistency and storytelling. Markets shift, structures evolve, and conditions change, but the qualities that make a business investable don’t.

For founders and management teams weighing up their options, the Growth & Funding Forum was a useful reminder that the public markets reward preparation, patience and the ability to tell a clear, credible story.

We’re grateful to LSEG for the partnership, and to all the speakers who gave their time and shared their experience so openly on the day.

Written June 2026

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