What Is a Nominated Advisor (NOMAD)? Guide for Australian Companies 2025

If you’re an Australian business with global ambitions, you’ve likely heard whispers about the London Stock Exchange’s Alternative Investment Market (AIM) and its unique gatekeepers: Nominated Advisors, or NOMADs. These specialist firms play a pivotal role for companies aiming to float on AIM—one of the world’s most dynamic markets for high-growth ventures. But what exactly does a NOMAD do, why are they mandatory, and how do 2025’s regulatory tweaks impact Australian firms considering a UK listing?

What Is a Nominated Advisor (NOMAD)?

A Nominated Advisor (NOMAD) is an approved corporate finance firm—typically an investment bank or boutique advisory—that sponsors and guides companies seeking to list on AIM. Unlike the main board of the London Stock Exchange, AIM doesn’t impose a minimum track record or market cap. Instead, it relies on NOMADs to assess suitability, ensure ongoing compliance, and maintain the market’s reputation for integrity and transparency.

• Gatekeeper: NOMADs vet companies before they join AIM, scrutinising business models, governance, and disclosures.
• Ongoing Adviser: They stick around post-listing to monitor compliance, help with announcements, and act as a bridge to the exchange.
• Regulator Liaison: NOMADs serve as the main point of contact between the company and AIM regulators.

For Australian founders, securing a reputable NOMAD is a non-negotiable first step in any AIM journey.

Why NOMADs Matter for Australian Companies in 2025

With an increasing number of ASX-listed and private Australian companies eyeing UK expansion, AIM’s appeal remains strong in 2025. NOMADs are crucial because:

• Cross-Border Expertise: Top NOMADs understand both UK and Australian regulatory environments—vital for smooth listings and ongoing compliance.
• Credibility Boost: Investors and analysts see a NOMAD’s involvement as a vote of confidence in the company’s governance and prospects.
• Regulatory Navigation: AIM’s rules differ from ASX’s, especially around disclosure and corporate governance. NOMADs help Australian companies bridge these gaps.

For example, in 2025, Sydney-based cleantech startup SolarNext partnered with a leading NOMAD to facilitate its AIM IPO. The advisor provided hands-on guidance through complex UK disclosure requirements, helped refine investor presentations, and ensured SolarNext’s corporate structure met AIM’s evolving standards—resulting in a successful listing and strong first-day trading.

2025 Regulatory Updates: What’s New for NOMADs and AIM Listings?

The AIM Rulebook is reviewed regularly, and 2025 has brought a handful of notable changes impacting both NOMADs and their clients:

• Enhanced Due Diligence: Post-2024 market reviews, AIM now requires more rigorous background checks and financial scrutiny by NOMADs before admission.
• Ongoing Disclosure: Companies must now update the market faster about material changes—NOMADs are on the hook for ensuring timeliness and accuracy.
• Mandatory Training: All NOMAD personnel must complete updated compliance training modules by mid-2025, including modules on cross-border financial crime risks.
• Greater Regulator Oversight: The London Stock Exchange has increased random audits of NOMADs, with hefty penalties for lapses in oversight.

For Australian firms, this means more up-front work and a premium on choosing a NOMAD with up-to-date expertise and a track record of smooth cross-border listings.

How to Choose the Right NOMAD for Your Business

Not all NOMADs are created equal. When shortlisting advisors, consider:

• Sector Experience: Does the NOMAD have a history of advising companies in your industry (e.g., mining, tech, biotech)?
• Track Record with Australian Firms: Prior experience with Australian listings can cut through red tape and smooth cultural hurdles.
• Reputation and Relationships: Strong buy-side connections and a solid compliance record are invaluable.
• Resource Commitment: Will you get senior-level attention, or be relegated to the junior team?

Interview multiple NOMADs, ask for references, and review recent transactions to ensure the right fit for your business goals and risk appetite.

Final Thoughts: NOMADs as Your AIM Listing Partner

For Australian companies targeting UK growth, the NOMAD is more than a regulatory box-ticker—it’s a hands-on partner in shaping your market debut and safeguarding your reputation. In 2025’s tighter regulatory environment, the right NOMAD can mean the difference between a seamless AIM listing and a compliance headache.