Ten Things We’ve Learned In Ten Years Of Public Trading

Ten years ago today, Softcat rang the London Stock Exchange bell and became an official member of the main market in London. It was a defining moment in our company’s history – the culmination of our founder Peter Kelly’s vision and decades of hard work by a huge team of people.

But during our IPO, back in 2015, we talked a lot about making it a new starting line rather than the end of our story. Despite being in the top five performers of all c.900 listed companies in the UK since we floated, Softcat has evolved as technology has transformed – and we still think our story is only just beginning.

Being a public company often gets bad press – excessive regulation and reporting requirements making it hard for management teams to focus on what’s important and plan for the long term… Well, we haven’t found that at all, and our progress over the past ten years is, we think, a great advert for the benefits of being listed in the UK.

So, here are ten things we’ve learned from a decade in the public markets.

1. Own the listing process, don’t be led through it

You will be surrounded by experts during an IPO process. Often, the management team has never done it before and will likely never do it again. But don’t mistake advisors for experts – that’s you, and you need to drive the outcome and take ownership for the narrative.

2. The IPO sets the tone for everything that follows

The IPO is your one chance to set out a blueprint for what will follow. It sets expectations for investors and the market for years to come. It’s more than a financial event; it’s a cultural one. Don’t make promises you can’t keep and only tell a story you expect to stick to.

3. It takes time, energy, and money – and that’s part of the deal

Getting listed is not for the faint-hearted. There’s no shortcut to doing it right. It takes time, resources, and plenty of resilience. But if you see it as an investment in credibility and future growth, rather than just a cost, it can put you on the right path in an ownership structure that can scale for the long term.

4. Being listed doesn’t have to change how you run the company

The market rewards clarity, authenticity and doing what you say you will. If you’re transparent with how you tell your story, people will invest in that and allow you to operate as you said you would.

5. But it can be a distraction if you let it

The market is also noisy. The temptation to react to every share price movement (the vast majority of which have nothing to do with the company) can be overwhelming. Focus on what you can control and tune out the rest.

6. Management time is always a scarce resource – listed or not

Being public brings reporting cycles, board reviews, and plenty of paperwork. But truthfully, private equity or venture-backed businesses face similar demands. The difference is that as a listed company, the framework is clear and fixed so try and use that to your advantage.

7. Shareholders always tell you what they think

That predictable and structured reporting cycle includes hundreds of touch points with analysts and investors throughout the year. Distil that external perspective, hear the consensus within it, and use it as another input to inform your strategy and growth.

8. Being public broadens your perspective

You can be forgiven for thinking you know everything about your business and your industry. But nobody ever knows everything. Being listed brings lots of public and professional scrutiny. Some will be ill-informed, but some will shine a light on your blind spots… Be open to recognising the latter.

9. Visibility matters – and being listed helps

A public listing gives your brand a platform. Being listed doesn’t just appeal to investors, it signals credibility to customers, partners, and future employees. It says you’re serious, transparent, and here to stay.

10. It’s a double-edged sword

When the markets are buoyant and performance is strong, being public feels fantastic. When times are tough, the scrutiny can be brutal. But that’s part of the deal, and part of the privilege. Transparency keeps you sharp, humble, and focused on what truly matters.

Looking Ahead

Ten years on, we’ve embraced the significant net benefits of being a UK public company. Being listed hasn’t defined us, but it has refined us and we’re more ambitious and excited than ever about our future. The next decade will bring new challenges and opportunities, and the best part of our journey is that it’s still unfolding.