According to a new report released by Dealogic on Friday, the amount of money raised in London through Initial Public Offerings (IPOs), has fallen to its lowest point in more than three decades.
The IPO market has experienced a historic drop.
Only five IPOs have been recorded for the first six months of 2025. They raised a total amount of PS160 (US$218.6 millions). This is the lowest amount ever raised by the first half of a year, since Dealogic started tracking data in 1995.
Two companies have raised PS222,000,000 through London IPOs during the first six months of 2009. This is PS62,000,000 more than the amount raised this year.
MHA was the largest London listing this year. The company debuted in April on Alternative Investment Market, or AIM, and raised PS98million.
This single IPO accounted over 60% of the total proceeds for the first half. It highlights the rarity of large-scale listing.
According to Dealogic, the US market continued to be far ahead of the UK, raising $28,3 billion through 156 initial public offerings in the first six months of 2025.
London listing declines, so firms look abroad
Companies are reevaluating where they want to list their stocks, which is why London IPOs have been on the decline.
Recently, several high-profile companies have turned their attention away from UK capital and towards other markets.
Shein is a Chinese fashion company that was once rumored as being interested in London to launch a blockbuster IPO. Now, Shein plans to list its shares in Hong Kong.
Cobalt Holdings confirmed that its London IPO plan had been abandoned last month. The metals investment company is backed by commodity trader Glencore.
Established London-listed firms are also rethinking their position.
Wise, the British fintech firm, announced in June that it was moving its primary listing from London to New York. The company cited improved access to more liquid and deeper capital markets within the US.
The CEO Kristo Kármann stated that the move will also increase the profile of the company in the American marketplace.
There were reports earlier in the week that the pharmaceutical company AstraZeneca – the largest firm listed on the FTSE 100 – was considering a move similar to the US. This further highlights the difficulties London faces as a financial hub.
Is there hope on the horizon for you?
Some market participants are cautiously optimistic despite the current gloom.
Samuel Kerr of Mergermarket’s equity capital markets acknowledged the U.K. stock markets had suffered through a sustained period of negative sentiment, but noted that interest could be on the rise.
Kerr, a CNBC analyst, said: “We’re seeing more companies begin to seriously consider London listing again after several reforms and uncertainty about the policy and regulatory direction in the US.”
Under Prime Minister Keir starmer’s leadership, the U.K. has committed to reinvigorating its capital markets.
Starmer has stressed the importance of eliminating regulations, which he believes are impeding investment.
The Financial Conduct Authority implemented reforms last year to streamline the listing process as part of an overall effort to restore London’s competitiveness.
Kerr said that if the early stage interest in London can successfully be converted to IPO activity then London could begin to shed it’s “doom story” and regain some of its lost charm.
Financial Times had reported earlier that Norwegian software firm Wisma was going to make its debut in London. This shows that London isn’t completely out of the woods.
The post London IPO Market hits 3-decade low market may change as new information becomes available.
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