The investment bankers believe that 2026 could be a turning point in London’s struggling Initial Public Offering (IPO) Market. They are betting on a few large and high-profile listings to help restore the confidence of investors after another year with disappointing new listings.
The hopes of a global revival by 2025 have faded due to the market volatility caused by US President Donald Trump’s tariff policy.
Some companies have halted or cancelled listing plans while others, such as fintech company Wise, moved their main listings from New York to London.
This slowdown has intensified the concerns about the competitiveness of London Stock Exchange in the future.
London’s IPOs face a difficult background
London’s poor fundraising performance highlighted the scale of London’s challenges.
The LSE has raised less capital from its new listings in the first nine-months of 2025 than other smaller exchanges around the world, primarily due to a dearth of large IPOs.
Overall activity was muted, despite a slight improvement in sentiment toward the year’s end.
This included listings by British bank Shawbrook and LED face mask manufacturer Beauty Tech.
The data centre developer Fermi, and the industrial group Metlen, both chose dual listing, while Magnum Ice Cream Company spun off from Unilever selected Amsterdam as their primary venue, but retained a UK listed.
According to LSE statistics up to December 22, there will be 22 London IPOs totalling PS2.1bn.
This was an improvement over 2024 when 16 IPOs raised a total of PS766mn. However, activity remained below historic norms.
London has a problem, say the experts. It is a result of lacked supply.
Richard Fagan is the head of Shore Capital’s origination. He said that he expected more listings with high quality and better pricing for sellers by 2026.
Visma, the catalyst and its search
The bankers think that a large IPO can act as a catalyst, encouraging others to follow.
Visma is a Norwegian software company backed by Hg Capital that is considering an IPO valued at EUR19 billion in the first half 2026.
Visma chose London instead of Amsterdam. This decision, according to advisers, would have a symbolic value for the UK marketplace.
This deal will test whether the recent changes in index rules and regulatory reforms, such as allowing companies reporting to Euro to be included in the FTSE 100 Index are making London a more appealing city.
Charlie Walker, the deputy chief executive at the LSE said that, before the recent changes, listing rules acted more as a barrier to new listings. Different provisions presented challenges to different companies, rather than one clear obstacle.
Beyond Visma’s IPO, advisors track a list of possible IPO candidates in fintech, insurance and other sectors. However, competition with New York is still fierce.
Fintech, consumers, and foreign competitors
Several UK fintechs are linked with IPOs but remain uncertain about timing and location.
Revolut will likely remain private after 2026.
Santander’s payments group Ebury paused its London listing but may revisit the process. Monzo has been delayed by shareholder disagreements and management changes, so any listing could be in late 2026.
Starling Bank may decide to list in both New York and London.
Some other candidates are credit-checker ClearScore and payment firm Zilch. Payment reader group SumUp is also a candidate, but many of these companies are at a very early stage.
Howden, an insurance broker, is looking at a London listing, which could be valued around PS23bn. However, recent US acquisitions may push it to New York.
The Cyber Insurance Group CFC has been working to prepare a possible PS5bn listing.
The focus is also on overseas groups.
CK Hutchison has been considering listing its AS Watson Health and Beauty business, as well as its Telecoms division which includes Three Mobile.
London has been viewed as the strongest contender to list telecoms.
Other companies considering London debuts include the vet chain IVC Evidensia as well as Waterstones Booksellers, LoveHolidays Travel, Autoglass Owner Belron and Uzbek Miner Navoi Mining and Metallurgical Company.
The City is aiming to launch a number of IPOs in 2026. If a few deals are successful, it could give the market a boost.
The post London Listings slump to be reversed by big IPOs in 2026, as hoped for by Bankers, may change with updates.
