IPO activity in London accelerated in 2025 as the capital saw its strongest year for flotations since 2021.
A strong Q4 drove the London Stock Exchange鈥檚 year-on-year growth in IPO proceeds, which more than doubled compared to last year.
拢1.9 billion was raised from 11 IPOs this year. FinTech company Shawbrook – led by CEO Marcelino Castrillo (pictured) – and consumer company Princes Group priced their IPOs at the end of October for 拢348 million and 拢400m respectively.
Other equity market activity saw the demergers of global mining company Valterra Platinum and Magnum Ice Cream Company, new listings of Metlen Energy & Metals and AIM to Main Market move-ups, rights issues and Special Purpose Acquisition Company (SPAC) transactions contributing to the rebound in London鈥檚 equity markets.聽
The three-year stamp duty holiday on shares in new UK IPOs. announced in Chancellor Rachel Reeves’s Budget last month, is widely seen as a positive step aimed at boosting the London IPO market.聽
Global IPO proceeds have risen over 20% compared to last year, driven by increased activity in the US and Asia-Pacific, while EMEA IPO issuance in 2025 was led by the Nordics and the Middle East regions as well as the rebound in the London market.
鈥淕lobal multi-billion-pound companies selected the London Stock Exchange for their international listings in 2025, the largest of which had a market capitalisation of 拢16bn in December 2025,鈥� said Vhernie Manickavasagar, UK IPO Leader at PwC UK.聽
鈥淭hese developments underscore the resurgence of London鈥檚 capital markets and its returning appeal as a leading listing destination.聽
鈥淟ooking ahead, momentum is set to continue into 2026, with a robust pipeline of large-cap IPOs expected across the consumer, financial services and TMT sectors.鈥澛�
Kat Kravstov, capital markets director at PwC UK, added: 鈥淟ondon is also benefiting from a growing cohort of IPO-ready businesses, particularly in financial services and tech-enabled sectors.聽
鈥淐ombined with increasing private equity activity, this creates a favourable backdrop for new issuance. Provided the economic environment stays on track, London could be entering a more active listing cycle in 2026.鈥�