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’s year-on-year growth in IPO proceeds, which more than doubled compared to last year.
£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 £348 million and £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’s equity markets.
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.
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.
“Global multi-billion-pound companies selected the London Stock Exchange for their international listings in 2025, the largest of which had a market capitalisation of £16bn in December 2025,” said Vhernie Manickavasagar, UK IPO Leader at PwC UK.
“These developments underscore the resurgence of London’s capital markets and its returning appeal as a leading listing destination.
“Looking 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.”
Kat Kravstov, capital markets director at PwC UK, added: “London is also benefiting from a growing cohort of IPO-ready businesses, particularly in financial services and tech-enabled sectors.
“Combined 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.”