London's IPO market experienced its weakest first-half performance in at least 30 years, raising just $218.6 million from five listings in the first six months of 2025, according to Dealogic. This marks the lowest figure since the firm began tracking data in 1995. Even during the 2008 financial crisis, London listings generated more capital, with two IPOs raising approximately $287 million in the first half of 2009. The city’s largest IPO this year was MHA, which raised $127 million on the Alternative Investment Market in April. In comparison, U.S. exchanges saw 156 IPOs raising $28.3 billion during the same period. The UK’s IPO slump is accompanied by high-profile listing exits, including British fintech Wise shifting its primary listing to New York, and AstraZeneca reportedly weighing a similar move.
Industry Executives remain cautiously optimistic about London’s future. Samuel Kerr, Head of Equity Capital Markets at Mergermarket, stated, “We are seeing more businesses beginning to look seriously at London listings again after several years of reform and broader uncertainty over the regulatory and policy direction of the U.S.” RBC Brewin Dolphin’s Head of Market Analysis at wealth manager Janet Mui added, “The reality is more nuanced, including macro uncertainty and tighter financial conditions have slowed listing globally.” Meanwhile, Prime Minister Keir Starmer has committed to addressing regulatory hurdles. Still, Mui cautioned, “More work is needed to deliver reforms to streamline listing and make London more attractive to businesses.”
