Overview
- PwC reports 11 London IPOs raised £1.9bn in 2025, with £1.3bn concentrated in the fourth quarter.
- S&P’s separate tally shows a different 2025 total, highlighting how methodologies and thresholds drive divergent headline figures.
- The LSE’s main market strengthened while AIM lagged, raising under $200m versus a long‑run norm of about $1bn.
- Notable main‑market deals included Princes Group (about £400m raised; ~£1.16bn valuation) and Shawbrook (£348m; ~£1.92bn valuation).
- Policy support includes a three‑year stamp duty holiday, and a pipeline featuring potential listings such as Visma and Navoi Mining could shape activity in 2026.