Overview

• Dealogic data show London IPOs raised just £160 million from five listings in the first half of 2025, the weakest performance since 1995.
• U.S. exchanges hosted 156 IPOs in the same period, raising $28.3 billion and vastly outpacing London’s total.
• Fintech firm Wise has already moved its primary listing to New York, and AstraZeneca is reported to be considering a similar U.S. relocation.
• Companies such as Shein, Cobalt Holdings, Brainlab, Stada and Autodoc have postponed or abandoned planned floats citing geopolitical risks and low valuations.
• The UK government and Financial Conduct Authority have rolled out streamlined listing rules, and advisers expect a potential rebound in activity after the summer lull.