Overview

• Bloomberg’s ranking now places London 23rd for new listings, behind hubs including Singapore, Mexico and even Oman.
• Funds raised in 2025 total about US$248 million, down roughly 69% year over year, with just US$42 million in the third quarter for the weakest haul in more than 35 years.
• AstraZeneca said it will add trading on the New York Stock Exchange and fintech Wise has already moved its primary listing, highlighting the appeal of deeper U.S. capital pools.
• UK authorities and market operators have relaxed dual-class and fundraising rules, while FTSE Russell eased index entry and a proposal to tilt DC pension defaults toward UK equities is under discussion.
• Deal sizes remain small — the year’s largest, MHA, raised £98 million — with local advisers leading transactions, private equity continues to take listed firms private, and a tentative 2026 pipeline led by Visma is being reported.