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The London Stock Exchange’s 2024 performance was buoyed by the listing of Canal+ in Q4, which raised £2.6bn – the largest debut on the stock trading platform since 2022, EY has revealed.
This comes as 2024 has been described by the Big Four firm as “one of the quietest years on record” for the London Stock Exchange.
There were eight IPOs in Q4 2024: three on the main market and five listing on AIM, raising £2.8bn. This brought the total number of listings on the main market and AIM last year to 18 – the lowest volume of listings since EY started to record this data in 2010.
Despite the low volume of listings in 2024, £3.4bn of proceeds were raised over the year, spelling a 256% year-on-year rise on the £953.7m raised from 23 issuers in 2023.
The London Stock Exchange also saw 88 companies delist or transfer their primary listing from the main market in 2024, citing declining liquidity and lower valuations compared to other markets as reasons for moving away.
Scott McCubbin, IPO leader at EY UK&I, said: “It’s been a quiet year for the London Stock Exchange and, while Q4 activity picked up significantly, headwinds facing the UK’s listings market remain. Ongoing geopolitical instability, slow economic growth and a diminished appetite for domestic equities among pension funds have impacted valuations and liquidity.
“But as we enter 2025, there are reasons for cautious optimism. A stabilised domestic policy environment post-election, robust pipeline of deals, and listings reform are creating opportunities to restore London’s competitiveness, which could drive a rebound in activity in H1 2025.”
He added: “While London faces strong competition from other financial centres, its unique strengths – including a global reputation for financial expertise, strong corporate governance, and a robust legal framework – remain competitive advantages.”
Meanwhile, global IPO volumes fell 10%, with proceeds also seeing a 4% downturn year-on-year.
During 2024, the global IPO market recorded 1,215 deals, raising $121.2bn (£97.15bn) in proceeds – falling slightly behind 2023 levels.
