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The London Stock Exchange saw just nine new listings in the first half of 2025, as heightened geopolitical turbulence continued to dampen market activity, according to data from EY.
These nine listings raised £182.8m in total, a 64% year-on-year fall in deal value from the £513.8m raised in H1 2024. Three of the listings were on the main market and six on the Alternative Investment Market (AIM).
In Q2, there were only four listings, one on the main market and three on AIM, which raised £108.1m, a 52% decline on proceeds raised in Q2 2024.
In the first half of 2025, the global IPO market recorded approximately 540 deals, raising nearly $62bn (£45.6m), flat year-on-year in terms of deal volume, but reflecting a 17% increase in total proceeds.
Asia-Pacific led the momentum with solid growth, while the Americas remained stable. In contrast, Europe and India experienced declines, whereas the Middle East stood out with robust expansion.
The US, India, and China accounted for two-thirds of global IPOs, with half of the proceeds raised in the US and China. In Europe, IPO activity faced declines as most major European markets paused amid market turmoil.
With deal volumes down 24% YOY and proceeds falling 60% YOY to $5.9bn (£4.4bn), the market has become increasingly selective, placing greater emphasis on profitability and resilience as key criteria for going public.
Scott McCubbin, EY-Parthenon UKI IPO leader, said “While there were expectations that 2025 would mark the rebound of the UK IPO market, momentum has been slower to build, reflecting the broader macroeconomic and geopolitical headwinds facing businesses.
“Ongoing uncertainty around global trade and tariffs has fuelled market volatility, while escalating geopolitical tensions continue to influence energy prices and inflation expectations.
He added: “Many of the challenges we’re seeing are not unique to London and are affecting exchanges around the world. That said, London remains the fifth-largest exchange globally for equity capital raised, with over £7.5 bn raised so far this year.
“We anticipate renewed momentum in the M&A market in the second half of 2025, which could pave the way for a recovery in IPO activity. For companies considering going public, early preparation, a clear path to profitability, and operational resilience will be key.”
