Mini Revival in London Stock Market IPO Activity in 2025
In 2025, London IPO activity experienced a revival in the second half of the year after a slow first half, although it remained significantly below levels seen in 2021, according to Dealogic data. The largest IPO of 2025 was Fermi, a Texas-based data-centre real estate group that was dual-listed with Nasdaq. Notable UK listings included Princes Group, which raised £400m through a £1.2bn IPO, and Shawbrook.
The London Stock Exchange expressed relief at this mini-revival, reflecting momentum and optimism from Chancellor Rachel Reeves regarding the attraction of long-term equity investors. LSE CEO Julia Hoggett indicated that this momentum points towards more listings in London in the coming year. In support of this outlook, Reeves announced a three-year post-IPO stamp duty holiday for firms listing in London—this move has small leverage but is seen as politically useful if the UK IPO market strengthens, though sustained improvement beyond six months is necessary.
Looking ahead, there are forecasts for significant IPOs in 2026, including Visma, an Oslo-based software group valued at least €20bn (£17.5bn), with backing from Goldman Sachs, Morgan Stanley, and UBS, and potential London listing support. Visma is backed by Hg Capital and employs approximately 17,500 people. Other potential IPO candidates include IVC Evidensia, which operates 2,700 sites in 19 countries and has the UK as its largest market; RAC; AA; Waterstones and Barnes & Noble; Ebury; and Loveholidays.
However, the IPO pipeline has been affected by Wise moving its primary listing to the US in 2025, which reduced the number of UK IPOs. At the end of November 2025, the number of London main-market listings stood at 930, down from 972 at the start of the year.
Note: On 2 January 2026, the article’s subheading was amended to correct Wise’s nationality, which had previously been identified as Norwegian.
