Mini Revival in London Stock Market IPOs in 2025
In 2025, London IPO activity experienced a drought-like first half of the year, followed by a pick-up in the second half. However, overall levels remained well below those seen in 2021. This mini revival provides some relief for the London Stock Exchange and Chancellor Rachel Reeves amid a prolonged lull in listings since Arm Holdings' 2023 bid.
The largest IPO of 2025 was Fermi, a Texas-based data-centre REIT, which was dual-listed with Nasdaq. Among UK IPOs, Princes Group (£1.2bn IPO, having raised £400m) and Shawbrook were notable entrants in 2025.
Looking ahead, Visma, an Oslo-based software group valued at over €20 billion with 17,500 employees, is expected to be a key IPO prospect in 2026. Visma could potentially list in London and is backed by Hg Capital with advisors Goldman Sachs, Morgan Stanley, and UBS. Another plausible FTSE 100 candidate is IVC Evidensia, a Bristol veterinary group with 39,000 employees and approximately 2,700 sites in 19 countries. IVC Evidensia, owned by an EQT-led private equity consortium, might seek to list in the London market.
Other companies discussed as potential IPO candidates include RAC, AA, Waterstones-Barnes & Noble, Ebury, and Loveholidays. The overall IPO pipeline appears healthier than in recent years but still requires a sustained improvement to produce lasting effects.
In 2025, Wise moved its primary listing to the US, reflecting ongoing challenges in the London market. By the end of November 2025, London main-market listings stood at 930, down from 972 at the start of the year.
Chancellor Rachel Reeves introduced a three-year post-IPO stamp-duty holiday for London listings, which is modest but politically useful. However, for the market to truly rebound, the improvement in IPO activity needs to persist for longer than six months.
