What's happened
The London Stock Exchange saw its strongest IPO activity since 2021, with 11 listings raising £1.9 billion in 2025. Global IPO proceeds also increased, driven by large deals and sector growth, signaling a resurgence in capital markets as the UK introduces measures to boost activity.
What's behind the headline?
The resurgence of London's IPO market signals a strategic shift in investor confidence and market appeal. The 2025 figures, notably the £1.9 billion raised and the return of large international companies, demonstrate London's growing competitiveness. This trend is driven by UK policy measures aimed at attracting listings, which will likely sustain momentum into 2026.
However, the global IPO market's growth, with proceeds reaching $143.3 billion, underscores a broader recovery, especially in financial services. The largest deal, Medline's $6.3 billion IPO, exemplifies the sector's strength. Yet, the decline in small deals in Japan highlights regional disparities, suggesting that while large-scale listings thrive, smaller companies may still face hurdles.
Looking ahead, London's pipeline of large-cap IPOs across key sectors indicates continued growth, but the market's success will depend on geopolitical stability and investor appetite. The UK’s efforts to stimulate activity appear promising, but sustained growth will require ongoing policy support and global economic stability.
What the papers say
The analysis draws from PwC's reports cited by The Independent, which highlight London's strongest IPO year since 2021 and a global increase in proceeds. The articles emphasize the sectoral shifts and policy measures underpinning this recovery. Contrastingly, Yasutaka Tamura's report in The Japan Times points to a decline in small IPOs in Japan, with only 43 deals below $50 million, despite a seven-year high in total fundraising, illustrating regional differences in market dynamics. While London benefits from large international listings, Japan's market remains dominated by small deals, indicating varied regional recovery patterns. The contrasting data underscore the uneven global landscape of IPO activity, with London's resurgence driven by large deals and policy support, whereas Japan's market struggles with small deal volume despite high total fundraising.
How we got here
After a period of subdued activity, the UK has implemented new measures to revive its capital markets. In 2025, the London Stock Exchange experienced a notable rebound, with increased IPOs and international listings. Globally, IPO proceeds also grew, led by major deals in sectors like financial services and healthcare, reflecting a broader recovery in the market.
Go deeper
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London Stock Exchange is a stock exchange in the City of London, England. As of April 2018, London Stock Exchange had a market capitalisation of US$4.59 trillion. It was founded in 1571, making it one of the oldest exchanges in the world.
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PricewaterhouseCoopers is a multinational professional services network of firms headquartered in London, United Kingdom, operating as partnerships under the PwC brand.
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MEDLINE is a bibliographic database of life sciences and biomedical information. It includes bibliographic information for articles from academic journals covering medicine, nursing, pharmacy, dentistry, veterinary medicine, and health care.