More companies expected to list in the UK in 2026
IPO activity on the London Stock Exchange remained subdued in the third quarter of 2025, with only three new listings, according to EY-Parthenon.
However, sentiment is improving, and a stronger IPO pipeline for the first half of 2026 suggests confidence is returning to the UK’s equity markets, the group said.
Between July and September 2025 there were three listings on AIM, raising £16.3 million in total. For 2025 year-to-date (YTD), there were 12 listings on both the main market and AIM, raising proceeds of almost £200 million. This represents a 65.6% decrease in proceeds compared to the £579 million raised during the same period in 2024.
“The UK IPO market has largely remained in ‘wait and see’ mode throughout 2025, as companies navigate the repercussions of prolonged geopolitical and macroeconomic instability,” said Scott McCubbin, EY-Parthenon UKI IPO Leader.
“However, we are starting to see a shift in sentiment with several large IPOs already confirmed this month. Momentum is now building and the IPO pipeline for the next six to 12 months is strengthening as market conditions improve, with prospective companies keen to move when the pricing window opens.”
McCubbin noted that London’s depth of capital, international investor base and strong analyst ecosystem continue to underpin its appeal as a listing venue, even as global competition for IPOs intensifies.
“The outlook for the remainder of the year will be shaped by how companies navigate competition between private and public markets and the backdrop of geopolitical uncertainty – with timing and pricing remaining the decisive factors for successful listings.”
The global market
The global IPO market showed signs of a recovery in Q3 with 370 deals raising approximately $48.2 billion.
Deal volumes increased by 19% whilst proceeds were up 89% year-on-year (YOY), signalling a strong rebound in investor appetite driven by monetary easing and improving market sentiment. In total, the first nine months of 2025 saw 914 IPOs globally raising $110.1 billion.
The US, Greater China and India all saw strong momentum in the quarter, with nine of the top 10 global IPOs in Q3 coming from these three markets.
The US achieved its strongest IPO quarter since Q4 2021, raising $15.8 billion in Q3. Meanwhile, India recorded a standout quarter, with 146 IPOs raising $7.2 billion in Q3 – a 32% and 54% increase respectively on the same period in 2024.
