IPO activity on the London Stock Exchange remained subdued in the third quarter of 2025 with only three new listings – but a stronger IPO pipeline for the first half of 2026 suggests confidence is returning to the UK’s equity markets.
Between July and September 2025, the three listings on the AIM raised £16.3m in total. For 2025 year-to-date, there were 12 listings on both the main market and AIM, raising almost £200m. This represents a 65.6% decrease in proceeds compared to the £579m 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,” says Scott McCubbin, UKI IPO leader at EY-Parthenon.
“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 says 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,” he adds.
Looking worldwide, the global IPO market showed signs of a recovery in Q3 with 370 deals raising approximately US$48.2bn. Deal volumes increased by 19% and proceeds were up 89% year-on-year. In total, the first nine months of 2025 saw 914 IPOs globally raising US$110.1bn.
This week, The Beauty Tech Group, a Manchester-based firm that owns a host of beauty treatment technology brands, listed on the London Stock Exchange with an initial market cap of £300m. The listing saw the firm raise £29m.
Founded in 2009 under the name CurrentBody, The Beauty Tech Group now owns a portfolio of brands including ZIIP Beauty and Tria Laser and has a presence in over 80 countries.
