The London Stock Exchange saw a flurry of IPO activity in the final quarter of 2025 as it positioned itself for a rebound in 2026, says EY’s latest IPO analysis.
There were 11 IPOs in the UK in Q4 2025, raising £1.9bn in total. This brought the total number of listings in 2025 to 23 – nine on the main market and 14 on the Alternative Investment Market (AIM).
In total, proceeds of £2.1bn were raised in 2025, a 170% year-on-year (YOY) increase on the £777.7m raised from 18 issuers in 2024. Despite the increase in activity, IPOs remain low when compared to historic levels.
Despite market volatility driven by geopolitical tensions, trade and tariff risks and ongoing debate over AI-related valuations, the global IPO market showed signs of stabilisation in 2025. This is accompanied by a recovery in investor confidence.
A total of 1,293 companies went public worldwide, raising £126.8bn – a 39% YOY increase in proceeds.
“Recent reforms to the UK’s listing regime are beginning to have a tangible impact, improving market accessibility and issuer confidence,” says Scott McCubbin, IPO leader at EY-Parthenon UKI.
“These changes have been further reinforced by measures announced in the chancellor’s Autumn Budget, including the introduction of a three-year stamp duty exemption for newly listed companies on the London Stock Exchange, which will help to strengthen the UK’s competitive position as a global listing venue.”
McCubbin says while market sentiment continues to improve and the long-term outlook indicates a steady recovery in 2026, the deal landscape remains uncertain – adding that businesses considering an IPO should ensure they prioritise careful market timing, demonstrate operational resilience and present a compelling equity story to attract investor interest.
Regionally, the Europe, Middle East, India and Africa (EMEIA) led global IPO activity by volume, accounting for 42% of all transactions. Asia-Pacific dominated in terms of capital raised, securing 43% of global IPO proceeds.
By sector, industrials (22%) and technology, media and telecommunications (21%) accounted for the largest share of global IPO proceeds in 2025. European IPO activity displayed a more diversified sector profile, spanning industrials, financial services, real estate and hospitality and consumer sectors.
“Sentiment across the global IPO markets has improved over the course of 2025, supported by strengthening macroeconomic indicators, increased predictability in monetary policy and a broader base of investor demand,” says Grant Humphrey, partner at EY-Parthenon.
“A diverse international pipeline is emerging, with a growing number of large-cap, sponsor-backed and cross-border-ready companies preparing for potential listings. If market volatility remains contained, the foundations laid in 2025 could underpin a meaningful expansion of IPO activity in 2026.”
