Proceeds from public listings in London more than tripled year-on-year, reaching £3.4bn in 2024, despite concerns over low IPO volumes and a high delisting rate. 

There were 18 listings across the main and alternative markets in London last year, 22% less than in 2023 and 60% less than in 2022, according to figures from EY. 

Despite IPO activity falling in 2024, proceeds raised from London listings grew by 256% from 2023’s £953.7m, thanks largely to a strong final quarter of the year that saw French media group Canal+ raise £2.6bn in the largest London Stock Exchange debut since 2022. 

The last three months of the year saw three main market listings and five AIM listings in total, including AI Software-as-a-Service group Pri0r1ty. 

Pri0r1ty CEO James Sheehan told UKTN ahead of its December IPO: “A lot of people are saying, ‘the markets are tough, why are you guys coming?’ 

“Our story’s always been about inclusivity, it’s about bringing people into the story and sharing that upside and that’s the essence of the UK capital markets.” 

Though this suggests signs of recovery in the beleaguered London markets, EY noted the exchange saw 88 companies delist or transfer their primary listing from the main market last year.  

Declining liquidity, low valuations and high regulatory burdens have frequently been cited as the cause, with the US continuing to offer deeper capital pools and higher trading volumes. 

Among the larger firms to delist from London last year was Just Eat Takeaway, which dropped the LSE in favour of maintaining its primary listing on Amsterdam’s Euronext due to the “administrative burden, complexity and costs associated with the disclosure and regulatory requirements of maintaining the LSE listing”. The group also delisted from New York’s Nasdaq in 2022.

“Ongoing geopolitical instability, slow economic growth and a diminished appetite for domestic equities among pension funds have impacted valuations and liquidity,” said EY UK and Ireland IPO leader Scott McCubbin. 

“We also saw the largest outflow of companies from the main market since the global financial crisis as companies sought access to a deeper pool of investors and the prospect of improved liquidity on other exchanges.” 

McCubbin noted there were reasons for optimism in 2025, however, thanks to a “stabilised domestic policy environment post-election, robust pipeline of deals, and listings reform” creating new opportunities to “restore London’s competitiveness”. 

The coming year could well see a revitalised listing environment, with Mid-sized bank Shawbrook reportedly planning a London listing with a projected valuation of more than £2bn.

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