It wasn’t quite a downpour after the drought, but the weather changed for stock market listings in London during the course of 2025. The first half of the year was properly parched as President Trump’s tariff agenda upset everything: fundraisings from flotations, or initial public offerings (IPOs), were the lowest in a miserable run that started in 2022. But data from Dealogic show there was a notable pick-up in activity in the second half, albeit still billions away from that of 2021, the last strong year.
The mini-revival will have come as a relief for both the London Stock Exchange and Rachel Reeves. For the former, the dearth of new listings – as opposed to fundraisings by companies already on the exchange – has become an embarrassment in recent years, especially after London failed to land Arm Holdings in 2023. Meanwhile, the chancellor is trying to talk up the joys (and superior returns over cash) for long-term investors in equities, a task that is easier when there is a steady buzz of new arrivals.
