Key Takeaways

  • Slow Start, Big Potential: Only £160 million raised in H1 2025, marking one of the weakest first halves in 30 years.
  • Marquee Listings Shine: Shawbrook (6.8% debut gain) and Princes Group (£1.16 bn target) show investor interest isn’t gone.
  • Tech on the Horizon: Visma’s potential 2026 London IPO could boost the City’s tech profile.
  • Investor Caution Remains: Geopolitics, inflation, and trade tensions keep IPO appetite muted.
  • Regulatory Reforms Could Help: London is implementing changes to attract growth-focused and international companies.
  • Global Hub Advantage: London remains attractive for foreign issuers, with deep capital pools and international investor reach.
  • The Sentiment Barometer: The success of upcoming IPOs will determine whether London can reclaim its position as a top global IPO market. 

A Rocky First Half: London IPO Market Stumbles

The first half of 2025 has been one of the weakest for London IPOs in three decades. Data shows only five companies went public, raising a mere £160 million across Main Market and AIM. EY’s Q2 2025 IPO Eye report reveals that April–June alone accounted for just £108.1 million, highlighting the challenges the market faces.

Investor caution has been fueled by geopolitical tensions, trade tariff worries, and persistent market volatility, making many hesitant to commit capital to new listings. Compared to previous years, both IPO volume and deal sizes are muted, leaving London trailing behind other global financial centers.

Bright Spots Amid the Slump: Shawbrook, Princes & Visma

Despite the weak overall performance, a few high-profile IPOs signal that the market isn’t dead:

  • Shawbrook (LSE: SHAW), the specialist lender, saw its share price rise ~6.8% on debut, valuing the firm at £1.9 billion.
  • Princes Group (LSE: PRN), the food giant behind tinned tuna and Napolina pasta, is targeting a £1.16 billion+ valuation.
  • Visma, the €19 billion Norwegian software firm, has reportedly set its sights on a London IPO in 2026, potentially giving the City a marquee tech listing.

These are not small AIM flotations - they represent meaningful opportunities that could reshape investor sentiment if momentum continues.

London’s AIM IPO Boom 2025: Top Debuts Making Headlines

  • MHA PLC (LSE: MHA)
    • Professional services / accounting firm
    • Raised: ~£98 million
    • Market Cap at IPO: ~£271 million
    • H1 Revenue Growth: +13%
    • Use of Proceeds: Technology investment & acquisitions
  • One Health Group PLC (LSE: OHGR)
    • Healthcare services / surgical hubs
    • IPO Price: 180 pence per share
    • Raised: ~£7.8 million
    • FY25 Revenue: ~£28 million (+22%)
    • Use of Proceeds: Build first surgical hub
  • Vulcan Two Group PLC (LSE: VUL)
    • Raised: ~£12 million
    • Q3 2025 AIM listing

Key AIM Market Insights 2025

  • AIM remains the primary platform for smaller and niche growth companies in London.
  • Total AIM fundraising in 2025 so far: ~£117 million across listings.
  • Positive early performance observed for MHA and One Health Group, showing selective investor interest.
  • Market sentiment remains cautious due to macroeconomic uncertainty and geopolitical factors.

Why London Lags — and What Could Change

Challenges

  • Investor Caution: Concerns over inflation, trade wars, and geopolitical risks are keeping money on the sidelines.
  • Tough Comparisons: First-half 2025 IPO figures are far below previous years.
  • Regulatory Hurdles: London still faces criticism for not being aggressive enough in attracting big-growth firms, many of which prefer US or European exchanges.

Reasons for Optimism

  • Growing IPO Pipeline: EY notes that early- to mid-2026 has a robust slate of companies preparing to list.
  • Listing Reforms: Regulatory tweaks are underway to make London more competitive, particularly for growth-focused firms.
  • Global Capital Depth: Over 100 countries have equity listed on London exchanges, maintaining its global appeal.
  • Foreign Investor Interest: London remains attractive for international firms, offering deep liquidity and a strong financial ecosystem.

The Road Ahead: London Fighting to Reclaim Its Spotlight

The trajectory of the IPO market is not just a local concern — it reflects London’s standing in global capital markets.

  • Successful high-profile IPOs could act as a sentiment barometer for other large companies considering a London listing.
  • A steady flow of marquee listings, especially in tech and private equity-backed firms, could reignite investor confidence and scale capital flows.
  • Conversely, continued weakness risks cementing London’s reputation as a secondary listing destination.

Conclusion: Is the IPO Wave Really Back?

The first half of 2025 was undeniably slow, but select listings like Shawbrook and Princes, combined with a growing pipeline and potential regulatory reforms, paint a nuanced picture.

The London IPO market is not fully back yet, but signs point to a possible rebound -provided geopolitics, market conditions, and reforms align over the next 6–12 months.

Investors, analysts, and market watchers will be closely watching the next wave of listings to determine whether London can reclaim its position as a top global IPO hub.