London listings fell to the lowest levels seen since 2023, recording just one public offering in the third quarter as the IPO drought continues.
The quarter’s sole transaction was the AIM listing of 1947 Oil & Gas plc, which raised just £29.8m, marking it as the quietest period since the fourth quarter of 2023 where no companies listed, according to the latest analysis from EY.
The transaction brings the total number of UK listings in the first nine months of 2026 to just eight, raising £606.9m. Uzbekistan’s national investment fund Uznif has been coined the only one of note, after listing a 30 per cent stake in London and Tashkent in May.
London received a shot in the arm this quarter as African payments firm Airtel Money debuted on the stock exchange this week, valued at £5.3bn.
But despite the low volume of floats, capital raised increased significantly from the £199.1m recorded the same period in 2025.
Scott McCubbin, UKI IPO leader at EY, said the lack of listings reflected “limited activity over the summer months”, but other analysts have raised the alarm of the lack of listings.
Kat Krastov, capital markets director at Pwc UK has previously blamed the slowdown on companies dealing with the fallout of the conflict in the Middle East which has led to widespread “macroeconomic uncertainty” coupled with fiscal policy developments.
2027 pipeline
McCubbin argued most firm’s who are mulling an IPO are looking to 2027, as “market conditions continue to improve”.
“A strong pipeline of businesses is preparing to come to market, supported by significant pent-up demand after years of subdued issuance…as confidence improves and market conditions become more favourable, this could begin to translate into activity in Q4 and early 2027.” he said.
A number of companies have signalled an intention to list next year, including fintech Zilch. But hopes that high-street pharmacy chain Boots would list were scuppered earlier this month after the billionaire Weston family struck a deal to buy the group for nearly $9bn.
But McCubbin added decisions made in the upcoming Autumn Budget could harm the pipeline.
Healey has reportedly ruled out equalising capital gains tax (CGT) to income tax rates, after warnings it would damage Britain’s investment appeal, but industry figures are urging him to also abolish the 0.5 per cent stamp duty on UK stocks, calling it a disincentive.
Investor interest buoys global markets
The global IPO market avoided the IPO slowdown affecting the UK, despite rising interest rates and elevated energy prices.
There were 387 IPOs across global markets in the quarter, raising $95.6bn (£72bn). This brings the total raised so far this year to $290bn, more than double last year’s $114.4bn.
Middle Eastern and African markets led global activity, recording 202 listings, including 138 in India.
European markets also gained momentum, as defence, infrastructure, energy and AI companies continue to attract significant investor interest, reflecting the EU’s push for greater independence in these sectors.
While the Asia-Pacific reported less listings, it saw the highest proceeds, raising $45.9bn. Mainland China and Hong Kong accounted for the majority of activity with 84 IPOs, as interest in robotics and AI continues to grow.
Grant Humphrey, partner at EY said: “The challenge now is whether this momentum can be sustained against a backdrop of rising interest rates, geopolitical uncertainty and closer scrutiny of AI investment,”
“Companies that come to market well prepared, with a credible plan for sustainable growth, will be best placed to attract investors.”