London IPOs Hit 30-Year Low Amid Macroeconomic Uncertainty
London's equity markets have collapsed to a three-decade low, with just £160 million raised across five IPOs in the first half of 2025. This represents a 28% decline from the post-2009 financial crisis trough and a staggering 98% drop from the 2021 pandemic-era boom. Goldman Sachs analysts attribute the exodus to dwindling liquidity and a flight of growth companies to other jurisdictions.
The broader IPO climate has soured under mounting macroeconomic headwinds. Trade tensions and tariff disputes have eroded investor confidence, dragging M&A activity to 20-year lows. Even high-profile candidates like Shein—the Singapore-based fast fashion giant—have stalled amid regulatory scrutiny over supply chain disclosures.