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London’s biggest IPO so far this year was the listing of professional services company MHA

London IPO fundraising hits a three-decade low in another blow to the UK capital

Fri, Jul. 4, 2025
 London
London

Fundraising from London IPOs slumped to at least a three-decade low in the first half of this year, new data showed on Friday – raising fresh questions about the fading allure of the U.K. as a hub for global capital.

The five debuts on the London market in the first six months of 2025 raised a total of £160 million ($218.6 million), according to new data from Dealogic.

That’s the lowest level of London IPO funds raised in the first half of the year recorded by Dealogic since it began collecting data in 1995.

Even in the aftermath of the 2008 financial crisis, two London IPOs managed to raise £222 million in the first half of 2009, the data shows.

London’s biggest IPO so far this year was the listing of professional services company MHA, which raised £98 million at its debut on the Alternative Investment Market (AIM) in April.

The listings slump in London this year adds to the city’s struggles to hold onto its former glory as one of the top destinations for global capital.

According to the most recent IPO Watch report from professional services giant PwC, IPO proceeds in the U.K. fell to £100 million in the first quarter of 2025, down from £300 million in the same period a year earlier.

This year alone, the city’s financial markets have been passed over by firms that had once planned blockbuster listings there. Shein, for example, is reported to be planning an IPO in Hong Kong after abandoning earlier plans to float its shares in London, while Glencore-backed metals investor Cobalt Holdings confirmed to CNBC last month that it had scrapped plans for a London IPO.

The troubles aren’t limited to new listings – in June, British fintech giant Wise announced it was moving its primary listing from London to New York, and earlier this week it was reported that pharma giant AstraZeneca

 – the most valuable company on London’s FTSE 100 index – is considering moving its listing to the United States.

Kristo Kaarmann, Wise’s CEO and co-founder, said in a statement at the time that the move would help raise awareness of the company in the U.S., while giving the firm better access to “the world’s deepest and most liquid capital market.”