UK IPO market heads for strongest year since 2021

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UK IPO market 2026 outlook

Highlights

Companies raised $720 million via IPOs in London in H1 2026, largely driven by Uzbekistan's national investment fund, indicating a recovery versus recent years.
Airtel Africa's planned mobile money business IPO could make 2026 the strongest UK listing year since 2021, even if no other large issuers debut.
Europe’s IPO market remains uneven—Netherlands leads with $4.5 billion mainly from CSG, while France, Italy, and Sweden lag behind the UK and Germany.

First-half listing trends and deal pipeline

As reported by Financial Times, companies raised $720 million through initial public offerings in London in the first half of 2026, according to Dealogic data. Most of that total comes from a single transaction by Uzbekistan's national investment fund, but the figure still marks an improvement on recent years.

A further boost could come later in 2026 if Airtel Africa proceeds with a planned London listing of its mobile money business. Even if no other sizable issuer joins the market, that deal would put the UK on course for its strongest year for new listings since 2021.

The recent activity also suggests London continues to appeal to issuers from emerging markets. Lion Finance, a Georgian bank that recently entered the FTSE 100, weighed moving its listing to the U.S. but stayed in the UK, where it sees advantages in a more specialised investor base.

European comparison and policy implications

The weaker point in the first half is the postponement of Visma's planned flotation, a setback for London's market but not necessarily one tied to UK-specific conditions. The software group's delay reflects a broader sell-off in software-as-a-service stocks, with the S&P 500 software and services index down 18% year to date.

Across Europe, IPO activity is also uneven rather than broadly robust. The Netherlands raised $4.5 billion in the first half of the year, but that total also depends on one deal, defence group CSG, while France, Italy and Sweden all trail the UK and Germany is only slightly ahead.

For policymakers, the comparison supports the case for continuing reforms without overstating the market's problems. One structural gap remains the UK's weaker retail investing culture compared with the U.S., but confidence is still presented as a decisive factor in reviving listing volumes.

In our earlier coverage of Andy Burnham’s rapid rise to UK prime minister, we outlined investor concerns about the lack of clarity around Labour’s national growth strategy and the balance between a more interventionist agenda and open-market commitments. We also noted the constraints of tight public finances and the importance of maintaining bond-market and business confidence—factors that can influence corporate decision-making, including where and when companies choose to list.

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