UK IPO market stays on course for strongest year since 2021

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UK IPO market 2026 outlook

Highlights

Companies raised $720 million in London IPOs in H1 2026, with Uzbekistan’s national investment fund contributing most of the total according to Dealogic.
If Airtel Africa lists its mobile money business as planned later in 2026, the UK will post its strongest IPO year since 2021.
UK's IPO pipeline and listings from issuers like Lion Finance signal ongoing appeal for emerging markets, despite uneven European activity and global sector volatility.

First-half listing activity and deal pipeline

As reported by Financial Times, companies raise $720 million in initial public offerings in London in the first half of 2026, based on Dealogic data, with Uzbekistan’s national investment fund contributing most of the total.

Even with that concentration, the result marks an improvement on recent years. If Airtel Africa proceeds with a planned London listing for its mobile money business later in 2026, the UK records its strongest year for new listings since 2021, even if no other major deal follows.

The figures also point to London retaining appeal for issuers from emerging markets. Lion Finance, a Georgian bank that recently entered the FTSE 100, is another example of a company that sees value in the UK market and its specialist investor base.

European comparison and policy implications

London’s weaker moments in the first half are not presented as purely domestic problems. The postponement of Visma’s planned flotation reflects a broader global sell-off in software-as-a-service stocks, while the S&P 500 software and services index is down 18% year to date.

Across Europe, issuance is similarly uneven. The Netherlands raises $4.5 billion in the first half of the year, but that total also depends on a single company, defence group CSG, while France, Italy and Sweden trail the UK and Germany is only slightly ahead.

That leaves room for further UK reforms, especially around encouraging a stronger retail investment culture that can support newly listed companies. Still, the broader message is that London’s IPO market is not as weak as it appears, and confidence remains a central factor in bringing more deals to market.

In our earlier article on Railpen’s sweetened takeover offer for IP Group, we explained how the pension fund manager raised the cash component and added exposure to IP Group’s Oxford Nanopore Technologies stake, alongside a contingent value right tied to Metsera. We also noted that Railpen’s repeated approaches and IP Group’s earlier rejection highlighted renewed takeover pressure across parts of Britain’s early-stage science investment sector.

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