"The first half of the year was properly parched as President Trump's tariff agenda upset everything: fundraisings from flotations, or initial public offerings (IPOs), were the lowest in a miserable run that started in 2022. But data from Dealogic show there was a notable pick-up in activity in the second half, albeit still billions away from that of 2021, the last strong year."
"The momentum this year is very much a sign of what is to come, with many companies actively preparing for a listing in London next year, argues the chief executive, Julia Hoggett. She is probably correct. Share prices are high, which encourages owners to cash in a few chips. And the merry-go-round of private equity funds selling assets to each other may have reached its natural limit; the stock market, the more traditional venue for exits, looks relatively more attractive."
President Trump's tariff agenda depressed IPO fundraisings in the first half of 2025, producing the lowest levels since 2022. Dealogic data show a notable pick-up in listings in the second half, though overall volumes remained far below 2021. The revival eased pressure on the London Stock Exchange after years of few new listings and the failure to land Arm Holdings in 2023. The largest 2025 IPO was Texas-based Fermi, a dual listing with Nasdaq. UK flotations included Princes Group, which raised 400m, and the specialist lender Shawbrook. High share prices and constrained private-equity churn made public markets more attractive for exits.
Read at www.theguardian.com
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