London had a single new listing in the third quarter of 2026, a £29.8m AIM float by 1947 Oil & Gas. That takes UK listings to eight in the first nine months of the year, raising £606.9m in total.
New EY analysis shows the quarter was the quietest for London since the fourth quarter of 2023, when no companies listed. For venture-backed companies, and for the investors who need exits from them, the figures show how narrow the domestic public market route remains.
The numbers
1947 Oil & Gas's AIM admission was the quarter's only IPO. Over nine months, UK listings total eight, with £606.9m raised. Uzbekistan's national investment fund, Uznif, which listed a 30 per cent stake in London and Tashkent in May, was singled out as the year's only float of note.
The money raised was still well above the £199.1m recorded in the same period of 2025, so the market has raised more capital this year from fewer deals.
The figures do not include Airtel Money. The African payments group made its London debut this month at a £5.3bn valuation, after its existing shareholders sold £529m of stock.
Global contrast
London's weakness stands out against the rest of the world. EY counted 387 IPOs worldwide in the quarter, raising $95.6bn (£72bn) and taking proceeds for the year to $290bn. That is more than double the $114.4bn raised in all of last year.
The Middle East, India and Africa made up 202 of the quarter's listings, 138 of them in India. Asia-Pacific raised the most, at $45.9bn, and mainland China and Hong Kong accounted for 84 IPOs. European exchanges also picked up as defence, infrastructure, energy and AI companies drew investor demand.
The 2027 pipeline
Scott McCubbin, EY's UK and Ireland IPO leader, said the low summer volume reflected limited activity in those months. He said most companies considering a float are now aiming for 2027 and that some activity could start in the fourth quarter if confidence improves.
Buy-now-pay-later group Zilch is among the companies that have said they intend to list next year. Hopes of a Boots float ended this month when the Weston family agreed to buy the pharmacy chain for about $9bn.
McCubbin warned that decisions in the upcoming Autumn Budget could harm the pipeline. The Chancellor has reportedly ruled out raising capital gains tax to income tax rates, and industry figures are also pressing the Treasury to abolish the 0.5 per cent stamp duty on UK shares.
The cap-table angle
With so few London floats, exits for UK scale-ups have mostly come through trade sales, private equity buyouts, secondary tender offers and overseas listings. Employees with share options and early investors are waiting longer for liquidity. That increases demand for alternatives such as the London Stock Exchange's PISCES private-share market and structured employee tenders.
Original source: City AM — https://www.cityam.com/london-listings-fall-to-lowest-levels-since-2023/
