The London Stock Exchange has experienced a significant decline in initial public offerings (IPOs), with only five companies raising a total of £160 million in the first half of 2025.

This marks the lowest amount recorded since Dealogic began collecting data in 1995, and is even less than the £222 million raised in the first half of 2009 following the global financial crisis.

The largest IPO so far this year was by business services provider MHA, which raised £98 million.

This decline is indicative of a broader crisis affecting London’s status as a leading global financial center.

Many companies are abandoning their plans for IPOs in London in favor of other markets.

For instance, clothing brand Shein is considering an IPO in Hong Kong, having previously dropped its plans for London, while Cobalt Holdings has canceled its listing ambitions on the British exchange.

The trend extends to established firms as well; British fintech giant Wise has relocated its primary listing to New York, and reports suggest that AstraZeneca, the most valuable company on the FTSE 100, is contemplating a similar move.

The disparity between markets is stark; while London managed to raise £160 million, U.S. markets raised approximately $28.3 billion through 156 IPOs during the same period.

Experts note that this slowdown is part of a global trend influenced by macroeconomic uncertainties and tightening financial conditions.

In response, the British government, led by Keir Starmer, has pledged to implement reforms aimed at revitalizing the IPO market.

The Financial Conduct Authority has already amended its listing rules.

Nevertheless, the decision by Norwegian tech firm Visma to proceed with an IPO in London suggests that there remains some interest in the British market.