UK IPOs in 2026: signs of a thaw?

After two lean years, London closed 2025 with a late burst of flotations that gave bankers a reason for optimism. In total, 23 UK initial public offerings (IPOs) were made last year, with nine on the London Stock Exchange’s (LSE’s) main board and 14 on the Alternative Investment Market (AIM). These new issues raised £2.1bn in total, according to consultancy EY.

Almost half – 11 – of these IPOs occurred in the fourth quarter, raising proceeds of £1.9bn in that three-month period. When it comes to market sentiment, momentum really matters, so this leap in the number of businesses prepared to pull the trigger on a stock market listing is significant. Sentiment has been London’s biggest headwind for new listings, but can this uptick bloom into a full recovery in 2026 and address concerns about a shrinking universe of companies listed in London?

The regulatory architecture now looks materially different to the pre‑2024 regime. The Financial Conduct Authority’s (FCA’s) overhaul has provided more flexibility, including no three‑year track record requirement and easier handling of complex histories – which broadens the universe of issuers that can realistically choose London. Additionally, the government has added a three‑year stamp duty exemption for newly listed companies. This means that investors buying or selling shares in newly listed companies pay no Stamp Duty Reserve Tax for the first three years following a flotation. This moratorium on the 0.5% stamp duty should help boost secondary-market liquidity in these companies.

‘Anchor’ deals could catalyse the market

So, regulators and the government have done their bit and the fourth quarter of last year indicated that a change in market sentiment may be underway. But to keep sentiment surrounding London listings on an upward track, owners and executives of companies that could list in London will need more convincing. In 2026, the LSE really needs a handful of sizeable, mainstream, consumer and financial IPO listings at attractive valuations so that they trade well in secondary dealings in the aftermarket.

Secondary-market trading will help a London listing pass the credibility test. These companies will provide the anchor that will help resurrect the IPO market in London. Bankers will need to price these IPOs well, but the London IPO market is now clearly open.

Potential anchors are lining up

Following the boost to sentiment in the fourth quarter, there is an interesting range of companies known to be – or rumoured to be – considering a London listing. So which businesses could be the anchors that London needs?

Norway’s Visma – a software group backed by private-equity firm Hg – could provide an important test of the City’s reformed rules and FTSE inclusion mechanics for companies that report earnings in euro. Rumoured to be announced in early 2026, any IPO is expected to value the software powerhouse at between €16bn and €19bn. If a London IPO does go ahead, the float would become one of the largest tech IPOs in Europe and a marquee event for the Square Mile. Another potential multi-billion IPO that could test the new rules for foreign companies is Uzbekistan’s Navoi Mining & Metallurgical Company, according to Bloomberg.

Fast-fashion platform Shein is another potential candidate. The Chinese group secured FCA approval for a London IPO last year and is awaiting the China Securities Regulatory Commission’s nod. Donald Trump’s tariff policy, particularly the removal of the “de minimis” exemption for smaller packages, is likely to crimp Shein’s valuation significantly wherever the flotation occurs. In response to the end of de minimis, Shein is shifting production out of China and scaling logistics hubs to protect margins – adding costs and complexity. This has delayed any stock market listing, so investors may have to wait.

Several UK fintechs are at various stages of exploring a potential London IPO. These include challenger banks Monzo and Starling, credit-scoring group ClearScore, and Klarna-like vehicle Zilch. However, venue choice and timing are fluid in these cases. If any of these chose to list in London this year, they would be a very welcome technology addition to a market that is structurally short of major tech names. It is possible that Revolut may also come to market here, but management has repeatedly signalled that a US listing or dual listing is more likely than a sole LSE float. The timeline for this has also been pushed out by two or three years in recent commentary and reporting.

Other listing candidates include:

• Employee-owned insurance group Howden
• Specialist cyber-risk insurer CFC
• Bookseller Waterstones
• Travel group Loveholidays
• Autoglass owner Belron
• Payment device provider SumUp
• Veterinary care group IVC Evidensia
• Hong Kong conglomerate CK Hutchison may spin off its AS Watson retail business and its Three telecoms unit into separate listings in London.

US mega-floats may drain liquidity from London

Perhaps the biggest risk to London’s fledgling IPO recovery comes in the form of potential blockbuster IPOs across the Atlantic that could redefine the tech-investment landscape. These include:

Elon Musk’s SpaceX, which dominates commercial space and satellite infrastructure. The company leads the global launch market with reusable rockets that slash costs, while its Starlink satellite network is rapidly becoming a cornerstone of global connectivity. With revenue streams spanning government contracts, private launches and broadband services, SpaceX combines high-margin innovation with recurring income potential. Its expected IPO — valued at over $1.5tn — would give investors rare exposure to a business at the intersection of aerospace, telecoms, and technology.

OpenAI’s leadership in generative AI through products such as ChatGPT also provides a strong story for investors. Its valuation in private fundraisings of around $500bn reflects expectations of sustained dominance in a trillion-dollar AI infrastructure market. However, risks loom large: soaring computing costs keep profitability out of reach and competition from Google DeepMind and Anthropic is intensifying. Regulatory scrutiny could also slow deployment, and reliance on Microsoft creates concentration risk. Investors face a high-reward opportunity – but with equally high uncertainty.

Anthropic has emerged as a standout in the generative AI race via Claude AI. Its valuation roughly tripled in private fundraisings between March and September 2025. Its March 2025 Series E fundraising pegged its valuation at around $61.5bn, with the Series F funding round six months later valuing the company at approximately $183bn. Claude serves more than 300,000 business customers. Anthropic stands out for its focus on AI safety and enterprise-grade reliability – making it an interesting, if capital-intensive, bet in the frontier AI space.

All three of these potential IPOs are certain to act as magnets for global capital. With valuations expected to run into tens of billions of dollars, a significant amount of global capital would be sucked up by these IPOs. These listings would not only energise Wall Street, but they would drain liquidity from other markets including London as exposure to high-growth US tech remains high on any investor’s must-have list. They would also reinforce the perception that the world’s most dynamic stories belong to New York, not London.

The bottom line

London enters 2026 with a stronger pipeline than a year ago, a more flexible rulebook, and a tangible list of candidates – from Visma and Shein to homegrown fintech and insurance names – that could restore breadth across sectors. Execution, not optimism, will make the difference. If just a handful of recognisable floats price well and perform, the UK market’s long-promised reopening will finally feel real. But, right now, this is far from being a certainty.