Wall Street’s IPO boom: can London catch the wave?

Last week, six companies raised more than $100 million each on Wall Street — the busiest IPO week since November 2021. With investor appetite roaring back, could some of that momentum spill over into London?

Avery Marquez, Renaissance’s director of investment strategies, noted that “the pickup is here,” but cautioned that market conditions could quickly shift. The company expects three to five, sizable IPOs per week through the autumn, which suggests a sustained wave of activity is brewing. 

The six companies that raised more than $100m in the US last week are:

• Swedish fintech giant Klarna ($1.2bn),
• Blackstone-backed energy efficiency and infrastructure group Legence ($780m),
• Blockchain-based fintech platform Figure Technology ($700m),
• Rideshare and transit tech company Via Transportation ($493m),
• Crypto exchange Gemini, backed by the Winklevoss twins ($425m),
• And US restaurant group Black Rock Coffee ($294m).

Renaissance Capital also highlighted that its IPO Index, which is designed to track the performance of the largest and most-liquid US-listed companies that have recently gone public, has climbed 16.5% in the year to date, outperforming the S&P 500. The signs for companies seeking to list, at least in the US, look positive. 

The London Stock Exchange (LSE) has seen only nine IPOs in the first half of 2025, down from 125 in 2021. Regulatory reforms are underway, but sentiment remains fragile. So, it is hoped that some of this IPO optimism will spread to London. Here are some of the major companies that could potentially list in London in the coming months:

Monzo: London listing currently favoured

Monzo, the UK’s leading digital bank, is preparing for a blockbuster IPO that could value the company at £6bn-£7bn, potentially making it one of the most-significant technology listings in London in recent years. The move comes amid a broader push to revive the UK’s sluggish IPO market and reassert London’s role as a global fintech hub.

Monzo has reportedly engaged Morgan Stanley to lead its listing, with investor meetings already underway. While the IPO could happen as early as 2026, the exact timing and venue remain subject to market conditions. Despite internal discussions about a potential New York listing, the board and major investors reportedly favour London.

Monzo’s IPO is seen as a litmus test for London’s ability to attract and retain high-growth tech companies. The UK market has struggled to compete with US exchanges. However, recent regulatory reforms – including dual-class share structures and streamlined listing rules – aim to make London more competitive. 

Despite the optimism, chief executive TS Anil has tempered expectations, stating that an IPO is “not something we’re focused on right now,” and that the company remains committed to scaling its operations. Market volatility, geopolitical tensions, and interest-rate uncertainty continue to influence the timing.

Revolut: London listing still uncertain 

Monzo’s peer Revolut is edging closer to a long-awaited IPO, but the question of where it will list – London or New York – remains unresolved. Despite its UK roots and recent regulatory progress, the company’s leadership has repeatedly expressed scepticism about the LSE, citing “complex and unclear regulatory requirements” and lower liquidity compared to US markets. 

The company, founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, recently completed a secondary share sale that pushed its private valuation to $75bn, making it one of the most-valuable private fintechs globally. 

While no formal IPO date has been announced, industry insiders suggest a 2025 or 2026 listing is likely. Revolut has reportedly partnered with Morgan Stanley to coordinate liquidity events, and speculation continues about a potential Nasdaq debut, despite recent hints that London could still be in play. 

Mr Storonsky’s previous comments to The Times that Revolut would “never consider” an LSE listing have cast doubt on the City’s ability to retain high-growth tech firms. However, recent developments, including Revolut’s UK banking-license approval, may soften that stance. 

The secondary share sale and banking license signal Revolut’s readiness for public scrutiny, but the company appears to be deliberately pacing its IPO strategy. Management seems to be waiting for optimal market conditions and regulatory clarity before committing to a listing venue. 

Shawbrook: eyes £2bn London IPO 

Shawbrook, the UK-based specialist lender, is pressing ahead with plans for a £2bn IPO on the LSE in the second half of 2025, in what could be a major boost to the City’s struggling listings market.

The bank’s private-equity owners – BC Partners and Pollen Street Capital – have revived IPO plans after shelving them in previous years due to market volatility. With conditions stabilising and investor appetite returning, Shawbrook has reportedly appointed Goldman Sachs to lead the float, with other banks expected to join the advisory group. The listing is seen as a potential catalyst for London’s IPO market.

If successful, Shawbrook’s IPO would be one of the largest in London this year and could help restore confidence in the UK’s capital markets. It also underscores a broader trend of private equity-backed firms seeking exits amid improving valuations and investor sentiment.

Shein: awaiting Beijing’s nod

Shein, the Chinese-founded fast-fashion giant, has cleared a major hurdle in its bid to go public in London, securing approval from the UK’s Financial Conduct Authority (FCA) for its proposed IPO on the LSE. The move marks a significant milestone in the company’s pivot away from a previously planned US listing, which was shelved amid political scrutiny and regulatory pressure.

Despite the FCA’s green light, Shein is now expected to slash its IPO valuation to around $50bn, down from the $66bn it achieved in its 2023 fundraising round. The reduction reflects growing uncertainty in its largest market – the US – where the removal of the “de minimis” duty exemption and 145% tariffs on Chinese goods imposed by President Trump have clouded Shein’s profitability outlook. 

The de minimis rule had allowed Shein to ship low-cost items directly to US consumers without import duties. Its removal could force price hikes and dampen demand, especially as nearly half of all packages shipped under the exemption came from China, according to congressional data. 

While the UK regulator has approved the listing, Shein still needs a green light from China’s Securities Regulatory Commission (CSRC). The CSRC’s approval is required under Beijing’s new offshore-listing rules, which apply to companies with substantial operations in China — even if they are legally domiciled elsewhere. 

The UK government has reportedly been actively courting Shein to list in London, viewing the IPO as a potential win for the City amid a broader effort to revive its tech and retail listings. The FCA’s approval follows months of confidential filings and negotiations and comes as London seeks to position itself as a more-attractive alternative to New York for global tech and consumer brands. 

Shein’s decision to abandon its US IPO plans was influenced by political backlash over alleged labour practices in its supply chain. The company has denied wrongdoing and says it maintains a zero-tolerance policy for forced and child labour.

Waterstones: London or New York?

Waterstones, the UK’s largest high-street bookseller, is actively considering an IPO, with London and New York both on the table as potential listing venues. The move comes amid a period of strong growth for the retailer, driven by a resurgence in physical-book sales and a wave of store openings across the UK.

James Daunt, managing director of Waterstones and chief executive of US counterpart Barnes & Noble, has confirmed that a combined IPO of the two chains is under consideration. Speaking to the Financial Times, Mr Daunt described a future flotation as “logical,” though he emphasised that no formal decision has been made. The IPO could take place in either London or New York, depending on market conditions and investor appetite. Waterstones is owned by Elliott Advisors, a US-based private-equity group, which has not yet committed to a listing but acknowledges it as a viable future option. 

The IPO speculation comes as Waterstones embarks on its most-ambitious expansion in years. The company opened 12 new stores in 2024, with plans to match or exceed that number in 2025. This growth is being fuelled in part by the #BookTok phenomenon, a TikTok-driven trend that has reignited interest in physical books, particularly among Gen Z readers.

Waterstones, which also owns Foyles, Hatchards, and Blackwell’s, has capitalised on this trend with curated “BookTok Recommended” tables and events like the BookTok Festival at its flagship Piccadilly store. 

Brewdog: IPO shelved for now

Beer group BrewDog is not currently pursuing a London IPO, having shelved its plans in June 2025 to focus on achieving sustainable profitability. While an IPO was explored in previous years and even suggested for 2023, market conditions and strategic shifts led to delays, with the most-recent update indicating it is not on the agenda at present. 

The Scottish craft-beer icon has officially put its London IPO plans on ice, despite posting its first profit since 2021. The company’s newly-appointed CEO, James Taylor, confirmed that an initial public offering is “not on the agenda at the moment,” as the business focuses on operational efficiency and financial recovery. 

BrewDog had been linked to a potential £1bn flotation on the LSE, with former CEO and co-founder James Watt publicly exploring IPO options as early as 2021. However, market volatility, internal restructuring, and flat revenue growth have led the company to pause its listing ambitions. But it could be one for the future.