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City of London

When It Comes to Listings, London Is Losing Its Magic

The UK’s IPO activity has been shrinking since the Brexit vote. Can regulatory changes restore London’s reputation for being the go-to place to list in Europe?

    

    

Photographer: Luke MacGregor/Bloomberg

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London’s stock market is facing the quietest period for listings since the financial crisis. British startups are instead heading to New York and Europe in search of deeper pockets and higher valuations. The immediate cause of the slump is the global pause in share sales after Russia’s invasion of Ukraine. But the reasons behind the UK’s slide go back further. A string of high-profile flops and snubs has dented investor confidence, the most recent being SoftBank reconsidering whether to bring back UK chip designer Arm to the London market with a partial listing, in light of political upheaval.