London’s Biggest 2025 IPO Rallies 33% After Braving Tariff Storm

In early April, Rakesh Shaunak made a decision few executives in his position were willing to make at the time — to go ahead with an initial public offering just as US President Donald Trump was kicking off his trade war, roiling markets.

Since Shaunak’s company, the auditing firm MHA Plc, pulled the trigger on the £98 million ($132 million) IPO on the London Stock Exchange’s AIM market, the shares have rallied 33% amid a wave of optimism that economic growth will hold up even in the face of tariffs.