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Britain's stock market has suffered its worst first half of the year in decades, figures show.
Analysis by data provider Dealogic reveals that stock market debuts have raised just £150m in 2025 so far, down 78 per cent on 2024 and the lowest level on records going back to 1999.
There were just five London IPOs in the period, even lower than the desultory seven a year earlier, and the lowest level since 2009 when markets were in the grip of the financial crisis.
The figures will intensify disquiet over the state of the London market which has been hit by a flurry of departures to rival exchanges and takeovers by foreign predators – who have spotted bargains among the UK's undervalued stocks.
Fintech Wise recently announced it is upping sticks for New York, while hopes of a blockbuster float by fast-fashion giant Shein have evaporated as it plots a Hong Kong IPO instead. Tech firm Alphawave is among the UK-listed firms being snapped up.
The latest gloomy data covers a period when Donald Trump's announcement of swingeing tariffs on trading partners – on what he called 'Liberation Day' in April – battered market sentiment at at time when there was already a dearth of IPOs.
The worst of Trump's tariffs have since been put on hold.
But Samuel Kerr, global head of equity capital markets at Dealogic, said: 'Liberation Day was a nightmare for deal flow, with April the worst since 2011 for global deal volume.'
Charles Hall, head of research at Peel Hunt, said the figures highlighted what has been 'a theme for some time'.
The London Stock Exchange's woes have led to calls for measures to force British pension funds to invest more in the UK.
Hall added: 'If we don't have investment from domestic investors then we can't expect to have a healthy equity market. This is fundamental to the health of our economy.'
Simon French, chief economist at Panmure Liberum, said the Government 'should promote an equity ownership culture' drawing on the legacy of 1980s privatisation campaigns.
Russ Mould, investment director at AJ Bell, said the dearth of IPOs in the first half was not unique to London, with other global markets also struggling.
The figures come days after it emerged that, in a rare boost for the City, Norwegian software firm Visma is planning a £16billion London IPO – partly encouraged by reforms to the UK's listings regime.
Changes have been encouraged by a City task force set up to try to revive London's market. But LSE boss Julia Hoggett, who is spearheading the campaign, admitted in a speech last week: 'We still have not seen the real turning point in terms of risk capital within and into the UK.'
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