London’s IPO Market Faces Pivotal 2026 Amid Struggles to Attract Major Listings

Bankers are framing 2026 as a make-or-break year for London's faltering IPO market, following another lackluster period of listings activity. The choice of Visma, a Norwegian software firm, to pursue its €19 billion IPO in London serves as a critical test of the city's post-reform credibility. Recent rule changes now allow euro-reporting companies to join UK indices, broadening access for global issuers.

Fintech and insurance firms eyeing public debuts face tough timing decisions, weighing London against New York. A single breakthrough listing could shift market sentiment and help restore the London Stock Exchange's standing. The LSE trails smaller venues, with limited deal FLOW reducing market depth and raising concerns across the City.

Recent listings like Shawbrook, Beauty Tech, and Princes Group failed to make a significant impact. Dual-track approaches by Fermi and Metlen reflect growing caution about single-market exposure. The ice cream Maker Magnum's postponed listing underscores the challenges.