Downing Street has summoned major private‑equity firms to probe why British portfolio companies are shying away from London listings. Hg Capital, Clayton Dubilier & Rice, General Atlantic, CVC, EQT and Elliott met ministers and aides to discuss incentives and reforms. The drive comes after only seven IPOs this year and a record‑breaking wave of takeovers that have made bids for London‑listed firms 27 to 1 richer than new entrants, the FT reported.

Private‑equity exit routes normally rely on IPOs, yet London has become an unlikely choice. EQT backs IVC Evidensia and CFC as potential LSE candidates, while Elliott’s Waterstones is undecided on a London or New York float. Hg’s Visma, once a hopeful spark for a revival, was dampened by the tech rout. The government’s stamp‑duty holiday, lower free‑float rules and new option schemes aim to tilt the balance, though a Treasury row over scrapping the £4.3bn a year levy has stirred debate.

The LSE has supplied a list of 20 firms—including Unilever, Shell and the LSE itself—who might shift to New York, costing the city a potential £2bn in stamp duty. The Treasury remains committed to attracting listings, pledging a three‑year stamp‑duty exemption to support new IPOs.