Despite a perceived lack of deals compared to New York, London's IPO market is not as dire as it appears. In the first half of 2026, companies raised $720 million in London IPOs, an improvement over recent years. This figure was significantly boosted by a large listing from Uzbekistan's national investment fund.

If Airtel Africa proceeds with its mobile money business listing, London could see its best year for new listings since 2021. This indicates London's continued appeal for emerging market companies, as demonstrated by Georgian bank Lion Finance choosing a UK listing over the US.

The postponement of software group Visma's €19 billion IPO was attributed to a global software-as-a-service sell-off, not London-specific issues. While London aims higher, its IPO performance in the first half of 2026 outpaced France, Italy, and Sweden, and narrowly trailed Germany. Improving retail investment culture is an area for development, but overall confidence is key to attracting deals.