London’s IPO calendar has barely begun, with only 7 listings raising £577.2mn and a total market value of £2.2bn. The float of a stake in Uzbekistan’s national investment fund alone accounted for £511mn, the largest single offering.

In contrast, 28 proposed takeovers of UK firms have already surpassed £59.7bn, roughly 27 times the value of new listings. EQT’s £9.5bn bid for Intertek, Zurich’s £8bn purchase of Beazley, Castlelake’s £5.5bn for easy Jet, and Ingredion’s £2.7bn deal for Tate & Lyle illustrate the trend. Prologis’s £12.6bn offer for Segro remains under negotiation, and even rejected bids could be revived under UK takeover rules.

Across the Atlantic, 72 US IPOs in the first half of the year lifted $128bn, led by SpaceX’s $86bn float. London’s own plans for Visma’s €19bn listing stalled, and travel‑industry Love Holidays also faltered amid Middle East conflict. EY-Parthenon notes that easing rate expectations and stabilised commodity prices may improve conditions, with Waterstones and AS Watson cited as potential candidates.

The mismatch signals a persistent outflow of capital from London’s public markets. Regulators and the LSE have loosened rules on free floats and disclosure, yet the gap persists. Andy Haldane’s suggestion to remove overseas pension tax incentives aims to redirect investment homeward. Investors and corporate leaders must weigh the cost of missing out on a vibrant London listing against the allure of a takeover‑rich market.