The London listings landscape: A reasoned case for renewed confidence
James Taylor, Head of Investment Banking at Deutsche Numis, looks at how renewed confidence in the London capital markets could be harnessed to reinforce the UK’s position as a global investment hub.
It is not overreaching to say there’s a renewed sense of optimism in the outlook for listings in London this year. An edifying 99% of FTSE leaders believe the UK is an attractive market for launching an IPO or raising capital, marking an increase from 87% in 2024.
Newly regained confidence after a tough year – when the London Stock Exchange saw high net outflows of companies from the main market – was reflected in FTSE leaders’ predictions for IPOs in the UK.
Some 93% expected the number of UK IPOs to increase, up from a proportion of 81% last year, and slightly higher than the 89% who expected IPOs to rise globally. Meanwhile, 91% thought secondary capital raisings in the UK will increase, up from 85% last year.
We need to seize this pivotal opportunity for London to capitalise on the rising tide of improved sentiment and Government policies to bolster the capital’s position as a launchpad for high-growth companies. James Taylor, Head of Investment Banking, Deutsche Numis
These were among the headline findings in our Raised in London report for 2025, which encompassed a survey of 150 senior leaders and board directors of UK-listed companies. To ascertain a wide spectrum of views from businesses across the different indices, we engaged with leaders from FTSE 100, FTSE 250, FTSE AIM and other FTSE listed companies.
Minding the valuation gap
The mood shift in our survey results could, in part, reflect a nascent change in the narrative around valuation multiple gaps between the UK and other markets. This gap, which our report shows is affecting AIM-listed firms acutely, has narrowed in recent months, but still has some way to go. Some 83% of our respondents felt the UK undervalues listed companies relative to other markets, with almost half (47%) believing the undervaluation is at 15-20%.
A high proportion of FTSE leaders (83%) said they had considered moving their listing to a foreign market or seeking a dual listing. Notably, amidst the growing appeal of hubs like Amsterdam and Frankfurt, almost two-thirds (63%) of the participants had faced pressure from external stakeholders to move or seek a dual listing.
The power of policy
Within this competitive global marketplace, policy reforms are starting to make a difference for the UK.
In just one example, 96% of our survey respondents said the 2024 Listings Reforms have made life as a listed company easier and/or cheaper. New rules will mean listed companies can raise up to 75% of their existing market cap without a prospectus – in days, not months – while the Government’s new Listings Taskforce is another opportunity to attract and retain UK listings.
Nonetheless, if recent reforms are helping to fuel new-found optimism, it should be tempered with realism. IPOs may increase, but they will start from a low base. And, as our survey reveals, there remain material pressures on companies to consider moving their listings overseas.
Carpe diem
We need to seize this pivotal opportunity for London to capitalise on the rising tide of improved sentiment and Government policies to bolster the capital’s position as a launchpad for high-growth companies. James Taylor, Head of Investment Banking, Deutsche Numis.
Despite a pervasive perception of London’s attraction draining away to the US, there are clear signs of structural drivers, as well as underlying strengths, dialling up its appeal.
One of those is London’s well-established foothold as a global centre for financing and capital markets. Some 37% of companies listed on the London Stock Exchange’s markets are international, more than on any other major exchange, while 63% of institutional investors on the FTSE All-Share are international.1 The top reason FTSE leaders believe international investors are attracted to the UK capital markets is good governance and an excellent financial services support network.
London remains the largest exchange within Europe, with more equity capital raised in London than the next three European exchanges combined (Paris, Frankfurt and Milan) in 2024. It is also the fifth largest in the world in terms of total capital raisings, with £8.7bn raised during the first half of this year 2.
These encouraging signs, as well as our survey results, serve as a reminder of the UK capital markets’ durability. Given continued uncertainty around US tariffs and persistent geopolitical tensions, resilience and stability will be crucial characteristics to attract capital.
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James Taylor, Head of Investment Banking at Deutsche Numis, looks at how renewed confidence in the London capital markets could be harnessed to reinforce the UK’s position as a global investment hub.
It is not overreaching to say there’s a renewed sense of optimism in the outlook for listings in London this year. An edifying 99% of FTSE leaders believe the UK is an attractive market for launching an IPO or raising capital, marking an increase from 87% in 2024.
Newly regained confidence after a tough year – when the London Stock Exchange saw high net outflows of companies from the main market – was reflected in FTSE leaders’ predictions for IPOs in the UK.
These were among the headline findings in our Raised in London report for 2025, which encompassed a survey of 150 senior leaders and board directors of UK-listed companies. To ascertain a wide spectrum of views from businesses across the different indices, we engaged with leaders from FTSE 100, FTSE 250, FTSE AIM and other FTSE listed companies.
Minding the valuation gap
The mood shift in our survey results could, in part, reflect a nascent change in the narrative around valuation multiple gaps between the UK and other markets. This gap, which our report shows is affecting AIM-listed firms acutely, has narrowed in recent months, but still has some way to go. Some 83% of our respondents felt the UK undervalues listed companies relative to other markets, with almost half (47%) believing the undervaluation is at 15-20%.
A high proportion of FTSE leaders (83%) said they had considered moving their listing to a foreign market or seeking a dual listing. Notably, amidst the growing appeal of hubs like Amsterdam and Frankfurt, almost two-thirds (63%) of the participants had faced pressure from external stakeholders to move or seek a dual listing.
The power of policy
Within this competitive global marketplace, policy reforms are starting to make a difference for the UK.
In just one example, 96% of our survey respondents said the 2024 Listings Reforms have made life as a listed company easier and/or cheaper. New rules will mean listed companies can raise up to 75% of their existing market cap without a prospectus – in days, not months – while the Government’s new Listings Taskforce is another opportunity to attract and retain UK listings.
Nonetheless, if recent reforms are helping to fuel new-found optimism, it should be tempered with realism. IPOs may increase, but they will start from a low base. And, as our survey reveals, there remain material pressures on companies to consider moving their listings overseas.
Carpe diem
We need to seize this pivotal opportunity for London to capitalise on the rising tide of improved sentiment and Government policies to bolster the capital’s position as a launchpad for high-growth companies. James Taylor, Head of Investment Banking, Deutsche Numis.
Despite a pervasive perception of London’s attraction draining away to the US, there are clear signs of structural drivers, as well as underlying strengths, dialling up its appeal.
One of those is London’s well-established foothold as a global centre for financing and capital markets. Some 37% of companies listed on the London Stock Exchange’s markets are international, more than on any other major exchange, while 63% of institutional investors on the FTSE All-Share are international.1 The top reason FTSE leaders believe international investors are attracted to the UK capital markets is good governance and an excellent financial services support network.
London remains the largest exchange within Europe, with more equity capital raised in London than the next three European exchanges combined (Paris, Frankfurt and Milan) in 2024. It is also the fifth largest in the world in terms of total capital raisings, with £8.7bn raised during the first half of this year 2.
These encouraging signs, as well as our survey results, serve as a reminder of the UK capital markets’ durability. Given continued uncertainty around US tariffs and persistent geopolitical tensions, resilience and stability will be crucial characteristics to attract capital.
1 london-stock-exchange-end-of-year-edition.pdf (LSEG, 31 December 2024)
2 London Markets Update – 5th Edition 2025 | Issuer Services | LSEG (LSEG, 25 June 2025)