The London Stock Exchange recorded seven new listings in the first half of 2026 that raised £577m total – an early sign that UK markets are in recovery, according to EY-Parthenon’s latest IPO analysis.
These listings, of which three were on the main market and four on AIM, represent a 215% increase in proceeds compared with £183m raised in H1 2025. IPO activity was weighted towards Q2, which accounted for five listings raising £564m – up 422% year-on-year. In Q1, there were just two listings.
Global IPO proceeds increased 210% year-on-year in the first half of 2026 despite ongoing geopolitical and macroeconomic headwinds. IPOs linked to AI and related infrastructure played a central role in this recovery, driving both earnings growth and a strengthening pipeline of prospective issuers.
In total, 509 IPOs were completed globally in H1 2026, raising $193.6bn (£144.8bn). However, market conditions continued to vary by region.
The Americas recorded strong momentum, underpinned by SpaceX’s largest IPO in history, which raised $86.2bn (£64.4bn) and heightened anticipation for further large-scale transactions.
In contrast, EMEIA and parts of Asia-Pacific remained more sensitive to geopolitical developments and energy price volatility, while markets such as Greater China continued to benefit from deep domestic liquidity and sustained international participation.
At a country level, Greater China recorded the highest number of IPOs, with 163 listings.
Sector activity remained robust across semiconductors, power and data centre infrastructure, robotics and advanced manufacturing, with investors increasingly focused on companies demonstrating credible AI-driven growth strategies.
Venture capital and private equity sponsors also played a key role in supporting IPO activity in the first half of 2026. Improved after market performance has strengthened confidence in IPO exits, encouraging sponsors to bring high quality assets to market following extended hold periods.
“The UK IPO market is being shaped by shifting macroeconomic conditions and evolving investor sentiment. Easing oil prices and moderating inflation are bringing interest rate cuts back into focus, creating a more supportive backdrop for capital markets,” says Scott McCubbin, EY-Parthenon’s UKI IPO leader.
“However, increased volatility in AI-linked equities is creating a headwind, making it more challenging for companies to achieve the stability required for successful IPOs.
“Despite this, the market is building on the improving conditions seen earlier in the year, with strengthening global momentum supporting a gradual reopening. While activity remains below historic averages, the direction of travel is encouraging, with confidence increasingly translating into execution.
“For UK issuers, the focus is shifting from ‘if’ to ‘when’. Listing windows are becoming more frequent, and well-prepared companies with a clear equity story, strong financial fundamentals and flexibility on timing will be best positioned to act. With a robust pipeline in place, the UK market is well placed to benefit from a sustained recovery into 2027.”
