It’s been a lacklustre 12 months for London listings with only 18 companies making their debut on the London Stock Exchange (LSE) in 2024. This is the lowest figure since records began in 2010 and this lack of IPO activity has pushed UK capital markets to 20th place in a new ranking of global IPO destinations, published by Bloomberg.
Many companies have chosen to delay their initial public offering, opting to wait for better economic conditions, improve their market position or extend their product line. Meanwhile, increased competition from private equity firms and attractive stock markets overseas have drawn companies away from the London Stock Exchange.
But 2025 could be a turnaround year for the UK’s stock market, with several high-profile companies expected to go public in the next twelve months.
Shein
Shein, the Chinese fast-fashion retailer, has expressed plans to IPO in London in 2025. Its flotation, while one of the most highly anticipated, remains controversial.
The company has been accused of malpractice in its supply chain, including poor working conditions. It has also been heavily criticised for the negative impact its have on the environment. As a result, approval for the listing has been slower than expected and Shein’s leadership has faced a difficult task convincing investors its issues are temporary.
While Shein was valued at $100bn (£79bn) in April 2022, this dropped to $66bn (£53bn) last year. It could be cut again, to around $50bn (£39bn), following the new US administration’s decision to end the de minimis tariff provision, which allowed items worth $800 (£635) or less to enter the US duty free. The removal of this measure, which has allowed Shein to keep its prices low, will hurt profits and may force it to increase prices in the US – Shein’s biggest market.
Shein’s IPO date has now been set for April 2025, according to Reuters.
Shawbrook
Shawbrook Group, the British lender, is edging closer to a London stock market flotation that could value the company at over £2bn.
Shawbrook’s private equity owners, BC Partners and Pollen Street Capital, have appointed Goldman Sachs to help oversee the process. Plans for an IPO were initially reported by Sky News and is expected to take place in the first half of this year.
Shawbrook first explored a flotation in 2021 but shelved these plans due to the bank’s key customers being hit by inflation and soaring energy costs. If the IPO goes ahead, it would rank among the largest companies to list in London so far this year.
Monzo
Monzo has long been linked with a possible IPO. TS Anil, the chief executive, has repeatedly said the digital bank will make a “great public company one day” but has remained tight-lipped about timing.
The bank appears to be preparing for a public listing. It appointed two new CFOs last year, one with previous IPO experience, and is reported to be in preliminary talks with bankers as it works to float before the end of the year.
However, its board has struggled to agree on a listing location. While reports suggest Anil prefers a US listing, Monzo’s board favours floating in London. Alongside its upcoming IPO, Monzo is also focusing on US expansion plans.
Starling
Starling Group, which includes Starling Bank, banking software platform Engine and mortgage lender Fleet Mortgages, is considering a London stock market listing.
John Mountain, the bank’s former interim chief executive, had stated that a potential flotation was being discussed regularly by the board and shareholders. The location has not been confirmed but London would be a “natural home,” he said. Mountain was replaced by Raman Bhatia as group CEO in March.
Starling’s latest results put the firm in a strong position to float this year. The digital banking group reported a 54.7% increase in pre-tax profits to £301m for the year ending March 2024. Revenue grew by 50.6% to £682.2m. Mountain said it had been a “breakthrough year”.
Waterstones
UK bookstore Waterstones has hinted at an IPO in either London or New York. James Daunt, the CEO of US book-seller Barnes & Noble and managing director of Waterstones, said that an IPO would be “a very sensible place” for the group.
He also said that 2025 would be a year of significant expansion for Waterstones and Barnes & Noble with plans to open more bookshops in the UK and the US.
Ebury
Ebury, the UK payments startup, is currently collaborating with Goldman Sachs and Bank of America on a London listing. There was much speculation that Ebury was planning to IPO last year with reports valuing the firm at around £2bn.
Bruce Carnegie-Brown, chairman of Lloyd’s of London, was appointed to the fintech’s board of directors in October 2024 – a sign that IPO plans are heating up.
Ebury, alongside Monzo, joins a growing list of fintech firms preparing to go public. Swedish buy-now-pay-later company, Klarna, is due to list in New York in 2025, German open-banking fintech Raisin is considering an IPO next year, while UK-based Revolut is also reportedly eyeing a flotation later this year or in 2026.
Canopius
Canopius, one of Lloyd’s biggest insurance firms, is rumoured to list on the UK stock market later this year. A listing could hit a valuation of £3bn, Bloomberg reported in July. The group has hired investment bankers at Fenchurch Advisory Partners to work on the process.
Like many others, Canopius ditched previous IPO efforts in 2021 due to volatile markets.
Zilch
Zilch, the UK-based buy-now-pay-later firm, is also eyeing an IPO. It raised £100m last year in a debt financing deal arranged by Deutsche Bank AG, as it pursues expansion plans prior to a potential float.
However, Philip Belamant, the chief executive, told The Standard London might not be Zilch’s ideal listing destination. “We need pension funds investing in British businesses. If that’s not happening you don’t get the liquidity and then you drive that decision away,” he said.
Melton Energy & Metals
Melton Energy & Metals, the Greek industrial conglomerate, has taken steps towards listing its shares on the LSE. It filed paperwork with the Financial Conduct Authority (FCA) in December, the first step in a regulatory process that would see the company list in London in 2025. The group will maintain a secondary listing on the Athens Stock Exchange.
The group is currently valued at around £4bn, making it a possible contender for the FTSE 100 blue-chip index.
RC Fornax
RC Fornax, the UK defense sector consultancy business, has become LSE’s first IPO of 2025. The firm listed on London’s stock market in February, following a £6.15m fundraise. These funds will be allocated to technology innovation and recruitment.
The business was founded in 2020 by Royal Air Force veterans Paul Reeves and Daniel Clark.
It's been a lacklustre 12 months for London listings with only 18 companies making their debut on the London Stock Exchange (LSE) in 2024. This is the lowest figure since records began in 2010 and this lack of IPO activity has pushed UK capital markets to 20th place in a new ranking of global IPO destinations, published by Bloomberg.
Many companies have chosen to delay their initial public offering, opting to wait for better economic conditions, improve their market position or extend their product line. Meanwhile, increased competition from private equity firms and attractive stock markets overseas have drawn companies away from the London Stock Exchange.
But 2025 could be a turnaround year for the UK’s stock market, with several high-profile companies expected to go public in the next twelve months.
