UK IPO market shows early signs of revival
The London Stock Exchange recorded seven new listings, raising £577m in the first half of 2026, as the UK markets show signs of 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.
Scott McCubbin, EY-Parthenon UKI IPO Leader, comments: “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. 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.”
Global IPO markets gain momentum, driven by AI and broadening sector listing activity
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 US$193.6bn. However, market conditions continued to vary by region. The Americas recorded strong momentum, underpinned by the largest IPO in history, which raised US$86.2bn 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, followed by India (102) and the United States (72). The US led by proceeds, raising US$128bn, followed by Greater China at US$42.3bn.
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 aftermarket performance has strengthened confidence in IPO exits, encouraging sponsors to bring high-quality assets to market following extended hold periods.
Grant Humphrey, partner, EY-Parthenon, said: “Global IPO markets are entering a new phase, with momentum building across multiple regions and sectors. What sets this recovery apart is its breadth — activity is no longer concentrated in isolated markets or industries but is being supported by a wider base of issuers and investors. While this points to a continued re-acceleration in global IPO activity through the second half of 2026 and beyond – supported by improving investor sentiment, strong pipelines and structural growth themes – uncertainty and volatility remain key considerations. In this environment, success will depend on preparation, a compelling and credible equity story, flexibility on timing, and the ability to act decisively when the right window opens.”