This month, the Speedometer has accelerated slightly to 28mph, from 27mph in July. The Speedometer remains in second gear, classifying the UK IPO market as ‘selectively open’ for either best-in-class issuers or certain niche thematics that resonate.
Despite a cautious tone from investors post-summer, the backdrop is getting increasingly supportive for UK IPOs: markets are trading at highs, volatility has come down significantly, broader UK ECM has been active over recent months, and the global fund flow picture is changing (shifting away from the US). However, we have so far been in a European-led IPO recovery since 2024.
The UK pipeline of potential IPO candidates continues to build, both for later this year and next. IPO activity has already restarted post-summer, and we expect that to pick up further over the coming weeks.
Following a quiet 1H, 2H is expected to see the first real test of the UK IPO market in some time. Seeing some IPOs come to market and trade successfully will be important to give confidence to the broader pipeline.
