In our latest IPO Speedometer podcast, Dan Webster, Charles Hall and Brian Hanratty discuss the health of the IPO market.
This month the Speedometer has deaccelerated slightly to 27mph, down from 29mph in August. The Speedometer remains in second gear, classifying the UK IPO market as “selectively open” for certain issuers.
The key drivers of the model this month were: IPO activity reducing post summer in both the UK and Europe, continued constructive broader UK ECM volumes, a resilient equity market backdrop, and continued outflows from UK domestic funds.
Movement in the IPO Speedometer has principally been driven by the lack of supply of immediate IPO-ready issuers, rather than weakening market fundamentals.
We continue to classify the UK IPO market as ‘selectively open’ for either best-in-class issuers or certain niche thematics that resonate. We expect some limited IPO transactions in the UK over the remainder of the year and do not expect a broader re-opening until 2Q25.
Click here to listen to the full podcast on Spotify.