The UK’s IPO market is showing early signs of revival from its fallow period, according to research from EY-Parthenon.
The firm said the London Stock Exchange recorded seven new listings in the first half of 2026, raising £577m in total.
The three main market listings and four AIM listings represented a 215% increase in proceeds compared with £183m raised in the first half of 2025.
The activity was weighted towards the second quarter, which accounted for five of the listings, raising £564m. This was a 422% year-on-year rise.
Global IPO markets are also ‘gaining momentum’ according to EY-Parthenon, driven by the AI boom and broadening sector listing activity.
Proceeds increased 210% year-on-year in the first half of 2026, despite geopolitical and macroeconomic headwinds.
In total, 509 IPOs were completed globally in the first half of 2026, raising $193.6bn.
Market conditions continued to vary by region, with the Americas seeing strong momentum, including the $86bn SpaceX IPO.
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Europe, the Middle East and parts of Asia Pacific saw more muted activity as geopolitical troubles took a toll.
At a country level, Greater China recorded the highest number of IPOs with 163 listings, followed by India (102) and the US (72). The US led by proceeds with $128bn.
Scott McCubbin, EY-Parthenon UK IPO leader, said: “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.”
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Grant Humphrey, partner at EY-Parthenon, added: “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.”
