London managed one IPO in the third quarter, a £29.8m AIM float
London recorded one IPO in the third quarter, a £29.8m AIM listing, and eight in nine months, EY says. Nine-month proceeds of £606.9m beat last year's £199.1m, but EY says most firms weighing a listing are looking to 2027.
Reality
- Evidence72
- Adoption20
- Hype gap+15
- Incentives45
- Confidence68
Smarter Web's Bitcoin-backed preferred shares start trading in London at a 13.33% running yield
Smarter Web began trading its MORE perpetual preferred shares in London on October 14 with an initial 12% annual dividend paid weekly. At the £90 issue price the running yield is 13.33%, a rate that rests on a treasury concentrated in Bitcoin.
Reality
- Evidence45
- Adoption
- Not scored
- Hype gap+15
- Incentives55
- Confidence45
Bids for London-listed firms have outnumbered large IPOs 15 to 1 since 2023
Peel Hunt counts 42 live bids worth £74bn for London-listed firms, more than double the £35bn bid across 2025. Bid numbers are close to 2025's and the targets are larger, so the stronger evidence that London is emptying sits on the listing side.
Reality
- Evidence50
- Adoption
- Not scored
- Hype gap+20
- Incentives
- Not scored
- Confidence55
LSE-led taskforce urges pension tax breaks in pre-Budget plan to revive London listings
Cmit, the LSE-led City taskforce, has asked Chancellor John Healey for pension tax breaks, including a dividend credit costing up to £742m a year. The measures aim to draw pension and ISA money into UK shares over years to 2042, so a board choosing between London and New York this year would still list into today's market.
Reality
- Evidence35
- Adoption
- Not scored
- Hype gap+25
- Incentives75
- Confidence45
Storonsky says a US primary listing was always Revolut's target for any IPO
Revolut CEO Nik Storonsky told Bloomberg TV on Oct. 8 that the digital bank would put its primary listing in the US if it goes public. With a float not expected before 2028, the open question for London is whether it keeps a secondary listing beside New York.
Reality
- Evidence60
- Adoption
- Not scored
- Hype gap+10
- Incentives60
- Confidence65
Wittington Investments, the Weston family's holding company, agreed on Wednesday to buy Boots from Sycamore Partners for $8.9bn. Boots gives up the prospect of public shareholders for a family owner promising stable long-term ownership and further investment.
Perspective Coverage
3 publishers
- Builder
- Builder 5%
- Operator
- Operator 38%
- Investor
- Investor 57%
Reality
- Evidence72
- Adoption
- Not scored
- Hype gap+10
- Incentives62
- Confidence72
TBC Bank's Uzbek unit weighs its own IPO after a state fund drew four times its raise in London
TBC Bank's Uzbekistan unit is considering its own IPO after a Franklin Templeton-run state fund raised $690 million on more than $2.8 billion of orders. Buyers now want to know whether reforms that one analyst says rest largely on presidential decree will hold, and Moody's has tied Uzbekistan's rating to the answer.
Reality
- Evidence60
- Adoption35
- Hype gap+10
- Incentives60
- Confidence55
Zilch has invited banks to pitch for a float as early as 2027, against a $2 billion private valuation of about 14 times revenue. The listing would test what public buyers will pay for a 2021 fintech price attached to a lender still reporting losses.
Reality
- Evidence55
- Adoption50
- Hype gap+15
- Incentives45
- Confidence50
Airtel Money pins an $8 billion to $9 billion London IPO on its shift to payments
Airtel Money is reportedly seeking an $8 billion to $9 billion valuation in a London IPO, with existing holders selling at least $800 million of shares. At that price, Airtel Africa's roughly 78% stake would equal about half of the parent's own market value.
Reality
- Evidence40
- Adoption
- Not scored
- Hype gap+20
- Incentives75
- Confidence40
Monzo is in early talks to sell to Nubank at a reported £8bn to £10bn, against a £4.5bn valuation from an October 2024 employee share sale. A deal would likely end its plans to float, costing London one of the fintech listings officials hoped would revive a depleted market.
Perspective Coverage
4 publishers
- Builder
- Builder 6%
- Operator
- Operator 34%
- Investor
- Investor 60%
Reality
- Evidence45
- Adoption
- Not scored
- Hype gap+25
- Incentives50
- Confidence50
An 11-year wait for IPOs pushes staff share sales into startup pay plans
Moneybox ran a 45 million pound secondary share sale aimed at long-serving staff as the average startup's wait to list reached 11 years, up from 6.9 in 2014. Outside buyers fund those payouts, so founders can reward tenure without spending company cash.
Reality
- Evidence40
- Adoption30
- Hype gap+35
- Incentives75
- Confidence45
Storonsky adds a London leg to Revolut's Nasdaq listing plan
Nik Storonsky called a London listing "just not rational" in 2024 over the 0.5% stamp duty that is still charged today, and he now tells Les Echos that Revolut, valued at $115bn, plans to list in London as well as on the Nasdaq.
Reality
- Evidence58
- Adoption28
- Hype gap+22
- Incentives68
- Confidence55
Smarter Web plans non-voting preferred shares with weekly dividend, citing Bitcoin treasury as one of several funding sources
Smarter Web, the UK's largest listed bitcoin holder, wants £15m to £25m from London for a non-voting preferred share that pays a variable weekly dividend. The prospectus still needs FCA approval.
Reality
- Evidence42
- Adoption20
- Hype gap+28
- Incentives65
- Confidence40
Smarter Web freed £132.5m of distributable reserves before asking London for £25m
The Bristol company wants £15m to £25m for MORE shares, a sterling perpetual preferred backed by 2,878 bitcoin, and the High Court cleared the dividend capacity in July, before any prospectus existed.
Reality
- Evidence38
- Adoption24
- Hype gap+34
- Incentives72
- Confidence45
One Uzbek state fund supplied 77% of London's first-half listing proceeds
London's register has fallen to 1,534 companies and more than 30 are leaving this year, while its seven first-half IPOs raised $780 million between them. LSE chief Julia Hoggett says the pipeline is the largest since 2005.
Reality
- Evidence55
- Adoption32
- Hype gap+35
- Incentives78
- Confidence52
Three IPOs joined London's main market in the half that saw thirty companies leave
The LSE's register has fallen from 2,429 companies in 2015 to 1,534 in May 2026. Reforms landing this summer cut the friction of going public, while the same account blames a domestic buyer base that has been rotating out for years.
Reality
- Evidence34
- Adoption62
- Hype gap+20
- Incentives35
- Confidence40
Nasdaq invests $100 million in Kraken parent Payward, expands tokenized-stock partnership
Nasdaq Ventures put $100 million into Payward for what works out to about half a percent, and the tokens are targeted for the second quarter of 2027. The surveillance and onboarding commitments bind sooner.
Reality
- Evidence45
- Adoption35
- Hype gap+30
- Incentives70
- Confidence55
Cardiff's IQE prices a Beijing licensing decision into its second half
Jutta Meier told Bloomberg that access to indium phosphide has become a risk for the whole chip industry, and her mitigation is broader supplier engagement in a market where the US Geological Survey puts 70% of supply in China.
Reality
- Evidence55
- Adoption62
- Hype gap+12
- Incentives68
- Confidence58
Hargreaves Lansdown, UK's biggest D2C investment platform, opens Bitcoin ETN access at 0.35% a year
The platform holding 33.6% of direct-to-consumer assets is charging 0.35%, capped at £12.50 a month, to hold notes that HMRC has confined since 6 April to an ISA fewer than 150,000 savers appear to use.
Reality
- Evidence38
- Adoption30
- Hype gap+18
- Incentives66
- Confidence45
Payward held about $606m of a $2.5bn tokenized equity market in August, barely ahead of Binance's two-month-old product, and the LSE deal buys it inventory it could not get any other way while leaving UK investors out.
Reality
- Evidence42
- Adoption27
- Hype gap+38
- Incentives72
- Confidence47