The London Stock Exchange has dropped out of the top 20 global IPO destinations for 2024, matching the financial output of Kazakhstan's market, according to data from Mergermarket.
This year, the LSE has hosted only one IPO, raising a mere $119 million (£95 million), positioning it alongside smaller exchanges like those in Istanbul, Athens, and Oslo. The sole IPO was a joint listing between London and Kazakhstan for Air Astana (LSE:AIRA).
The stagnation in London's IPO scene is part of a broader European trend, although other continents have seen a recovery this spring with significant listings in cities like Amsterdam and Frankfurt.
The LSE's struggle is exacerbated by top companies leaving the city for other markets, such as the United States, and a general disinterest in London shares.
There is some hope for recovery with potential new listing rules and interest from big names like Chinese retailer Shein considering London for its IPO. However, industry analysts suggest that a significant rebound in IPO activity may not occur until 2025 or later.