London missed out on a wider rebound in initial public offerings (IPOs) seen across Europe this year, according to accountancy PwC.
Some €14.6 billion (£12.1 billion) was raised through company floats across the continent over the course of 2024, reflecting double that seen in 2023.
Proceeds from IPOs in London fell by £100 million to £700 million in the meantime, however, as the UK market failed to recover in line with rivals after a dearth of listings in recent years due to the likes of high interest rates.
A total of 57 companies floated during the year in Europe, with fashion firm Puig Brands’ €2.6 billion IPO leading the way.
Just eight were listed in London, marking a decline from the 11 UK IPOs in 2023, as Air Astana, Raspberry Pi and Applied Nutrition marked notable floats.
“Improving macroeconomic and equity market conditions” had aided the comeback in Europe, PwC noted, before a further anticipated “revival” in 2025.
A “return to normality” should aid the UK market’s recovery too, PwC partner Vhernie Manickavasagar added, as momentum built from larger listings later in the year.