The head of Lazard’s UK investment banking division expects a resurgence of large and mid-sized stock market listings in London next year as companies outgrow private equity ownership and enthusiasm for Wall Street flotations wanes.
Cyrus Kapadia told The Times that several firms valued above $10 billion were preparing for initial public offerings (IPOs), describing London as their “natural destination”.
Kapadia highlighted that many private equity-backed firms had expanded through successive funding rounds and continuation vehicles to the point where listing was now the main route to realising value.
Potential candidates include Uzbekistan’s gold miner NMMC, Norwegian software group Visma, and UK fintechs Revolut and Monzo, alongside IVC Evidensia, Ardian and Indurent.
After a slump in listings since 2021, Kapadia argued that London’s IPO market stands to benefit from easing listing rules and fading perceptions that US markets deliver higher valuations.
He cautioned that mid-sized UK companies would attract little attention from American investors, given their focus on much larger firms.
Lazard advised on the Swiss flotation of skincare company Galderma last year and ranks among Europe’s top IPO advisers.
Kapadia, who described himself as a “net optimist” on the UK, said private equity remains robust despite recent market setbacks.