New floats in London have raised around a tenth of the level of last year according to the latest quarterly survey from accountant EY.
More firms have listed in the first three months of 2002, with 12 main market IPOs and seven on AIM, but the amounts of money raised by the new listees paled in comparison to a year ago.
This year’s listees have raised just under £400mln compared to £5.6bn a year ago, with energy prices, the Ukraine war and soaring inflation putting the kybosh on many new issues, said EY.
Scott McCubbin, head of UK and Ireland IPOs at E&Y. said the external events had created uncertainty over future cash flows for many businesses.
This quarter might be a struggle as well he said, but is hopeful of a return to more normal activity in the second half of 2022 assuming geopolitical and economic headwinds ease.
New Energy One Acquisition Corp was the largest main market listing raising £175mln while Clean Power Hydrogen topped the AIM roster.
Globally, there were 321 IPOs in the first quarter of the year, EY said, down 37% year-on-year with the amount raised by those floating just over 50% lower.