The year 2025 will not, it is safe to say, go down in history as a blockbuster one for London IPOs. Over its first nine months, the UK capital’s bourse was even languishing below its of Omani and Mexican counterparts when it came to capital raised at market debuts.
We can take some consolation from a flurry of fresh listings that took place towards the end of the year. First came the small but fast-growing Beauty Tech Group, a personal wellness technology brand. Then tinned tuna giant Princes and mid-sized lender Shawbrook both listed in the space of two days.
Those scraps aside, there was little to celebrate. Lower liquidity, poor valuations and a truly bleak run of fund outflows – meaning investors pulling money from British-based funds – have all taken the lacquer off what was once the world’s eminent exchange. Throw in 2025’s abundance of bleak economic news – from Donald Trump’s tariffs, higher-than-expected inflation and a domestic economy – and firms’ excuses for holding off a risky debut become even easier to make.
But as is their wont, investment bankers and City lawyers tell City AM that sunlit uplands beckon in 2026, thanks to a combination of private equity cycles coming to and end and – hopefully – a return to calmer market conditions.
But who are the main contenders? Here are five debuts to look out for next year.
Waterstones (and Barnes & Noble)
First up, we have everyone’s second favourite book chain, Waterstones, whose boss, James Daunt, incedentally founded the the top of any discerning reader’s list. Its current owner, Elliott management, has suggested they might seek to exit their stakes in US counterpart Barnes & Noble and Waterstones early next year, eight years after snapping up the bookseller from a Russian billionaire.
Activist investors Elliott are said to be weighing up London and New York as options for the float, with London seemingly just in the driving seat. The group turned over roughly £2.5bn last year, with £300m profit, so expect it to fetch a solid valuation.
Visma
Visma will be a less familiar name than Waterstones, but could secure an even larger market capitalisation should it finally follow through on its stated desire to float next year. In August it emerged that the exciting Norwegian software firm had chosen London over Amsterdam as its future financial home in what, at roughly £17.5bn, would constitute something of a blockbuster for London.
Should it go ahead, the IPO would be a major boon to the UK bourse, which has an unenviable record attracting and retaining ambitious tech companies. Darktrace and Wise have both ditched their London listings at various times in the past half-decade, while buy-now-pay-later giant Klarna and Arm have both swerved London for a shinier life in New York.
Miners have, for the most part, enjoyed a good 2025
Navoi mining
Gold has been one of the best performing assets of the year, and in a way, it’s surprising we haven’t seen more IPOs from miners – large or small – looking to capitalise on the bumper valuations that the rally has generated.
One of the few that has made its intentions clear, though, is Navoi (or, to use its snappy full name, Navoi Mining and Metallurgical Company). The Uzbek miner is the world’s fourth-largest producer of gold, and is said to be eyeing a $20bn valuation.
Zilch is among the most likely fintech candidates for a 2025 float
Fintechs: Zilch, Starling… and Revolut?
And our final contender – you’ we hope you’ll indulge us in a little fudge here – is ‘fintechs’.
Collectively, they have been the single biggest question mark looming over London’s capital markets in the past half decade… but could 2026 – finally – be the year we get a few blockbuster fintech IPOs?
The top contender is widely believed to be Zilch, the payments darling founded by serial tech entrepreneur Philip Belamant, his brother Serge and Sean O’Connor in 2018. Belament has previously said it would be “fantastic” to list and that doing so in the Square Mile was the “right thing”.
Shortly behind Zilch in the pecking order, is Starling. The neobank has already overhauled its structure in an attempt to be match fit for a listing which it is said will give it a $4bn valuation.
And finally, might 2026 be the year we see £75bn fintech juggernaut Revolut decide to put us all out of our misery and float? Despite still not having a banking licence, it is the UK’s most valuable bank. In 2024, founder Nik Storonsky previously said it was “not rational” for the bank to list in London – but rumour has it the group is now mulling a dual listing with the US.