Peel Hunt enjoys revenue boost amid ‘pick up’ in capital markets activity

Peel Hunt has reported increased revenue this year amid signs of a recovery in IPO activity as the investment bank and London Stock Exchange alike look to bounce back from a challenging 2023.

The London-listed firm said in a stock market update on Thursday that it had seen “tentative signs of a pick up in equity capital markets (ECM) activity” amid “improvement in the macroeconomic backdrop” since the start of its 2025 financial year.

Peel Hunt, which helps firms prepare for IPOs, is eying a rebound for UK listings in the second half of this year after a bruising 2023 for London’s stock market that saw just 23 companies go public.

IPO activity is growing after bottoming out in the fourth quarter of 2023. Eight companies floated on the LSE between January and the end of June, raising a total of £513.8m.

Still, the total proceeds raised this year are slightly lower than the £593.2m raised in the first half of 2023.

“During the period, we have advised clients in relation to a number of equity capital markets transactions,” Peel Hunt said on Thursday. “And we are encouraged by an increase in activity in both our execution services and institutional trading businesses.”

The firm added that, as a result, its revenues for the first quarter were ahead of the same period a year before and in line with market expectations.

Peel Hunt was the global co-ordinator for computer firm Raspberry Pi’s IPO last month, which raised £172.9m, as well as US woundcare specialist Aoti’s IPO, which raised £35.1m on the junior AIM market.

Raspberry Pi’s listing was cheered on by City grandees as a sign that London can become a more attractive venue for tech firms, after Cambridge-based chipmaker Arm opted to list on the Nasdaq last September despite a major charm offensive from the government.

Elsewhere, fast fashion giant Shein has reportedly filed papers for a London listing that could be the UK’s biggest ever stock market float.

Losses at Peel Hunt more than doubled to £3.3m in the year to March, with “continued cost pressures” to blame for offsetting a 4.3 per cent rise in revenues to £85.8m.

Peel Hunt’s latest update comes ahead of its annual general meeting, due to be held at 1.30pm on Thursday.

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