Good morning from the liveblog team at City AM.
Some acronyms are so entrenched in common parlance that they need not be explained: NHS, GDP, MOT.
Up until now, we at City AM thought ‘IPO’ sat squarely within that category. But the listings pipeline has become so thin, we may have to start reminding readers – and ourselves – what it stands for.
Just £184m was raised on the London Stock Exchange in the first nine months of the year, a far cry from the roughly £17bn raised as recently as 2021 and making 2025 the worst year for listings in more than three decades. The amounts raised represent a tiny fraction of the roughly £40bn that has been raised in the US over the same period.
The ranking placed London, once Europe’s premier listing destination, behind Sweden, Spain, Switzerland, Turkey, Poland and Germany and only marginally ahead of Greece and the Netherlands, according to figures compiled by Bloomberg – putting the capital a dismal 23rd in the world.
We can only hope the fourth quarter brings better numbers for the City, before we all lose IPOs from our lexicon altogether.
Here’s a summary of our top headlines from yesterday:
Deloitte: Profit up despite revenue slip amid ‘tougher market’
Trump launches fresh tariffs as government shutdown looms
Asahi cyberattack halts domestic operations amid ongoing investigation
Business sentiment sours as firms brace for tax hikes
City broker: Stocks have got the office cycle wrong
FTSE 100 seals best quarterly rise since 2022