A new wave of IPOs could revive our shareholding democracy

This is shaping up to be the City’s most lucrative year for new share flotations for the best part of a decade. Companies ranging from the online electricals retailer AO, to Pets At Home, Poundland, and the games designer King are all likely to list their shares in London over the next few months.

Traditionally, the banks managing those initial public offerings (IPOs) would have concentrated their energy on the big institutional shareholders, both in this country and increasingly in wealthy financial centres such as Dubai. But this time around that would be a mistake.

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