Could a fintech flurry revive London’s IPO market?

The IPO market in London has declined starkly since a bumper year in 2021. Could the city’s fintech scene lead a resurgence?

Close-up shot of a smartphone being held in a woman's hand as she takes notes. The smartphone has a fintech application open on it showing figures and data.
(Image credit: SolStock via Getty Images)

London’s IPO market had a stellar year in 2021, the best in terms of new issues and capital raised since 2014. Deliveroo’s (LON:ROO) IPO raised £1.5 billion at a £4.9 billion valuation, and it was followed by Oxford Nanopore (LON:ONT) achieving a £4.8 billion valuation in its London IPO later in the year.

Since then, it’s been all downhill. Only one company – Ithaca Energy (LON:ITH) – has listed with a valuation of more than £550 million in the interim. That was something of a disaster, with Ithaca’s shares down 43% since its November 2022 IPO.

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Dan McEvoy
Senior Writer

Dan is a financial journalist who, prior to joining MoneyWeek, spent five years writing for OPTO, an investment magazine focused on growth and technology stocks, ETFs and thematic investing.

Before becoming a writer, Dan spent six years working in talent acquisition in the tech sector, including for credit scoring start-up ClearScore where he first developed an interest in personal finance.

Dan studied Social Anthropology and Management at Sidney Sussex College and the Judge Business School, Cambridge University. Outside finance, he also enjoys travel writing, and has edited two published travel books.