The London IPO market raised £577 million in the first half of 2026, tripling the amount raised in the same period last year. But several prominent companies are pressing pause on their plans.
This mixed picture reflects the ongoing challenges facing the UK bourse, which has struggled to attract high-profile listings since the departure of companies like ARM Holdings. While the triple-digit growth is a positive sign, the total remains far below the billions raised annually a decade ago.
Payments firm SumUp and bookseller Waterstones are both considering delaying their initial public offerings. Instead of listing in the second half of 2026, they may wait until 2027. Cyber-insurer CFC, backed by Swedish private-equity firm EQT and UK private-equity firm Vitruvian Partners, is also looking at a London IPO next year.
Firms want more time for internal preparations before going public. Broader market turbulence has also influenced decisions - earlier in the year, a selloff in software stocks and the conflict with Iran prompted some candidates to reconsider their launch timetables.
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Citigroup's UK investment banking head, James Fleming, said: "The London IPO pipeline is probably skewed more to 2027 than the second half of 2026. "We are getting issuers ready to have the option to go in September or October. Some will go, but most will wait for 2027 now"."
The upcoming UK government transition is expected to further compress the autumn listing window, which generally runs from September into early November.
Waterstones, backed by Elliott, may debut its public offering in early 2027 following the holiday period, according to individuals briefed on the matter. The bookseller will list together with its US counterpart Barnes & Noble under a single corporate entity. CFC's owners are collaborating with advisers to evaluate strategic options, including an IPO or a sale.
The persistent undervaluation of UK-listed companies has made them attractive targets for foreign acquirers. In 2026, the value of such takeovers more than doubled to $57 billion, reflecting confidence in the underlying businesses but skepticism about London's market pricing. This trend further discourages IPO candidates, who fear being undervalued post-listing.
Most companies are expected to wait until 2027 before going public. Some may still proceed in September or October 2026 if market conditions improve and their preparations are complete.
The London stock market has been struggling to regain its standing as a top global listing venue. While IPO proceeds this year represent a threefold increase from last year, current fundraising totals are still a fraction of the large sums raised annually ten years ago. The wave of foreign takeovers, including bids for UK-listed firms worth over $57 billion, highlights persistent concerns about undervaluation and a lack of domestic investor appetite. Against this backdrop, many companies are choosing to wait for more favorable conditions rather than rush to market in a narrow autumn window.
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