UK listings fall to lowest level since 2023, as IPO pipeline builds

• Q3 2026 was the quietest quarter for UK listings since Q4 2023, with just one listing
• However, pent-up demand could support a rebound in late 2026 and early 2027
• Global IPO proceeds more than doubled year-to-date to US$290bn

The London Stock Exchange recorded just one listing in the third quarter of 2026, as IPO activity stalled over the summer months, according to EY-Parthenon’s latest analysis.

The quarter’s sole transaction was the AIM listing of 1947 Oil & Gas plc, which raised £29.8 million. This made Q3 the quietest quarter for UK listing activity since Q4 2023, when no companies listed.

The transaction brings the total number of UK listings in the first nine months of 2026 to eight, with proceeds of £606.9 million. Although listing volumes remained low, proceeds were 204% higher than the £199.1 million raised during the same period in 2025.

Scott McCubbin, EY-Parthenon UKI IPO Leader, comments: “The third quarter is traditionally a quiet period for IPOs, so limited activity over the summer months is unsurprising, however, the headline numbers don't tell the full story.

“A strong pipeline of businesses is preparing to come to market, supported by significant pent-up demand after years of subdued issuance. Several high-profile companies have already signalled plans to list. As confidence improves and market conditions become more favourable, this could begin to translate into activity in Q4 and early 2027.

Scott added: “The real test is whether the market can build sustained momentum, rather than relying on a handful of large deals. The outlook should become clearer over the next six months, as issuers and investors weigh improving market conditions against geopolitical uncertainty and the upcoming Budget.”

Global IPO activity strengthens despite geopolitical turbulence

The global IPO market remained resilient despite geopolitical uncertainty, elevated energy prices and rising interest rates. In total, Q3 saw 387 IPOs raise US$95.6bn, taking year-to-date proceeds to US$290bn - more than double the US$114.4bn raised over the same period in 2025.

EMEIA led global IPO activity by volume in Q3, with 202 listings, including 138 in India, supported by strong domestic demand. European markets also gained momentum, as issuers in defence, infrastructure, energy and AI-adjacent sectors attracted investor interest, reflecting the EU’s push for greater strategic independence in energy and defence. However, geopolitical conflicts continued to constrain issuance across Eastern Europe and the Middle East.

The Asia-Pacific region recorded the highest proceeds in Q3, raising US$45.9bn boosted by strong domestic liquidity, although performance varied by market and sector. Mainland China and Hong Kong accounted for most activity, with 84 IPOs raising US$44.1bn, driven by institutional interest in robotics, AI, advanced manufacturing and the energy transition.

IPO activity in the Americas also maintained its strong momentum in Q3, with 34 listings raising US$36.1bn - a 116% year-on-year increase in proceeds. Strong corporate earnings and broader issuance across AI, technology and consumer sectors supported activity, while the biotech sector was particularly active and delivered strong aftermarket performance.

Grant Humphrey, Partner, EY-Parthenon, said: “Global IPO markets have strengthened this year, with US$290bn raised so far - more than double the total at the same point last year. Investor appetite remains strongest for businesses linked to high-growth sectors, including AI, advanced manufacturing, energy and infrastructure. The challenge now is whether this momentum can be sustained against a backdrop of rising interest rates, geopolitical uncertainty and closer scrutiny of AI investment. Companies that come to market well prepared, with a credible plan for sustainable growth, will be best placed to attract investors.”