London’s share of global IPO market plunges but City shines in one area
The proceeds from global initial public offerings (IPOs) sank three per cent in 2024 to its lowest value since 2008, with the UK falling to 35th among all stock exchanges.
There were 1,145 IPOs globally in 2024, compared to 1,271 in the year before, data from the London Stock Exchange provided to Morning Wire revealed.
The data, which excludes secondary listings, direct listings, Spacs and closed end trusts, revealed the worst number of global IPOs since 2019, when only 1,118 companies debuted, and the third worst in over a decade.
Meanwhile, the value of IPOs fell three per cent to $108.4bn (£86.4bn), the lowest since 2008 when proceeds dipped to $94.8bn (£75.6bn), the only time IPO value has fallen below $100bn in two decades.
The data to 17 December revealed that every quarter in 2024 saw less than 300 floats globally, which had not previously occurred since the second quarter of 2020.
London’s stock exchange fell to 35th among all stock exchanges globally on IPOs, with only $576.7m (£459m) raised, just 0.53 per cent of the global market.
However, when including follow-on fundraising, the UK shot up to fifth as the country raised $28bn (£22bn) with 73 issuances, a 53 per cent increase from 2023.
This included two $3bn follow-ons from Haleon, both of which made it to the top ten largest follow-ons globally in 2024.
India led the charts for IPOs globally, as its National Stock Exchange brought in $18.2bn (£14.5bn) from 252 offerings, while the Bombay Stock Exchange followed closely behind with $16.3bn (£13bn) from 139.
The largest IPO of the year was the $5.1bn (£4.1bn) float of real estate investment trust Lineage in the US, followed by India’s $3.3bn (£2.6bn) Hyundai Motor India.
Spac IPOs actually rose 15 per cent throughout 2024 to 102, though these were dominated by the US, with all ten top Spac IPOs of the year issued in the country.