“It’s not fun being a public company,” Goldman Sachs CEO David Solomon cautioned earlier this year, urging firms to think carefully before pursuing an initial public offering (IPO). The scrutiny and regulatory burdens of life on the public markets, he warned, mean companies should approach IPOs with “great caution.”
That’s a sobering message from the head of a bank whose business depends largely on taking companies public. It casts a long shadow over London’s hopes of reviving its flagging IPO market.
The UK has endured another disappointing year so far: just nine companies floated on the London Stock Exchange (LSE) in the first half of 2025. That compares to a peak of 125 in 2021, according to data from the London Stock Exchange Group.
Many companies have chosen to delay their initial public offering, opting to wait for better economic conditions, improve their market position or extend their product line. Meanwhile, increased competition from private equity firms and attractive stock markets overseas have drawn companies away from the LSE. A blockbuster IPO in the form of fast-fashion platform Shein now looks increasingly unlikely to be in the UK. Revolut, too, seems to be favouring New York over London.
But advisors remain optimistic that the second half of the year may see a few more IPOs come to market – paving the way for a meaningful rebound in 2026. Here are the frontrunners.
Shawbrook
Shawbrook Group is planning a London IPO in the second half of the year. The British business lender is pressing ahead with plans that target a valuation of as much as £2bn.
Shawbrook’s private equity owners, BC Partners and Pollen Street Capital, have appointed Goldman Sachs to help oversee the process.
Shawbrook first explored a flotation in 2021 but shelved these plans due to the bank’s key customers being hit by inflation and soaring energy costs. If the IPO goes ahead, it would rank among the largest companies to list in London so far this year.
Monzo
Monzo has long been linked with a possible IPO. TS Anil, the chief executive, has repeatedly said the digital bank will make a “great public company one day” but has remained tight-lipped about timing.
The bank appears to be gearing up for a £6bn public listing that could take place in early 2026. It appointed two new CFOs last year, one with previous IPO experience, and has hired Morgan Stanley as an advisor as it inches closer to a float.
However, its board has struggled to agree on a listing location. While reports suggest Anil prefers a US listing, Monzo’s board favours floating in London. Alongside its upcoming IPO, Monzo is also focusing on US expansion plans.
Waterstones
UK bookstore Waterstones has hinted at an IPO in either London or New York. James Daunt, the CEO of US book-seller Barnes & Noble and managing director of Waterstones, said that an IPO would be “a very sensible place” for the group.
He also said that 2025 would be a year of significant expansion for Waterstones and Barnes & Noble with plans to open more bookshops in the UK and the US.
Ebury
Ebury, the UK payments startup, has been collaborating with Goldman Sachs and Bank of America on a London listing. There was much speculation that Ebury was planning to IPO this year, with reports valuing the firm at around £2bn.
However, the firm is postponing its plans due to market swings caused by US president Donald Trump’s tariffs. The potential float is now set to be delayed until later in the year and could be pushed back to 2026, depending on market conditions, according to people familiar with the deal.
Canopius
Canopius, one of Lloyd’s biggest insurance firms, is rumoured to list on the UK stock market later this year. A listing could hit a valuation of £3bn, Bloomberg reported in July. The group has hired investment bankers at Fenchurch Advisory Partners to work on the process.
Like many others, Canopius ditched previous IPO efforts in 2021 due to volatile markets.
Zilch
Zilch, the UK-based buy-now-pay-later firm, is also eyeing an IPO. It raised £100m last year in a debt financing deal arranged by Deutsche Bank AG, as it pursues expansion plans prior to a potential float.
The firm has reportedly begun scouting acquisition targets overseas in preparing for its float.
However, Philip Belamant, the chief executive, told The Standard London might not be Zilch’s ideal listing destination. “We need pension funds investing in British businesses. If that’s not happening you don’t get the liquidity and then you drive that decision away,” he said.
Visma
Visma has picked London over Amsterdam for its planned flotation in 2026. The Norwegian payroll software company was valued at £16.2bn in late 2023 and its IIPO could be London’s biggest in years.
The firm considered an IPO in 2023 but instead raised capital in a private share sale. It is 70%-owned by the London-based private equity firm Hg Capital.
Visma is thought to have picked London for its IPO because of the presence of more investors who focus solely on buying UK stocks compared with those who purchase only Dutch equities.
Unilever
Unilever is moving forward with plans to spin off its ice cream business and launch an IPO in Amsterdam by 2025 – with potential secondary listings in London.
The division, which generated €8.3bn (£7.2bn) in sales last year and holds a 20% global market share, could be valued at up to £15bn. If the IPO proceeds as expected, it will be the largest-ever for an ice cream business.
“It’s not fun being a public company,” Goldman Sachs CEO David Solomon cautioned earlier this year, urging firms to think carefully before pursuing an initial public offering (IPO). The scrutiny and regulatory burdens of life on the public markets, he warned, mean companies should approach IPOs with “great caution.”
That’s a sobering message from the head of a bank whose business depends largely on taking companies public. It casts a long shadow over London’s hopes of reviving its flagging IPO market.
The UK has endured another disappointing year so far: just nine companies floated on the London Stock Exchange (LSE) in the first half of 2025. That compares to a peak of 125 in 2021, according to data from the London Stock Exchange Group.
