“It’s not fun being a public company,” Goldman Sachs CEO David Solomon cautioned last 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.
Concerns about London’s struggling stock market peaked last year, driven by a dearth of new IPOs and the decision of several companies – including the fintech group Wise – to move their primary listings to New York.
Yet the final quarter of 2025 offered a glimmer of hope, with high-profile flotations from British bank Shawbrook and tinned tuna brand Princes Group. Adding to the positive momentum, the recent performance of UK plc points to a potential revival of London’s capital markets in 2026. Earlier this month, the FTSE 100 surpassed the 10,000-point mark for the first time, capping an exceptional 12 months with a 21.5% gain.
Market participants are optimistic that 2026 may see a few more IPOs come to market – paving the way for a meaningful rebound. Here are the frontrunners.
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.
RAC
RAC, one of the UK’s largest breakdown recovery services, is preparing for a London listing this year, with a targeted valuation of around £5bn. Its private equity owners, CVC Capital Partners, Silver Lake and GIC, are in the process of appointing banks to lead the floation, with Goldman Sachs among those in contention.
Banks understood to be pitching for roles on the deal include Goldman Sachs, Bank of America and Barclays, while Lazard is acting as financial adviser.
SumUP
SumUp, a London-based payments company, is considering a UK listing that would value the fintech between £7.85bn and £11.78bn, according to people familiar with the matter cited by the Financial Times.
The company has been in discussions with investment banks with a view to float in the next year in either London or New York. Founded in 2012, SumUp is best known for providing physical card readers for small and medium-sized businesses and has over 4 million customers.
In 2022, the company targeted a valuation of more than£17.3bn but a wider economic downturn made that unfeasible.
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. 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.
The firm 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, the board has struggled to agree on a listing location. Monzo’s chief executive TS Anil, who clashed with the board over where to list, was asked to step down amid concerns over the pace of its international expansion. He will hand over to ex-Google executive Diana Layfield this year, according to the Financial Times.
Waterstones
Elliott Management, which owns Waterstones, is nearing the appointment of banks for a potential IPO in 2026, it has been reported. The UK bookstore has hinted at a listing 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.
Waterstones turned a profit of £46m in 2023-24, up more than 50% from £29m in the year prior. A London float would mark one of the capital’s most prominent listings in years .
Ebury
Ebury, the UK payments startup, has been collaborating with Goldman Sachs and Bank of America on a London listing. There has been much speculation that Ebury is planning to IPO this year, with reports valuing the firm at around £2bn.
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.
“It’s not fun being a public company,” Goldman Sachs CEO David Solomon cautioned last 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.
Concerns about London’s struggling stock market peaked last year, driven by a dearth of new IPOs and the decision of several companies – including the fintech group Wise – to move their primary listings to New York.
Yet the final quarter of 2025 offered a glimmer of hope, with high-profile flotations from British bank Shawbrook and tinned tuna brand Princes Group. Adding to the positive momentum, the recent performance of UK plc points to a potential revival of London’s capital markets in 2026. Earlier this month, the FTSE 100 surpassed the 10,000-point mark for the first time, capping an exceptional 12 months with a 21.5% gain.
