- More UK IPOs in 2025 than 2024, but average performance wasn’t as good
- The average share price return on UK IPOs was -3.3% in 2025
- List of all UK IPOs in the year and how they fared
- Why we didn’t see a big increase in stock market listings
- Outlook for IPOs in 2026
Dan Coatsworth, head of markets at AJ Bell, comments:
“It was a patchy year for UK IPOs in 2025 both in terms of performance and volume, going against the grain for what was a superb year for UK stocks more generally.
“While a handful of stocks delivered strong returns, investors who bought every one of the 20 UK IPOs in 2025 would have lost money on average. In contrast, those who bought a FTSE 100 tracker fund at the start of January and sat back and did nothing for the rest of the year would have cleaned up with a 25.8% return including dividends.
“The average share price return on UK IPOs was -3.3% in 2025 when comparing the IPO offer price with the year-end market closing level – versus a 35.7% positive return on average in 2024. The top performing UK IPO in 2025 was tax and advisory services group MHA with a 54% share price return, whereas the worst performer, wellness products provider Wellnex Life, fell by 81.1%.”
The good
MHA
“The company joined the market two weeks after Liberation Day, listing at a time when investor sentiment was battered and bruised. Initially failing to attract much interest, the accounting and professional services firm has proved to be a slow burner and those who did put their faith in the business have been richly rewarded.
“MHA has returned 54% since its IPO on 15 April 2025, helped by two solid trading updates, decent financial results, one acquisition under its belt and another in motion.”
SHAWBROOK
“The mid-cap financial services group returned to the UK stock market in 2025 after a period owned by private equity. It didn’t take long for the shares to warm up, delivering a healthy 31.4% return on its IPO offer price by the end of 2025.
“Grabbing a place in the FTSE 250 index helped its cause as it meant UK mid-cap tracker funds had to buy the stock.
“Shawbrook is targeting mid-to-high teens annual profit growth over the medium term. That suggests a decent return for investors with dividends the cherry on top, assuming targets are met.
“Analysts forecast 10.48p per share in dividends for 2026, putting the stock on a 2.2% yield. Dividends are expected to jump to 20.1p in 2027, equal to a 4.1% yield which is more in line with what you’d expect from the UK banking sector.”
The bad
PRINCES GROUP
“While it might seem cruel to categorise Princes Group’s stock market debut as ‘bad’, the tinned tuna seller has not been a good catch for investors fishing for opportunities and buying at the IPO. It is a reminder that a company with well-known brands is not a guaranteed ticket to riches for investors.
“The IPO offer was priced at the bottom of its 475p to 590p range, indicating low demand from investors. A week after listing, Princes hit a 412p intraday low. While the shares have subsequently recovered closer to the IPO price, it’s not the best start to life as a listed entity.
“The tinned goods group needs to deliver on its promise to become a more diversified business, both in terms of products and geographies. Making acquisitions is one thing, but identifying the right deals and paying a good price is another. Expect Princes’ every move to be scrutinised by the market until there is clear evidence that it can deliver the goods.”
The ugly
WELLNEX LIFE
“Consumer health and wellness was all the rage in 2025 as people sought to change their lifestyle for the better. As a product specialist in this field, Wellnex might have thought listing on the UK stock market was perfectly timed. The share price performance tells a different story.
“The stock has fallen 81.1% since IPO after various setbacks, including a revolving door with leadership, higher costs, and a muddled strategy.
“During its nine months on the market, Wellnex saw both of its co-chief executives resign, as well as the chair and the interim chair. It’s rare for a newly listed company to be talking about a turnaround strategy so soon after its IPO, but that’s the situation with Wellnex. With so much chaos inside the business, it’s no wonder that investor interest seems non-existent.”
Still waiting for the big UK IPO revival
“Despite the best efforts of the government, the financial regulator, and the London Stock Exchange, the flow of IPOs in 2025 was only marginally greater than seen in 2024 (20 listings versus 16 respectively).
“These figures exclude introductions where a company was already listed on another exchange and doesn’t raise any new money with its AIM or Main Market listing. The figures also exclude International Main Market listings in the UK, and demergers where the primary listing is in a different country.
“More relaxed listing rules were meant to attract a greater number of companies to the UK stock market. Government efforts to drive greater public engagement with investing also had the potential to make the UK a more attractive listing venue. After all, companies admit their shares for public trading as a way of accessing a broad pool of investors through the capital markets. In theory, the more people buying and selling shares, the easier it should be to raise money to support growth activities.
“So, what went wrong? Uncertainty around tariffs and politics at home and abroad, mixed consumer and business sentiment, and lacklustre economic growth were the prime ingredients to dampen the appeal of undertaking an IPO.
“Companies once again sat on the sidelines, nervous about taking the plunge with a stock market listing. Volatile market conditions towards the end of 2025 also didn’t help, as investors were spooked by a potential AI bubble and whether it might burst.
“The quality of company listings in 2025 was mixed. While some offered excitement around potential earnings growth, others looked like lame ducks with little to offer. You can have bucket loads of companies listing, but investors have to want to buy the shares for them to succeed on the market.
“Does that mean 2026 will be another dud for UK listings? Not necessarily. Chancellor Rachel Reeves has given some much-needed clarity on taxes, inflationary pressures are easing, interest rates are coming down, and the UK’s strong stock market performance in 2025 are all ticks in the right box to attract more IPOs. Companies now have a firmer idea how to plan, in terms of taxes, costs and more, and the FTSE 100’s blockbuster year in 2025 has shown that the UK is capable of rewarding investors handsomely.
“There is also another incentive for companies to list in the form of stamp duty relief. As of 27 November 2025, stamp duty is not payable when buying shares in companies who listed on or after this date for the first three years of their life on the market. Time will tell if these factors drive greater IPO activity.”
