UK IPOs lag the US by volume, but the potential pipeline looks interesting
A surge in the number of companies joining the stock market – known as IPOs or initial public offerings – in the US bodes well for an uplift in UK stock market listings as we head towards 2026.
It implies investors are eager to embrace new opportunities on the stock market, and they’re no longer panicking about the impact of tariffs and any potential economic shock.
Admittedly, the gap between UK and US IPOs this year is cavernous. There have been 12 IPOs on the London Stock Exchange (Main Market and AIM). In comparison, there have been 242 IPOs on the US market year-to-date, 20 times as many as the UK*.
The UK has still been a good hunting ground for flotations. Someone who was able to buy into every new UK listing in 2025 at the IPO offer price would have made an average 13.2% return, according to analysis by AJ Bell of data up to the market close on 15 September. Seven of the IPOs have delivered a positive return.
| How 2025's UK IPOs have performed year-to-date | ||
|---|---|---|
| Company | IPO date | Share price gain |
| Medpal AI | 26/08/2025 | 143.80% |
| MHA | 15/04/2025 | 49.00% |
| One Health | 20/03/2025 | 42.20% |
| Vulcan Two | 3/9/25 | 25.00% |
| First Development Resources | 29/07/2025 | 19.20% |
| Achilles Investment Company | 5/2/25 | 9.50% |
| Metlen Energy & Metals | 4/8/25 | 4.80% |
| Sundae Bar | 3/6/25 | 0.00% |
| Quantum Base | 4/4/25 | -19.90% |
| Puma AIM VCT | 2/4/25 | -21.00% |
| RC Fornax | 5/2/25 | -56.20% |
| Wellnex Life | 21/03/2025 | -57.50% |
Source: AJ Bell, LSEG. Share price is based on IPO offer price and share price change to market close on 15 Sep 2025
In the US, the performance of the Renaissance IPO ETF implies that investors are enjoying quick wins for backing IPOs Stateside.
The ETF invests in newly listed US stocks and has delivered twice the return of the S&P 500 (+32% versus +17% respectively) over the past six months. However, on a longer-term basis it has woefully underperformed, showing the importance of being selective with new stock listings. The ETF is up 5% over five years versus 99% from the S&P 500.
What could drive more UK IPOs?
Market conditions are favourable, but not perfect for a new wave of UK IPOs.
UK investors should be feeling more optimistic given the FTSE 100 has delivered strong gains year-to-date. Changes to the listing rules also make it easier and more attractive for companies to list in the UK. These tailwinds could combine to be a powerful force.
The key negative is uncertainty around potential tax changes at November’s Budget. Some companies eyeing an IPO might adopt a wait-and-see approach before pressing the button on a stock listing.
One idea that’s being talked about in financial circles is to make new UK stock listings exempt from stamp duty for up to their first five years on the market.
Investors pay 0.5% stamp duty on UK share purchases whereas many other countries don’t impose such a tax. By granting an exemption on IPOs, it would remove a major barrier for some people and potentially attract a broader pool of investors. This could also encourage more companies to list, knowing there are tax-related benefits on UK listings.
How have 2025’s UK IPOs performed?
The best performing UK IPO so far in 2025 is Medpal AI, which only joined the UK stock market in late August. Its share price has gone up by 143.8%. It combines two of the biggest crazes in 2025: fitness and AI. The company has an app that monitors users’ health stats and provides wellness guidance.
The worst performer is Wellnex Life, down 57.5% since listing in March. Ironically, it also targets the wellness market, albeit with physical products rather than tech like Medpal AI. News flow has been mixed since its IPO, with one of the joint-CEOs leaving, and the company taking out an expensive loan facility.
Imminent IPOs on the UK stock market
The Beauty Tech Group
The Beauty Tech Group has confirmed an intention to join the UK stock market in October, providing investors with a way to play the latest trends in skin treatment.
LED masks are all the rage among social media influencers and this company is one in a growing line of players capitalising on this trend.
It has various red light therapy devices, hair removal lasers, and other skin treatment tech. The company has a compelling narrative but there is plenty of competition in this space.
Which companies are rumoured to be considering a UK IPO?
Boots
Sycamore’s decision to run the component parts of Walgreens Boots Alliance (WBA) as individual companies makes it easier to sell, spin off or float any of the businesses, should it so wish.
WBA previously tried to offload Boots and couldn’t get the desired valuation. It then tried to float Boots on the stock market but postponed those plans last year. It wouldn’t be a surprise to see Sycamore now reactivate plans for a sale or IPO as it has enough on its plate to revive the core Walgreens business without having to stomach a UK retail chain as well.
SumUp
The UK card reader business is exploring an IPO in London or New York, according to reports. A potential $10 billion to $15 billion valuation has been suggested and a timeline of listing within the next 12 months.
SumUp is a popular choice for small businesses who want to take card payments such as hairdressers or those in remote locations such as catering vans.
It has expanded into areas such as invoices and gift cards, and selecting London for an IPO would give a much-needed boost for the tech sector which is under-represented among mid and large-caps on the UK stock market.
Visma
Visma is a major European software company and could be worth £16 billion in an IPO. The Norwegian company is a specialist in accounting, payroll, HR and business software.
Visma is a competitor to Sage, currently the UK’s largest listed tech firm, a status which could work in the Norwegian company’s favour. Investors often like to have similar companies listed on the same market so they can do easy comparisons on valuation, growth and quality.
Loveholidays
onsumer-facing brands often generate significant interest at IPO as investors find them easy to understand. Loveholidays is an online travel agent with 1 million followers on Facebook alone.
Reports suggest it tried and failed to find a trade buyer, so the next option is to pursue an IPO. The UK stock market already has holiday providers OnTheBeach, Jet2 and EasyJet, but it has also lost TUI and Thomas Cook over the past six years so the listed space could accommodate another name.
Princes Food
Italian group NewPrinces is rumoured to be eyeing a London listing for part of its business that includes Princes Food.
The group bought Princes for £700 million in July 2024 to bolster its position in the multi-brand food industry.
Tinned tuna is a favourite item in household shopping baskets and Princes is one of the best-known brands. However, supermarket own-brand alternatives are plentiful and cheaper.
Shawbrook
We might see a return of Shawbrook to public markets. Previously listed until a private equity takeover in 2017, the lender is now rumoured to be looking at options.
One potential avenue is a straight IPO, providing an exit route for its owners. The other is talk that it might merge with another bank, with Starling seen as a potential target.
Starling itself is a potential IPO candidate and existing investors with private stakes in the bank might prefer a standalone listing than a merger, with the hope of getting a higher valuation.
*AJ Bell’s analysis of IPOs in 2025 excludes listings classified as introductions (where no new shares are issued, no formal marketing is done for the listing, and there is already a broad shareholder base), reverse takeovers and International Main Market GDRs. Source for US data: Stock Analysis
Dan Coatsworth: Editor-in-Chief and Investment Analyst
Dan Coatsworth is AJ Bell's Editor-in-Chief and Investment Analyst. Dan has been with the company since December 2012 and has more than 18 years' experience in the industry, following the markets and all things investing...
