Bankers See 2026 as a Make-or-Break Year for London’s Struggling IPO Market

TLDR

• Bankers see 2026 as decisive after another weak year of London listings activity
• Visma’s €19bn IPO choice makes London a key test of post-reform credibility
• Rule changes open indices to euro reporters, widening access for global issuers
• Fintech and insurance hopefuls weigh London vs New York amid tough timing
• Breakthrough listings could shift sentiment and help revive the LSE’s standing

The LSE faces renewed pressure as bankers set expectations for a decisive shift in 2026, and they aim to restore confidence after weak activity. The market continues to seek major listings that can change sentiment and support a stronger pipeline. The outlook remains uncertain, yet bankers claim that a single breakthrough listing could reshape momentum.

London Faces Ongoing Strain

The LSE recorded another soft year as limited deal flow reduced market depth, and the shortfall raised concerns across the City. The exchange continued to trail several smaller venues, and it struggled to attract sizeable listings that could stabilise valuations. The weaker fundraising climate persisted, and the LSE maintained efforts to regain relevance.

Shawbrook, Beauty Tech, and Princes Group completed listings, yet their impact remained modest, and activity stayed subdued. Fermi and Metlen pursued dual listings, and their choices reflected a cautious approach toward single-market exposure. Magnum Ice Cream Company selected Amsterdam as its primary venue, and that move highlighted competition for international issuers.

The LSE closed 2025 with 22 listings worth £2.1bn, and the total exceeded 2024 levels but lagged earlier years. The uplift showed slight progress, yet it did not alter structural issues facing the exchange. Market advisers noted that the LSE lacked broad supply, and they signalled expectations for better conditions in 2026.

Visma Emerges as a Key Test

Bankers identified Visma as a potential catalyst, and they argued that its €19bn listing could influence wider market sentiment. The company chose the LSE instead of Amsterdam, and that decision signalled renewed interest in London’s regulatory landscape. A successful debut could demonstrate that recent reforms support more predictable entry routes.

The LSE introduced rule changes that allowed euro-reporting groups into major indices, and these adjustments expanded access for global issuers. The exchange aimed to remove structural hurdles, and leadership insisted that fragmented provisions had discouraged past listings. The Visma decision will test whether the LSE can convert reforms into real deal flow.

A broader pipeline spans fintech, insurance, and overseas groups, and each could weigh London against New York. The range includes Ebury, Monzo, Starling Bank, and several payment firms, and each considers timing challenges. Insurance groups such as Howden and CFC also examine options, and their decisions may shape sector momentum.

Broader Market Prospects Remain Mixed

Several international groups assess London and their choices will influence the LSE’s competitiveness. CK Hutchison reviews potential listings and its telecom unit may select London due to market familiarity. Other candidates include IVC Evidensia, Waterstones, LoveHolidays, Belron and Navoi Mining, and each could support renewed activity.

Bankers argue that a handful of strong deals could revive the LSE and they frame 2026 as a pivotal year. The exchange seeks sustained progress, and it aims to restore confidence after repeated setbacks. Market leaders continue to monitor conditions, and they maintain that London must secure major wins to regain global standing.

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