We set out here headline information on the UK listings market from FCA Listings data from the Official List. This data helps us understand how the UK market is reacting to changes we have made through our Listing and Prospectus reforms.
The content on this page will evolve over time and if you have any feedback on its development, please contact us at [email protected].
We recognise that there are different ways to calculate this data. This can lead to different figures in the market, for example, in relation to the numbers of Initial Public Offerings (IPOs). We therefore explain the approach we have used, and the main assumptions we have made when compiling this data.
This data is compiled for our own policy analysis. This data will be updated quarterly to reflect latest developments. Over time we will also add new categories and share research to give a fuller picture of market developments.
Table 1: Main developments in UK Main Market from Official List data 2020-2026
| Year | Total market cap of Main Market (£m) * | No of securities admitted to listing | No of issuers that have listed their securities | Equity Commercial companies that have listed securities | Number of UK IPOs (Commercial Co) | Number of new commercial Co to the Official List (IPOs for commercial companies) | Number of issuers de-listing their equity securities |
|---|---|---|---|---|---|---|---|
| 2026** | 4,124,439.0 | 14,932 | 1,718 | 512 | 2 | 12 | 26 |
| 2025 | 4,121,991.7 | 14,666 | 1,753 | 528 | 14 | 26 | 50 |
| 2024 | 3,446,028.8 | 14,372 | 1,782 | 531 | 11 | 15 | 69 |
| 2023 | 3,455,533.5 | 14,706 | 1,872 | 613 | 9 | 19 | 39 |
| 2022 | 3,677,400.5 | 14,750 | 1,962 | 644 | 19 | 50 | 55 |
| 2021 | 3,839,964.4 | 14,512 | 1,998 | 641 | 43 | 61 | 64 |
| 2020 | 3,504,854.0 | 14,376 | 2,002 | Not available | 22 | 33 | 55 |
* Total market capitalisation is based on publicly available information from the London Stock Exchange website. It is not taken from the FCA’s Official List data and is provided for context only.
** Data as of June 2026
The Primary Market Effectiveness reforms implemented changes to our UK Listing Rule regime which came into force on 29 July 2024. Equity shares in shell companies, non-equity shares and non-voting equity shares categories are no longer included within the Equity Commercial Companies, although they were previously included within the old standard shares listing category. As a result, the 2024 figure for this category is significantly lower than the 2023 figure.
The number of new commercial companies on the Official List is the number of issuers admitted to the FCA’s Official List under the Equity Shares Commercial Companies category.
The figures include what are technically new listings, that result from administrative or structural changes rather than a new company entering the market. For example, this can happen due a cancellation and re-admission to the Official List following a change of domiciliation.
To ensure like-for-like comparison with periods before the implementation of the final Primary Market Effectiveness reforms, the figures also include equity shell companies. Before the reforms, shell companies were classified as standard shares and could not be identified separately.
The IPO figures above exclude companies admitted to the FCA’s Official List via a transfer from another market or segment, including those transferring from Alternative Investment Market (AIM), the Specialist Fund Segment (SFS) or other unregulated markets. They also exclude listed entities involved in mergers & acquisitions (M&A) activities involving one or more listed issuers, whether or not a new company is created. However, the figures include shell companies that acquire or introduce a private commercial company to listing for the first time.
Delisting figures include shell companies, transitioning international companies, non-equity shares and non-voting equity shares. This supports comparison with data from before the Primary Market Effectiveness reforms.
Key trends in the market from our data
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Data table
Our data suggests that IPO activity was subdued in Q2 2026 reflecting global political uncertainty. The level of IPOs was however slightly higher than in Q1 2025.
Comparison with other data
This trend is also shown in other publicly available data.
UK initial public offering (IPO) activity showed signs of recovery in the first half of 2026, although it remained below historical averages.
Our IPO figures (based on IPOs of commercial companies issuing equity shares) do not include the dual listing of the National Fund of Uzbekistan.
EY note that 7 UK IPOs (of which 3, including the dual listing of the National fund of Uzbekistan, were on the main market and 4 on AIM) in H1 2026 raised £577m, a 215% year-on-year increase in proceeds compared with £183m raised in H1 2025. EY note in the report the recent activity demonstrates that the UK IPO market is being shaped by shifting macroeconomic conditions and evolving sentiment. Easing oil prices and moderating inflation are bringing interest rate cuts back into focus, creating a more supportive backdrop for capital markets. However, the report also states that companies may find it challenging to achieve the market stability required for successful IPOs, partly linked to increased volatility in AI-linked equities. Despite this, the market is building on improved conditions seen earlier this year with a strengthening global momentum supporting a gradual reopening of activity. EY note that whilst IPO activity remains below historic averages, the direction of travel is encouraging, with the expected IPO pipeline to contribute to an uptick before the year end and in 2027.
PWC’s report, ‘IPO Watch EMEA H1 2026 ’, found that London also remains an attractive venue for cross-border IPOs. In May 2026, the dual listing of the National Fund of the Republic of Uzbekistan (UzNIF) represented the second-largest European IPO this year, raising USD$605m, with a number of further cross-border IPOs in the pipeline. PWC found the rising energy prices, driven by conflict in the Middle East, have contributed to uncertainty and inflationary pressure. This led to the European Central Bank raising rates for the first time in 3 years, while the Bank of England and the US Federal Reserve held rates steady. It said that IPO activity in the second half of 2026 would depend on greater geopolitical stability and a continued easing of inflation. Market participants raised similar concerns in our regular stakeholder engagement forums.
In the US, S&P Global reports that there were 192 IPOs in H1 2026, up 14% from 168 in H1 2025, raising over $150bn. SpaceX’s IPO and other ‘mega deals’ accounted for much of this increase and Special Purpose Acquisition Companies (SPAC) IPOs were over 61% of total US IPOs.
Taking away these types of IPOs, the number of traditional US IPOs fell with 74 in H1 2026 compared to 102 in H1 2025, although the value from these IPOs has increased to nearly $44bn and average deal size increasing to nearly $600m.
Debt issuance
Our new prospectus rules came into force on 19 January 2026. They align the requirements for lower and higher denomination bonds.
Table 2: New non-public sector bond issuances by denomination Q1 to Q2 2025 and Q1 to Q2 2026
| Year | Low denom | Higher denom | Total | % of total in Low denom |
|---|---|---|---|---|
| 2025 Q1 | £682,554,115 | £56,193,154,450 | £56,875,708,565 | 1.20% |
| 2025 Q2 | £727,467,035 | £61,853,890,910 | £62,581,357,945 | 1.16% |
| 2026 Q1 | £1,428,397,654 | £77,904,363,100 | £79,332,760,754 | 1.80% |
| 2026 Q2 | £955,343,714 | £15,235,961,980 | £16,191,305,694 | 5.90% |
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Note: Low denomination issuance is defined as issuances with denominations below EUR 100,000, determined based on the description of the security provided on the Official List (which is obtained from the relevant prospectuses and final terms submitted to the FCA). Securities with denominations below EUR 100,000 are considered more readily accessible to retail investors, although they may also be purchased by institutional investors. Currency amounts were determined and converted to Sterling using the exchange rate at the time of calculation (April 2026). Figures exclude treasury gilts, ETFs and further issues on existing listed security classes. Debt securities include corporate bonds as well as a range of structured financial products, such as exchange-traded products.
Table 3: New public sector bond issuances by denomination type, Q1 to Q2 2025 and Q1 to Q2 2026
| Year | Low denom | Higher denom | Total | % of total in Low denom |
|---|---|---|---|---|
| 2025 Q1 | £16,035,815,630 | £31,933,455,320 | £47,969,270,950 | 33.43% |
| 2025 Q2 | £5,142,958,556 | £13,743,597,100 | £18,886,555,656 | 27.23% |
| 2026 Q1 | £17,118,445,167 | £32,853,638,800 | £49,972,083,967 | 34.26% |
| 2026 Q2 | £1,885,474,372 | £6,136,499,400 | £8,021,973,772 | 23.50% |
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The latest data for non-public sector issuers continues to indicate a change in the mix of new bond securities admitted to the Official List following the introduction of the Prospectus Rules: Admission to Trading on a Regulated Market (PRM)
Q1 2026, during which the new regulatory framework came into effect on 19 January 2026, recorded a rise in the proportion of low denomination bond issuances to 1.8%, the highest proportion observed in the periods analysed.
This increased further to 5.9% in Q2 2026, the first full quarter under the new rules.
The data for public sector issuers does not show a clear trend, with issuance levels fluctuating between quarters. This may be because public sector issuers fall outside the scope of PRM and were therefore not directly affected by the regulatory changes. As a result, the mix of bond issuances in this segment has remained more variable over the period analysed.
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Figure 4 shows that whilst the monthly number of issuers has continued to decline over most of 2025 and into the first quarter of 2026, the monthly number of securities rose from June 2025 to April 2026. The number of securities on the Official List reached an all-time high in April 2026, the highest level since August 2019.
