FCA Listings data

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We recognise that there are different ways to calculate some of the data below, which can lead to different figures in the market, for example in relation to the numbers of Initial Public Offerings (IPOs). We therefore set out our assumptions and approach taken when compiling this data. It is compiled for our own policy analysis.   

This data will be updated quarterly. Over time, we will add new categories to give a fuller picture of market developments. 

Table 1: Main developments in UK Main Market from Official List data 2020-2025 

* 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.

The final Primary Market Effectiveness reforms came into force in 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 is significantly lower than the 2023 figure.

The number of new commercial companies on the Official List represents the count of issuers admitted to the FCA’s Official List[1] under the ‘Commercial Companies’ listing categories. This includes technical new listings, which arise from administrative or structural changes rather than a new company entering the market, such as simultaneous cancellation and re-admission following a change of domiciliation. To ensure like‑for‑like comparison with periods before the implementation of the final Primary Market Effectiveness reforms, equity shell companies are included in the calculations. At the time, shell companies were classified as standard shares categories 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 with or without a newly incorporated company. However, the figures include shell companies that acquire or introduce a private commercial company to listing/trading for the first time, as well as publicly traded companies that moved from international markets outside the UK.

The delisting figures includes shell companies, transitioning international companies, non-equity shares and non-voting equity shares to allow like‑for‑like comparison with the figures pre-Primary Market Effectiveness reforms.

Comparison with other data

This trend is also shown in other publicly available data.

PWC’s report, ‘IPO Watch EMEA Annual Review 2025[2]’, concludes that London had an accelerated year for IPO and listing activity in 2025, which was at its highest level since 2021. This is also reflected in the data which shows that £1.9 billion was raised through 11 IPOs in 2025, with £1.3 billion proceeds raised in the final quarter, demonstrating the growing momentum of capital raising activity on UK markets. 

For example, Shawbrook and Princes Group both priced their IPOs at the end of October, raising £348m and £400m respectively. There has been a clear resurgence of activity on London’s capital markets in recent months in comparison to 2023 where a total of £0.8 billion proceeds were raised. EY also noted in their press release ‘London IPO market rebounds in Q4 2025[3]’, that in 2025, 23 companies raised £2.1 billion on the London Stock Market, this also includes the £1.9 billion raised through 11 IPOs, which has contributed a 170% year-on-year increase in proceeds compared to 2024. 

PWC reported that London is the second largest IPO capital raising exchange in Europe, with the largest European IPO venue being Nasdaq Stockholm where IPOs included the €3.2bn IPO of Verisure. According to PWC in 2025 global IPOs were $143.3bn, with Asia Pacific the largest region with $61.6bn and over 40% coming from the Americas (over 95% of this US). 

According to analysis undertaken for UK Finance[4] over the period from 2020-2024 (calculated as a yearly average) companies accessed almost 3 times the funding from UK private equity and venture capital sources than from public markets (£67.3bn compared to £24.6bn). According to S&P Global[5] in the first three quarters of 2025 fund raising from UK private markets (private equity and venture capital raising) was $29.82bn down by 46% from the $54.84bn for the same period in 2024.   

The London Stock Exchange (LSE)[6] reports that debt capital raising went up by 20% in 2025 compared to 2024 to $1.2tn.