Information on initial public offering applications

Reference Case Number: FOI2026/00208

Freedom of Information: Right to know request:

The number of IPO listing applications received by the FCA each year, for the past 5 years.
Number of applications approved versus withdrawn/declined.
The total number of SPAC registration applications received by the FCA each year from July 2024.
Number of applications approved versus withdrawn or declined from July 2024.
Average processing time for IPO prospectuses and corporate filings at the FCA for the past 5 years.

FCA response:

Question 1 & 2

The information you are seeking can be found in the below table:

Year	Total	Approved	Lapsed / Withdrawn
2025	62	39	23
2024	45	30	15
2023	59	31	28
2022	111	66	45
2021	125	89	36

Question 3 & 4

There were 3 applications reviewed (1 new and 2 carried forward through the transitional provisions). Of those, in 2025, 1 was approved and 2 were withdrawn/declined.

Question 5

The information you are seeking can be found in the below table:

Year	Average working days between logging and closing
2025	55
2024	44
2023	59
2022	57
2021	37

Date of Release: 24/02/2026

Information on initial public offering applications - February 2026

Freedom of Information: Right to know request:

FCA response:

Question 1 & 2

Question 3 & 4

Question 5

More information

Data