Jurisdiction(s):
United Kingdom

UK equity capital markets 2023: LSE Main Market and AIM IPOs, secondary offers, retail participation, SPACs and FCA listing regime and prospectus reforms

Published by a LexisNexis Corporate expert

Practice notes

This Practice Note reviews 2023 trends for IPOs and secondary offerings on the London Stock Exchange’s Main Market and on AIM across the year comprehensively. For deeper analysis and further perspective on UK ECM developments from our external contributors, consult our Market Standards ECM Trend Report 2023. IPO figures exclude introductions and moves between markets, except where noted otherwise generally. Market capitalisation is derived from the closing price on the admission date and calculated as quoted by London Stock Exchange plc on admission. Issuers listing GDRs are excluded entirely from the market capitalisation figures. Our review of secondary offerings covers deals raising £10m or above where the primary element of the fundraising is a placing, open offer or rights issue, and omits transactions by closed ended investment companies.

IPOs

IPO activity in London, broadly mirroring most global markets, stayed muted as difficult economic and geopolitical backdrops continued to hinder fundraising. Twenty-three IPOs completed in total on the London Stock Exchange, down 49% from the 45 IPOs in 2022 and far short of the recent peak of 124 in 2021...

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Web page updated on 22/05/2026

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