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UK equity capital markets 2025: IPOs, secondary fundraisings, introductions, transfers and regulatory reforms on the London Stock Exchange Main Market and AIM

Practice notes
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This Practice Note reviews market movements and developments in IPOs and secondary offerings that completed on the Main Market of the London Stock Exchange, and on AIM, during 2025. For general information on IPOs and secondary offerings, see the Practice Notes titled IPOs—fundamentals and Undertaking a secondary offer—fundamentals.

IPOs

IPO activity picked up in 2025, totalling 23 flotations across the Main Market and AIM combined, up from 17 in 2024, though issuance remained muted versus long‑term norms and historical benchmarks.

Main Market IPOs

Main Market IPO numbers edged modestly up to nine deals, against seven the year before. Overall market capitalisation of companies floating rose sharply, propelled by a handful of larger deals, most prominently the dual listing of Fermi Inc., the year’s biggest IPO by value (£14.5bn). Gross proceeds raised also recovered from 2024 levels overall. As in prior years, once again Main Market admissions were materially supported by companies arriving by way of introduction or transferring from AIM. 2025 featured several substantial introductions, including International Paper, which joined with an opening market capitalisation exceeding £22bn...

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Web page updated on 22/05/2026

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