London IPO Volume Hits 28-Year Low Amid AstraZeneca US Listing Move

London's IPO market is experiencing its worst first half-year performance in decades, with only five IPOs raising less than £200 million in 2025, marking the lowest level since 1997 and the smallest fundraising total since Dealogic began tracking in 1995. This decline reflects a broader erosion of London's status as a prime global financial hub amid a steady outflow of companies to other markets, particularly the US and Asia, where firms often obtain better valuations and liquidity. AstraZeneca's CEO has expressed intentions to move the company's primary listing to the US, citing frustrations with UK regulatory constraints and concerns about the UK's lagging pharmaceutical innovation sector, which could trigger further departures of major companies. The shrinking number of public companies on the London Stock Exchange, exacerbated by active mergers and acquisitions leading to delistings, is diminishing market liquidity and investor confidence in the UK market. Industry experts warn that without reforms in pension investments, taxation, and investment accounts, London's capital markets may continue to deteriorate, risking its position among the leading financial centers. Meanwhile, companies like Wise Plc and others have already relocated their primary listings to New York, intensifying the challenge for London to attract new IPOs and maintain its equity finance prominence.