London Stock Exchange CEO says IPO pipeline largest since 2005

September 11, 2026 at 03:40 PM2 min

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London Stock Exchange CEO Julia Hoggett says the exchange has its largest IPO pipeline since 2005. The number of listed companies fell to 1,534 in May 2026, a decade low. Hoggett argues reforms are reversing the decline even as more than 30 companies have left or plan to leave this year.

Key Facts

The number of companies listed on the London Stock Exchange fell from 2,429 in 2015 to 1,534 in May 2026, a decade low.
More than 30 companies have left or plan to leave the LSE this year, including Schroders and easyJet, which agreed to U.S. takeovers.
Total UK M&A value more than doubled to £124.2 billion ($167.8 billion) in the first half of 2026, according to PwC.
UK IPO proceeds more than tripled in the first half of 2026 versus the same period last year, according to EY data.
London recorded more than twice the number of equity offerings of the next most active European exchange in the first half of 2026.

The Decline

London's stock market has seen a wave of delistings and IPO snubs over recent years. The number of companies listed on the LSE fell from 2,429 in 2015 to 1,534 in May 2026, according to LSE data compiled by Statista. More than 30 companies have left or are planning to leave this year, including asset manager Schroders and easyJet, both of which agreed to U.S. takeovers. UK markets suffer from a smaller domestic investor base and shallower capital pools than the U.S., while years of underperformance have depressed valuations, making London-listed companies attractive to foreign buyers and private equity.

Reform Agenda

Since joining LSE in 2021, CEO Julia Hoggett has driven a sweeping reform agenda to reverse the decline in flotations and boost capital market growth. In 2024, the UK rewrote listing rules so companies no longer need a shareholder vote for most acquisitions and gave founders more control after listing. The exchange reduced regulatory burdens on AIM, its junior market, and created Pisces, a new secondary market for trading existing shares. Hoggett says reforms are already changing behavior, with a rise in acquisitions since the shareholder-vote rules were scrapped and smaller companies using AIM's revised rules.

Recovery Signs

Total UK M&A value more than doubled to £124.2 billion ($167.8 billion) in the first half of 2026, according to PwC's UK M&A Mid-Year Outlook, though the number of deals fell. Hoggett says the exchange has its largest IPO pipeline since 2005 and that Britain produces more billion-dollar startups than any country besides America and China, according to the Hurun Research Institute. UK IPO proceeds more than tripled in the first half of 2026 versus the same period last year, according to EY data. London remains Europe's dominant capital market, recording more than twice the number of equity offerings of the next most active European exchange in the first half of 2026.