Market momentum and opportunity across London’s Capital Markets

Entering 2026, UK capital markets are showing increasing signs of confidence and momentum. Activity strengthened progressively through 2025, particularly in the fourth quarter of the year, with AIM continuing to demonstrate its value as a market for ambitious, growth-oriented and internationally focused businesses.

A market reset with growing confidence 

Equity capital markets globally remained selective during 2025, with investors prioritising business quality, governance and sustainable growth. While IPO volumes did not return to the cycle peak seen in 2021, global proceeds recovered and momentum strengthened as the year progressed. In London, improving sentiment in the second half of the year reflected easing inflationary pressures, greater interest rate clarity and a more constructive outlook among institutional investors. After a measured start, IPO activity accelerated meaningfully in the final quarter, with 11 IPOs raising £1.9 billion and reinforcing London’s role as a credible venue for equity capital raising. For the full year, 23 IPOs raised a total of £2.1 billion, marking London’s strongest IPO performance since 2021. Proceeds more than doubled compared with 2024, highlighting renewed issuer confidence and positioning the UK for further progress into 2026.

AIM in focus

AIM continued to play a vital role in providing access to growth capital and liquidity for founder‑led and scale‑oriented businesses. Two admissions during 2025 further highlighted the breadth and quality of companies choosing AIM with Crowe’s support.

• MHA plc successfully joined AIM in April 2025, with Crowe acting as reporting accountant. MHA achieved a market capitalisation of £271 million on admission, which has since increased to over £400 million, reinforcing investor confidence in well-governed UK growth businesses.
• Power Probe plc also joined AIM in 2025, raising £11.2 million through a placing of new ordinary shares, with Crowe acting as reporting accountant. The positive reception on admission reflects continued investor appetite for niche, technology-enabled industrial businesses with scalable international growth strategies.

Crowe’s Capital Markets activity

Crowe advised on 16 capital market transactions in 2025 across AIM, the Main Market and AQSE, encompassing new admissions, acquisitions and reverse takeovers. As at 31 December 2025, these transactions had a combined market capitalisation of £1.5 billion. See more about Crowe's Capital Markets activity.

Looking ahead: Building momentum into 2026

Entering 2026, there are tangible drivers supporting continued market activity. Regulatory initiatives, including the proposed three-year stamp duty exemption for newly listed shares, signal a renewed focus on improving the UK’s competitiveness as a listing destination. Combined with stronger equity market performance through 2025 and sustained private equity involvement in IPO readiness programmes, the pipeline of potential issuers for AIM and the Main Market appears increasingly robust.

While geopolitical uncertainty and macroeconomic risks remain part of the backdrop, London’s deep capital base, evolving regulatory framework and the calibre of companies progressing toward public markets provide a solid foundation for further growth in the year ahead.

As Mitesh Patelia, Partner in Crowe’s Capital Markets team, comments:

“London’s equity markets regained meaningful ground in 2025, with sustained investor interest driving the strongest IPO year since 2021 and a pipeline that carries positive momentum into 2026.”  

Crowe’s role

Crowe is a leading audit, tax, advisory and consulting firm. Our Capital Markets team provides comprehensive support and guidance throughout the process of becoming a listed company. From conducting an IPO readiness review to acting as your reporting accountant and preparing IPO related financial deliverables, we are here to support your journey to success, including helping you meet your ongoing requirements as a listed company.