London IPO Scene Climbs: Q1 2024 Sees a Boom
After a rocky stretch of 18 months, the London stock exchange has finally felt that familiar buzz of new listings. In the first quarter of 2024, a trio of IPOs pumped a cool £283.8 million into the market.
What the Numbers Tell Us
- That haul is a 250 % jump from the £81 million raised by five UK IPOs back in Q1 2023.
- It also outpaced Q4 2023 by a full 100 %, when the main market and AIM were eerily quiet.
Leading the Charge
• Air Astana, a Kazakhstani airline, made headlines on the main market with a staggering £277.5 million take‑off.
• Fuel Ventures VCT plc floated on the same platform, adding another £3.2 million.
• On the fringe of London’s alternative investment market, MicroSalt plc—a low‑sodium salt player—climbed the ladders with yet another £3.2 million.
Industry Sentiment – A Mixed Bag
Scott McCubbin, EY UKI’s IPO maestro, summed it up: “The green light is back, but the lights are still flickering.” While he’s optimistic about a mid‑year resurgence, he warns of looming uncertainties.
- US and UK elections later in the year could stir up a storm of regulatory and policy uncertainty.
- These shifts might ripple through industrial strategy, trade, climate/ESG, and security policies.
- Companies eyeing an IPO should keep a tight eye on election results and perhaps re‑time their launch to dodge sudden headwinds.
Global IPO Landscape – A Quick Snapshot
Across the globe, IPO activity in Q1 2024 dipped 7 % from the same period in 2023, yet proceeds rose 7 % year‑on‑year. 287 deals drew in US$23.7 billion.
Regions Where It’s Heating Up
- Americas: 52 deals brought in US$8.4 billion—a 21 % increase in deals and a dazzling 178 % boost in proceeds.
- EMEIA (Europe, Middle East, India, and Africa): 116 IPOs raised US$9.5 billion, up 40 % in deals and 58 % in proceeds, thanks to heftier average deal sizes.
In Slow‑Mo Ops
Asia‑Pacific saw 119 deals and a lift of US$5.8 billion, but that’s a 34 % drop in deals and a 56 % plunge from Q1 2023. Mainland China and Hong Kong carried the brunt of this decline, with a persistent downward trend in IPOs over recent years.
EY’s Take on the Outlook
Debbie O’Hanlon from EY UKI Private noted, “The global IPO market is showing signs of life again, with issuers and investors getting more excited.” Yet, she cautions that the next big thing will require firms to adapt to a fluid environment: changing interest rates, geopolitical tensions, and a sharper focus on profitability. Adjusting strategies and timing is now the name of the game.
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