S’pore overtakes London in ranking of top 20 IPO markets

London has slipped out of the world's top 20 initial public offering (IPO) markets as the third quarter of 2025 ends, overtaken by Singapore and Mexico in a fresh blow to its standing as a global finance hub.

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The British exchange has slipped three places to 23rd in a Bloomberg ranking of the world's busiest IPO destinations, placing it behind the frontier market of Oman. Volume in 2025 dropped 69 per cent to US$248 million (S$319 million), the weakest haul in more than 35 years.

Other markets are in the ascendancy. Singapore jumped to ninth place with US$1.44 billion raised, driven by property trust listings. Mexico ranks as the 19th-busiest listing venue in 2025 with US$460 million of deals, nearly double London's volume. Both recorded little or no activity in 2024.

The largest London IPO in 2025 - an April offering from accountancy MHA - raised £98 million (S$170 million). No deals have involved a major Wall Street bank; they were instead arranged by small local outfits like Cavendish and Singer Capital Markets.

The third-quarter picture is even starker, with just US$42 million of deal volume, down 85 per cent from the same period in 2024, according to data compiled by Bloomberg.

London's centuries-old role as an international financial centre has been eroded by competition from European rivals and rising hubs in Asia and the Middle East.

Lower valuations have fuelled an exodus of companies to private buyers or New York's deeper capital markets. That has diminished London's importance from the days when it was regularly one of the world's biggest IPO players.