London IPOs drop to just five in Q3 2023

Proceeds down 36%

Just five companies floated on the London stock market in the third quarter of the year, down from eight in Q3 2022, according to data from EY.

The firm said the drop was largely due to challenging market conditions dampening IPO activity. Over the quarter, proceeds also fell by 36%, with issuers raising around £359.8m compared with £565.5m in Q3 2022. Between January and September this year, 23 companies listed in the UK raising £953m, down from 34 IPOs raising £1.1bn over the same time period last year. Of the five IPOs in Q3 2023, two listed on the main market, raising £346.5m in total, while the Alternative Investment Market had three admissions raising £13.3m. The largest IPO of the quarter was CAB Payments, which rai...