IPO market revives in first half of 2026
Seven IPOs took place in the first half, comprising three on the main market and four on AIM, raising a total of £577 million in proceeds, a 215% increase over the year before
The UK IPO market showed early signs of a revival in the first half of 2026, according to an EY report released on Wednesday, with the amount raised through market debuts more than trebling compared with the previous year.
Seven IPOs took place in the first half, comprising three on the main market and four on AIM, raising a total of £577 million in proceeds, a 215% increase over the year before.
Five of these listings happened in the second quarter alone, raising £564 million, representing a 422% surge over the second quarter of 2025.
The UK IPO market is being shaped by shifting macroeconomic conditions and evolving investor sentiment, said Scott McCubbin, the UK IPO leader at EY-Parthenon.
Easing oil prices and moderating inflation are bringing interest rate cuts back into focus, creating a more supportive backdrop for capital markets, he said.
However, increased volatility in AI-linked equities is creating a headwind, making it more challenging for companies to achieve the stability required for successful IPOs, he said.
Despite this, the market is building on the improving conditions seen earlier in the year, with strengthening global momentum supporting a gradual reopening. While activity remains below historic averages, the direction of travel is encouraging, with confidence increasingly translating into execution, he said.
IPO markets overall also gained momentum, EY reported, with 509 IPOs raising $193.6 billion (£144.58 billion). Despite the ongoing geopolitical and macroeconomic headwinds, the total amount raised was up 210% over the year.
IPOs in the AI and related infrastructure spaces contributed to the growth.
Sector activity remained robust across semiconductors, power and data centre infrastructure, robotics, and advanced manufacturing, with investors increasingly focused on companies demonstrating credible AI-driven growth strategies, EY said.