London IPO Market Poised for Revival in 2026, Peel Hunt Suggests

London’s initial public offering (IPO) market could experience a resurgence in 2026, according to City broker Peel Hunt, as several companies await more favorable geopolitical conditions before proceeding with their listings.

Brian Hanratty, Head of Equity Capital Markets at Peel Hunt, indicated a more optimistic outlook than in recent months. He stated to City AM, “If you’d asked me a couple of months ago, actually the answer is still pretty similar now. This is the most constructive we’ve been on the UK IPO market in some time.” He further noted, “And actually the pipeline is the best we have seen in a number of years. I think the pipeline was always going to be very H2 weighted. But those companies that were looking at Q2 are definitely taking a pause for now given recent market events and volatility.”

London saw increased IPO activity in late 2025, ending a two-year period of limited listings, with companies like Shawbrook and Princes going public. But, the recovery stalled following escalating tensions in Iran, leading to concerns about economic repercussions and a subsequent pause in IPO plans.

Hanratty emphasized the need for market stabilization, stating, “Ultimately we would like to see markets stabilise.” He added, “The market’s hoping for a short term resolution for the conflict. And the big question this all raises is is there a higher risk of a stagflation rate backdrop that impacts how companies see their forecasts. That impacts consumer demand.” He believes greater certainty regarding these outcomes is crucial for bolstering confidence in the near-term IPO outlook.

Peel Hunt’s assessment aligns with a broader view of the UK IPO market being “selectively open” for high-quality issuers [Peel Hunt].

Recent discussions at Peel Hunt also highlight the renewed activity in London’s IPO engine [Peel Hunt]. Dan Webster, Deputy Head of Investment Banking at Peel Hunt, recently discussed the state of the IPO market with Brian Hanratty in a podcast [Peel Hunt].