Class of 2025? It has hopes of an IPO that could revive London.

This year is a big problem for the London market. Nearly four years after Lord Hill’s review of the UK’s listing rules launched reform efforts, the stock market remains in the dark.

New London-listed companies have raised just £737mn in 2024, according to Dealogic data, underlining the challenge of reviving the market. Fewer than 20 companies listed in the UK capital last year, the lowest number since the 2009 financial crisis.

As more companies choose to add or relocate listings to the US in search of greater liquidity and higher valuations, UK policymakers are urgently trying to revive London with regulations and measures to encourage pension funds to invest in UK stocks.

Amidst market scarcity and political uncertainty, many expected listings by fintech companies have been delayed over the past year. Some, including eBay-backed payments company Zilch, are moving towards Initial public offerings But not until 2026. Others, such as commercial applications Etoro And the buy-now-pay-later group KlarnaPlan to go public in the US.

London Stock Exchange chief executive Julia Hoggett, who has led efforts to revive the UK market, expects the IPO market to grow this year. But already, consultants say, hopes are soaring that 2025 will prove a year of growth.

The Financial Times has rounded up the companies likely to list in London this year.

fintech

Iberi

The payments startup owned by Spanish bank Santander has appointed investment banks including Goldman Sachs to lead its London IPO.

Iberi was founded in 2009 by Spanish engineers Juan Lobato and Salvador Garcia. It offers services including cross-border payments, payroll transfers, currency risk management and commercial lending.

The 2023 listing will be closely watched by the rest of the UK fintech sector following the dismal performance of rival CAB Payments, which saw its shares fall more than 70 per cent three months into the listing.

The soup

A digital lender powered by Softbank The soup The list is expected to be searched Reach profitability last year. The company It was founded in 2005 as a peer-to-peer lender, but has since branched out into banking, offering savings accounts, car financing and personal loans. The last estimate is that by December 2024, fundraising will exceed $1 billion.

CEO Jaidev Janardana had previously revealed the choice of London as a detailed location. However, a person close to the company cautioned that executives have not set a timeline for the IPO. Zopa may be ready to float soon, but he said he will wait for the right market conditions.

ClearScore

ClearScore, ed. The credit verification platform founded by Justin Basini in 2015 is one of the rare fintechs to have expressed commitment to London as a listed destination, with “under consideration” being an option.

“If we go down this path, we see London as our natural home given our family brand status, strong profitability and user experience,” the company told the Financial Times.

ClearScore welcomes regulatory reforms to boost investment in the UK and says “the future of profitable fintechs publicly listed in London is an exciting prospect”. But the potential listing could come in 2026.

Financial services

Measurements

British interdealer broker TP IAP is considering listing its data unit Parameta, which sells market data to institutional investors and could be valued at up to £1.5bn. It came after TP ICAP faced pressure from investors. Drive The fastest growing segment.

However, the group’s chief executive was weighing various options for Parramatta last year, including going public in New York rather than London. “It may include a listing in the US,” he said, adding, “There is no certainty about the public offering or the location.”

Shawbrook

UK small business lender private equity holders Shawbrook They are considering listing the company in London, aiming for a £2bn valuation. BC Partners and Pollen Street Capital bought the bank in 2015. They bought in 2017 and are weighing in the first half of 2025. placed The sales plan hit the lender’s customers after record high inflation and high energy costs.

Industries

Iron Energy and Metals

In mid-December, Greece-based Metlen Energy & Metals filed for an initial listing on the LSE. The chairman of Metlen, which is currently trading on the Athens market, said that the conglomerate “has been present in the UK and international markets for many years” and that listing in London “will benefit both Metlen and its shareholders”.

Erbaltic

Latvian flag carrier AirBaltic London said it would be a serious competitor if it went ahead with an IPO that was too late this year.

The airline plans to list on its home market in Riga but its chief executive met the LSE boss last month to discuss a dual listing in London. However, AirBaltic CEO Martin Gauss said other European bourses, including Amsterdam and Frankfurt, were options if the airline remained afloat.

Consumer

Shin

Online fast fashion group Sheen could pursue a blockbuster listing in London this year, which could value the company at around £50bn. The China-based and Singapore-headquartered company filed confidential paperwork for a planned IPO last year and is still waiting. Control nodes in England and China.

In October, he The sole billionaire founder Sky Shu met investors in the UK and US in anticipation of a flotation. If Shane gets the green light for an IPO, it could be in the first half of this year, a person with knowledge of the meeting said at the time. It was originally aimed at New York but was switched to London after it was rejected by US regulators. The company may target a dual listing in Hong Kong.

Unilever Ice Cream

Unilever plans to list its €15bn ice cream division but has not confirmed where the IPO will take place.

“We are talking with governments, with authorities, but also with stock exchanges, banks, etc.,” CEO Hein Schumacher told FTA, adding that Rome is open to potential buyers. The company will confirm its plans in the first half of this year.

The listing could reignite a long-standing rivalry between London and Amsterdam over Unilever. The Magnum and Marmite maker previously had listings in both cities, but will ditch its dual organizational structure in 2020 and move to a single listing in London.

Additional reporting by Laura Onita, Madeleine Speed ​​and Philip Georgiadis in London