London's IPO Market Is Poor....
The Financial Times' Lex column recently suggested that policymakers who look enviously at New York's glut of new listings should cheer up, because comparison is the thief of joy and things are not quite as bad as they seem.
They are, in fact, exactly as bad as they seem. It's just that we've stopped measuring against anything meaningful.
Grading on a very generous curve
The headline figure is that companies raised roughly $720m through new listings in London in the first half of 2026. Dealogic's number differs slightly from other counts — EY-Parthenon logged seven listings raising £577m, a 215% jump on the same period last year — but the order of magnitude is the point. Seven companies. Half a billion quid. For the primary equity market of a country that still insists on describing itself as a global financial centre.
Global IPO proceeds in the same six months came to $193.6bn across 509 listings, and a single American float raised $86.2bn on its own. London's entire half-year haul is well under one percent of one US deal. The 215% growth rate sounds tremendous right up until you remember what it's growing from: 2025 was the worst first half Dealogic had recorded since it started counting in 1995.
Saved by Tashkent and a mobile wallet
Lex's consolation prize is that Britain compares well with the neighbours — France, Italy and the much-hyped Swedish market all trailing, Germany only fractionally ahead. This is true and completely useless. Nobody ever pitched London as the best place to list in Europe if you discount Frankfurt. The whole proposition was that London competed with New York.
Then there's the composition. Most of that $720m came from one source: Uzbekistan's national investment fund. The recovery of the London Stock Exchange, such as it is, currently rests on the sovereign wealth vehicle of a Central Asian republic. And the hope for the year rests on Airtel Africa listing its mobile money arm in London, a deal that could value the business at around $10bn — which would make it the biggest London debut since Wise in 2021, and would single-handedly turn a dismal year into the best since 2021.
One deal. That's the margin between crisis and recovery.
The problem isn't the shop window
The listings drought is a symptom, not the disease. Companies float where investors will pay for them, and British investors have spent the best part of five years quietly walking out of British equities — UK-focused funds have seen money leave in almost every month since 2021. Pension funds shifted into bonds decades ago and never came back. The FCA can slacken free-float requirements and let founders keep their dual-class shares all it likes; none of that conjures up a domestic buyer base that no longer exists.
Final thoughts
Lex ends with a warning that sounding too glum will stop deals coming back — confidence being, in the City's view, a self-fulfilling prophecy. There's something to that. But there's a difference between talking a market down and declining to talk it up, and Britain has a real talent for mistaking the second for the first. We keep reframing decline as resilience, then wondering why the reframing never works.
A market that needs Uzbekistan to have a decent year doesn't need better PR. It needs someone to ask why the money left.
Tech is where the money is going and London/UK isn't where the tech is, but that isn't why companies are not listing on the London exchange, ultimately it doesn't matter where you are operating vrs where you list.
It can only be the access to capital that is the prime motivator, that is the purpose of listing right, raise capital. New York is clearly the better venue for accessing US investment money.
Maybe there are easier processes behind the scenes in NY, I don't know, but all things being equal, it's gotta be the $$ right ?
Not sure what can be done about that. UK is suffering an image/confidence crisis in recent years, we've gone from solid, sensible, reliable to flaky and wishy-washy
On hive it's like some people don't realise everything is documented and you can never hide from the truth 😂😂😂😂😂🍻
@acidyo @neoxian @themarkymark @hurtlocker @jacobtothe @steevc @meno @theycallmedan @crimsonclad and friends ✨⭕✨😂😂😂
Do you really think no one sees what you do 🤔
@acidyo You took my rep away for no reason with the help of blocktrades delegation 😂 @steevc knows all about it
You and themarkymark work for blocktrades or are blocktrades 😂
You are so sad doing what you do
Promoting your 💩💩💩💩💩💩
Selfvoting your 💩💩💩💩💩💩💩💩💩
You have downvoted so many people away for no reason
You really need to have a hard long look in the mirror and see what you have become
It doesn't matter if you have people who believe anything you say for a few cents or a few pennies 😂😂😂😂
Look at your buddy oldsoulnewb 😂😂😂😂😂
Everything is documented
So the choice is yours again leave me alone and bring my rep back and I will stop sharing the truth
You can call my long copy paste comments spam but it only makes you look stupid 😂
I hope you understand you are only making it worse 😂
Hive is not a game it might be a big game to you 🤔
It seems you love to game Hive don't you 😜
Everyone sees don't you think it's time to stop 🛑
You have shown all the real issues with Hive 😂 you have shown why real people couldn't invest in Hive and build on Hive 😂
You are in god mode 😂 activated 😂 you Marky Dan and others 😂😂😂😂😜
I hope you enjoyed this post or you might see in comment from 😂 which you like to call spam 😂😂😂
@jacobtothe Keep digging just remember @acidyo took my rep away with the help of blocktrades delegations and everything is documented 😂😂😂
☝🏾✨⭕✨☝🏾🍻🍻🍻🍻
👇🏾👇🏾👇🏾👇🏾👇🏾👇🏾👇🏾
@jacobtothe and friends Please get help there's clearly something wrong with you 🙏🏾
I hope blocktrades pays you well enough 😂😂😂😂
Some people just never learn when 😂😂😂👇🏾👇🏾👇🏾👇🏾👇🏾👇🏾👇🏾👇🏾👇🏾👇🏾👇🏾👇🏾
@jacobtothe @livinguktaiwan @oflyhigh @abit @adm @eval @hivetoday @abitmore @hurtlocker @hurt-locker @epstein @gundamzerofour @gundamzerotwo @gundamzerofive @buratus @gungunkrishu @tarabh @nattosenpai @fw206 @ocd @acidyo @hivetrending @mrtats @poshtoken @davideownzall @dudeontheweb @caspermoeller89 @strawhat @angeluxx @cositav @rachaeldwatson @solumviz @poshtoken.wallet @shiftrox @hiddenblade @hivegc @alohaed @tobias-g @nattosenpai @hivetrending @erikah @davidke20 @davideownzall @zingtoken @honey-swap @friendlymoose @x-rain @hivegc @rishi556 @ocd-witness @russia-btc @ocdb @justinw @nutritree @themarkymark @geekgirl @buynburn @stresskiller @forkyishere @forykw @belikechuck @leovoter @upmyvote @punkteam @makerhacks @wiseagent @steevc @davidthompson57 @videoaddiction @annoyingmosquito @meesterboom @demotruk @meno @thelittlebank @knot @buttcoins @snapie @coolmole @davidickeyyall @crimsonclad @smooth @oldsoulnewb @ds-tech @artgirl @flemingfarm @neoxian @nwothini335 @bdvoter.cur @zaku @mango-juice @empo.voter @empoderat @ferranlogs @trumpman @bhattg @azircon @riverflows @lazy-panda @gogreenbuddy @tarazkp @buildawhale @logic @abit @freedom @solominer @letusbuyhive @bijoy12 @sagarkothari88 @theycallmedan @ipromote @apeminingclub @nathen007 @dlmmqb @slobberchops @chops316 @littlenewthings @bozz @adm @abit @cwow2 @adm @logic @savvyplayer @patrice @spaminator @topcomment @theworldaroundme @jongolson @mobi72 and friends ✨⭕✨ Please get help 🙏🏾
@jacobtothe @acidyo @themarkymark @hurtlocker and friends 😁 No one will ever trust you again you weirdo 😂
👇🏾👇🏾👇🏾👇🏾👇🏾👇🏾👇🏾
Hello everyone I hope you are all good and well today in this post is some of the evidence to prove my case
If you didn't know I've been getting downvoted for a long time on Hive
They have been trying to bully me with downvotes and words but it doesn't affect me I've been online for over 25 years
So I've dealt with people like this before it's nothing new
But what they are doing is bad Very badi joined steemit like everyone else thinking it offers freedom but I must say steemit offered much more freedom than Hive does
Everyone already knows I only post my own original content I have no need to steal anything from anyone
I've been labelled a lot of things on Hive 😂 by the biggest farmers scammers and downvoters
Actions speak louder than any words do especially when them words are coming from a compolsive liars
I will keep updating this post when I get time
https://hive.blog/hive/@ureka.stats/the-untrending-report-hive-downvote-analysis-16-09-2025-20250916181314
https://hive.blog/hivedev/@makerhacks/please-peakd-allow-me-to-completely-block-spammers-would-you-ever-vote-for-this
https://hive.blog/hive-167547/@dlmmqb/re-kgakakillerg-t34wy6
https://hive.blog/hive-170475/@acidyo/re-kgakakillerg-t32sw1
https://hive.blog/hive-167922/@themarkymark/re-kgakakillerg-t30ziu
https://hive.blog/hive/@ureka.stats/the-untrending-report-hive-downvote-analysis-29-09-2025-20250929172045
No downvotes for this racist person 🧐
https://hive.blog/hive-196387/@acidyo/re-kgakakillerg-t41yr6
https://hive.blog/dvs/@dhedge/re-kgakakillerg-t3clz3
https://hive.blog/hive-150329/@kgakakillerg/t3a8fu
https://hive.blog/musical/@steevc/re-kgakakillerg-t2kz1m this post
To all the downvoters on Hive When the downvotes stop 🛑 and my rep is back I stop sharing the truth 🙏🏾
☝🏾☝🏾☝🏾☝🏾☝🏾☝🏾 Keep calling the truth lies 😂☝🏾
So many pretend to be doing god's work but they are really working for the devil 👿
Karma will strike you and who ever supports you 🙏🏾
☝🏾☝🏾☝🏾☝🏾☝🏾☝🏾☝🏾☝🏾☝🏾☝🏾☝🏾☝🏾
To @jacobtothe and friends 😁
@crimsonclad please do your job 🙏🏾
https://hive.blog/hive-135178/@crimsonclad/re-kgakakillerg-sxllhv
https://hive.blog/hive-148441/@hivewatchers/svftu9
https://hive.blog/hive-148441/@hivewatchers/svdjjz
https://hive.blog/hive-176853/@steevc/re-kgakakillerg-syyy4x
https://hive.blog/dev/@howo/re-kgakakillerg-szhax7
https://hive.blog/hive/@steevc/follow-friday-respect
https://hive.blog/hive-127022/@shmoogleosukami/re-kgakakillerg-t0hcxc
It's unbelievable that they downvoted this Goodbye Auntie R.I.P 🙏🏾
Comments being downvoted by blocktrades https://hive.blog/hive-170744/@kgakakillerg/t0ns3b
https://hive.blog/hive-127466/@steevc/re-blocktrades-t0kint
https://hive.blog/hive-127466/@blocktrades/t0lq41
https://hive.blog/hive/@ureka.stats/the-untrending-report-hive-downvote-analysis-2025-06-29-20250629143829
https://hive.blog/hive-127466/@kgakakillerg/t0m1vn
https://hive.blog/hive-108278/@kgakakillerg/t0rfo8
https://hive.blog/hive-127466/@kgakakillerg/t0vcl7
Stop farming Hive https://hive.blog/burnpost/@buildawhale/re-1756307402814502169-20250827t151240z
😂😂😂😂😂
📊 The Untrending Report - Hive Downvote Analysis - 2025-09-07
RE: Understanding Pointers in C Programming
Please Peakd, allow me to completely block spammers (Would you ever vote for this?) thanks for exposing yourself more @makerhacks
Please go through it all instead of calling it spam 😂😂😂😂🤣🤣🤣🤣🤣🤣🤣
https://blurt.blog/hive/@candy49/5slvnx-taskmaster4450-is-being-downvoted-on-hive-by-you-know-who
🚨🚨🚨🚨🚨🚨🚨🙄🙄🙄🙄🚨🚨🚨🚨
https://hive.blog/hive-108278/@kgakakillerg/themarkymark
https://hive.blog/hive-178138/@thefed/t6q9kb 🙄🙄🙄🙄🙄🙄🙄🚨🚨🚨🚨🚨🚨🚨🚨🙄🙄🙄🙄🙄
https://hive.blog/music/@geneeverett33/11-25-25-three-tune-tuesday-picking-tunes-from-the-punk-band-the-descendents-1982-1997-era
🚨🚨🚨🙄🙄🙄🙄🙄🙄🙄🚨🚨🚨🚨🚨
https://hive.blog/dmania/@steemcleaners/ps46kb
https://hive.blog/hive-124838/@fjworld/re-peaksnaps-t7161i
🚨🚨🚨🚨🙄🙄🙄🙄🙄🙄🙄🙄🙄🚨🚨🚨🚨
https://blurt.blog/blurt-131902/@condividisulweb/3w94e8-hive-manipulation-censorship-and-suspicious-funds-the-hidden-truth
🚨🚨🚨🚨🙄🙄🙄🙄🚨🚨🚨
https://hive.blog/hive/@kgakakillerg/i-ve-been-put-on-two-blacklists
Thank you for reading and viewing this post
To all the downvoters on Hive When the downvotes stop 🛑 and my rep is back I stop sharing the truth 🙏🏾
I'm sharing the truth I know it hurts you but it is what it is 😂🍻
It's crazy that hives market cap is 36 million dollars 🤔🧐 and a account to hold 24 million dollars 💰 crazy
To everyone who is turning a blind eye to the truth karma will strike you down 🙏🏾
Stop Doing the devils work do gods work 🙏🏾
☝🏾😂😂😂😂😂😂😂😂📷📸📸
☝🏾☝🏾☝🏾☝🏾☝🏾
#themarkymarkfiles #buildawhalefiles #acidyofiles #hurtlockerfiles #neoxianfiles #louis88files #azirconfiles #jacobtothefiles #ausbitbankfiles #poshtokenfiles #menofiles #Guiltypartiesfiles #Usainvotefiles #smoothfiles
☝🏾☝🏾☝🏾☝🏾☝🏾☝🏾☝🏾☝🏾
On hive it's like some people don't realise everything is documented and you can never hide from the truth 😂😂😂😂😂🍻
@acidyo @neoxian @themarkymark @hurtlocker @jacobtothe @steevc @meno @theycallmedan @crimsonclad and friends ✨⭕✨😂😂😂
Do you really think no one sees what you do 🤔
@acidyo You took my rep away for no reason with the help of blocktrades delegation 😂 @steevc knows all about it
You and themarkymark work for blocktrades or are blocktrades 😂
You are so sad doing what you do
Promoting your 💩💩💩💩💩💩
Selfvoting your 💩💩💩💩💩💩💩💩💩
You have downvoted so many people away for no reason
You really need to have a hard long look in the mirror and see what you have become
It doesn't matter if you have people who believe anything you say for a few cents or a few pennies 😂😂😂😂
Look at your buddy oldsoulnewb 😂😂😂😂😂
Everything is documented
So the choice is yours again leave me alone and bring my rep back and I will stop sharing the truth
You can call my long copy paste comments spam but it only makes you look stupid 😂
I hope you understand you are only making it worse 😂
Hive is not a game it might be a big game to you 🤔
It seems you love to game Hive don't you 😜
Everyone sees don't you think it's time to stop 🛑
You have shown all the real issues with Hive 😂 you have shown why real people couldn't invest in Hive and build on Hive 😂
You are in god mode 😂 activated 😂 you Marky Dan and others 😂😂😂😂😜
I hope you enjoyed this post or you might see in comment from 😂 which you like to call spam 😂😂😂
@jacobtothe Keep digging just remember @acidyo took my rep away with the help of blocktrades delegations and everything is documented 😂😂😂
☝🏾✨⭕✨☝🏾🍻🍻🍻🍻
👇🏾👇🏾👇🏾👇🏾👇🏾👇🏾👇🏾
@jacobtothe and friends Please get help there's clearly something wrong with you 🙏🏾
I hope blocktrades pays you well enough 😂😂😂😂
Some people just never learn when 😂😂😂👇🏾👇🏾👇🏾👇🏾👇🏾👇🏾👇🏾👇🏾👇🏾👇🏾👇🏾👇🏾
@jacobtothe @livinguktaiwan @oflyhigh @abit @adm @eval @hivetoday @abitmore @hurtlocker @hurt-locker @epstein @gundamzerofour @gundamzerotwo @gundamzerofive @buratus @gungunkrishu @tarabh @nattosenpai @fw206 @ocd @acidyo @hivetrending @mrtats @poshtoken @davideownzall @dudeontheweb @caspermoeller89 @strawhat @angeluxx @cositav @rachaeldwatson @solumviz @poshtoken.wallet @shiftrox @hiddenblade @hivegc @alohaed @tobias-g @nattosenpai @hivetrending @erikah @davidke20 @davideownzall @zingtoken @honey-swap @friendlymoose @x-rain @hivegc @rishi556 @ocd-witness @russia-btc @ocdb @justinw @nutritree @themarkymark @geekgirl @buynburn @stresskiller @forkyishere @forykw @belikechuck @leovoter @upmyvote @punkteam @makerhacks @wiseagent @steevc @davidthompson57 @videoaddiction @annoyingmosquito @meesterboom @demotruk @meno @thelittlebank @knot @buttcoins @snapie @coolmole @davidickeyyall @crimsonclad @smooth @oldsoulnewb @ds-tech @artgirl @flemingfarm @neoxian @nwothini335 @bdvoter.cur @zaku @mango-juice @empo.voter @empoderat @ferranlogs @trumpman @bhattg @azircon @riverflows @lazy-panda @gogreenbuddy @tarazkp @buildawhale @logic @abit @freedom @solominer @letusbuyhive @bijoy12 @sagarkothari88 @theycallmedan @ipromote @apeminingclub @nathen007 @dlmmqb @slobberchops @chops316 @littlenewthings @bozz @adm @abit @cwow2 @adm @logic @savvyplayer @patrice @spaminator @topcomment @theworldaroundme @jongolson @mobi72 and friends ✨⭕✨ Please get help 🙏🏾
@jacobtothe @acidyo @themarkymark @hurtlocker and friends 😁 No one will ever trust you again you weirdo 😂
👇🏾👇🏾👇🏾👇🏾👇🏾👇🏾👇🏾
Hello everyone I hope you are all good and well today in this post is some of the evidence to prove my case
If you didn't know I've been getting downvoted for a long time on Hive
They have been trying to bully me with downvotes and words but it doesn't affect me I've been online for over 25 years
So I've dealt with people like this before it's nothing new
But what they are doing is bad Very badi joined steemit like everyone else thinking it offers freedom but I must say steemit offered much more freedom than Hive does
Everyone already knows I only post my own original content I have no need to steal anything from anyone
I've been labelled a lot of things on Hive 😂 by the biggest farmers scammers and downvoters
Actions speak louder than any words do especially when them words are coming from a compolsive liars
I will keep updating this post when I get time
https://hive.blog/hive/@ureka.stats/the-untrending-report-hive-downvote-analysis-16-09-2025-20250916181314
https://hive.blog/hivedev/@makerhacks/please-peakd-allow-me-to-completely-block-spammers-would-you-ever-vote-for-this
https://hive.blog/hive-167547/@dlmmqb/re-kgakakillerg-t34wy6
https://hive.blog/hive-170475/@acidyo/re-kgakakillerg-t32sw1
https://hive.blog/hive-167922/@themarkymark/re-kgakakillerg-t30ziu
https://hive.blog/hive/@ureka.stats/the-untrending-report-hive-downvote-analysis-29-09-2025-20250929172045
No downvotes for this racist person 🧐
https://hive.blog/hive-196387/@acidyo/re-kgakakillerg-t41yr6
https://hive.blog/dvs/@dhedge/re-kgakakillerg-t3clz3
https://hive.blog/hive-150329/@kgakakillerg/t3a8fu
https://hive.blog/musical/@steevc/re-kgakakillerg-t2kz1m this post
To all the downvoters on Hive When the downvotes stop 🛑 and my rep is back I stop sharing the truth 🙏🏾
☝🏾☝🏾☝🏾☝🏾☝🏾☝🏾 Keep calling the truth lies 😂☝🏾
So many pretend to be doing god's work but they are really working for the devil 👿
Karma will strike you and who ever supports you 🙏🏾
☝🏾☝🏾☝🏾☝🏾☝🏾☝🏾☝🏾☝🏾☝🏾☝🏾☝🏾☝🏾
To @jacobtothe and friends 😁
@crimsonclad please do your job 🙏🏾
https://hive.blog/hive-135178/@crimsonclad/re-kgakakillerg-sxllhv
https://hive.blog/hive-148441/@hivewatchers/svftu9
https://hive.blog/hive-148441/@hivewatchers/svdjjz
https://hive.blog/hive-176853/@steevc/re-kgakakillerg-syyy4x
https://hive.blog/dev/@howo/re-kgakakillerg-szhax7
https://hive.blog/hive/@steevc/follow-friday-respect
https://hive.blog/hive-127022/@shmoogleosukami/re-kgakakillerg-t0hcxc
It's unbelievable that they downvoted this Goodbye Auntie R.I.P 🙏🏾
Comments being downvoted by blocktrades https://hive.blog/hive-170744/@kgakakillerg/t0ns3b
https://hive.blog/hive-127466/@steevc/re-blocktrades-t0kint
https://hive.blog/hive-127466/@blocktrades/t0lq41
https://hive.blog/hive/@ureka.stats/the-untrending-report-hive-downvote-analysis-2025-06-29-20250629143829
https://hive.blog/hive-127466/@kgakakillerg/t0m1vn
https://hive.blog/hive-108278/@kgakakillerg/t0rfo8
https://hive.blog/hive-127466/@kgakakillerg/t0vcl7
Stop farming Hive https://hive.blog/burnpost/@buildawhale/re-1756307402814502169-20250827t151240z
😂😂😂😂😂
📊 The Untrending Report - Hive Downvote Analysis - 2025-09-07
RE: Understanding Pointers in C Programming
Please Peakd, allow me to completely block spammers (Would you ever vote for this?) thanks for exposing yourself more @makerhacks
Please go through it all instead of calling it spam 😂😂😂😂🤣🤣🤣🤣🤣🤣🤣
https://blurt.blog/hive/@candy49/5slvnx-taskmaster4450-is-being-downvoted-on-hive-by-you-know-who
🚨🚨🚨🚨🚨🚨🚨🙄🙄🙄🙄🚨🚨🚨🚨
https://hive.blog/hive-108278/@kgakakillerg/themarkymark
https://hive.blog/hive-178138/@thefed/t6q9kb 🙄🙄🙄🙄🙄🙄🙄🚨🚨🚨🚨🚨🚨🚨🚨🙄🙄🙄🙄🙄
https://hive.blog/music/@geneeverett33/11-25-25-three-tune-tuesday-picking-tunes-from-the-punk-band-the-descendents-1982-1997-era
🚨🚨🚨🙄🙄🙄🙄🙄🙄🙄🚨🚨🚨🚨🚨
https://hive.blog/dmania/@steemcleaners/ps46kb
https://hive.blog/hive-124838/@fjworld/re-peaksnaps-t7161i
🚨🚨🚨🚨🙄🙄🙄🙄🙄🙄🙄🙄🙄🚨🚨🚨🚨
https://blurt.blog/blurt-131902/@condividisulweb/3w94e8-hive-manipulation-censorship-and-suspicious-funds-the-hidden-truth
🚨🚨🚨🚨🙄🙄🙄🙄🚨🚨🚨
https://hive.blog/hive/@kgakakillerg/i-ve-been-put-on-two-blacklists
Thank you for reading and viewing this post
To all the downvoters on Hive When the downvotes stop 🛑 and my rep is back I stop sharing the truth 🙏🏾
I'm sharing the truth I know it hurts you but it is what it is 😂🍻
It's crazy that hives market cap is 36 million dollars 🤔🧐 and a account to hold 24 million dollars 💰 crazy
To everyone who is turning a blind eye to the truth karma will strike you down 🙏🏾
Stop Doing the devils work do gods work 🙏🏾
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