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Bloomberg Daybreak: Europe Edition
UK IPO Market Now Trails Oman, Possible Oil Sanctions & Surprising Resilience Vs Trump Surprises
Dec 11, 2024
London's IPO market is in decline, slipping to 20th globally with only $1 billion raised this year, as companies seek capital elsewhere. Meanwhile, the UK government faces backlash over public sector pay, raising the specter of industrial action. On the international front, the Biden administration considers tougher sanctions against Russia's oil trade as Trump prepares for a potential return to power. Additionally, Emmanuel Macron strategizes to weaken Marine Le Pen's influence by building a moderate coalition ahead of upcoming elections.
17:20
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Quick takeaways
- The UK IPO market has plummeted to 20th globally, raising concerns about its competitive position against regions like Oman and New York.
- Trade unions are criticizing the government's public sector pay proposals, which could lead to industrial action and political tension for Keir Starmer's administration.
Deep dives
UK's Declining IPO Market
The UK’s initial public offering (IPO) market is experiencing a significant downturn, ranking lower than other financial hubs like Oman and Malaysia for fundraising. Once a leader in global IPOs, London is now only securing around a billion pounds annually, reflecting a stark contrast to the £50 billion it boasted in 2006. Contributing factors include poor stock valuations, a risk-averse investor base, and a shift of companies choosing to list in more lucrative regions, particularly in the Middle East and the US. Recent efforts by the UK government to reform listing rules have yet to reverse this troubling trend, with many companies exploring new listing opportunities outside London, intensifying the market's struggles.
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