Singapore surpasses London in global IPO rankings

The city-state raised $1.44 b this year.

Singapore has overtaken London in global IPO rankings, rising to ninth place with $1.44 b raised this year, driven largely by property trust listings, according to data compiled by Bloomberg.

Mexico also surpassed London, ranking 19th with $460 m in deals, nearly double the UK’s total.

Both Mexico and Singapore recorded little or no activity last year.

London has fallen three places to 23rd in Bloomberg’s ranking, behind even the frontier market of Oman.

The UK exchange has raised just $248 m this year, a 69% drop and the weakest total in more than 35 years.

Third-quarter activity was even lower at $42 m, down 85% from the same period last year. April’s largest London IPO, accountancy firm MHA Plc, raised $132 m (£98m), arranged by small local banks rather than major Wall Street institutions.

Industry experts attribute London’s decline to low valuations, competition from other financial hubs, and an exodus of companies to private equity or deeper markets like New York.

Regulatory reforms are underway to revive the UK IPO market, including relaxed rules on dual-class shares and efforts to strengthen the junior AIM market.

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