FCA Listings data

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We recognise that there are different ways to calculate this data. This can lead to different figures in the market, for example, in relation to the numbers of Initial Public Offerings (IPOs). We therefore explain the approach we have used, and the main assumptions we have made when compiling this data. 

The data is compiled for our own policy analysis. This data will be updated quarterly to reflect latest developments. Over time, we will also add new categories and share further research to provide a clearer picture of market trends. 

Table 1: Main developments in UK Main Market from Official List data 2020-2026 

* Total market capitalisation is based on publicly available information from the London Stock Exchange website. It is not taken from the FCA’s Official List data and is provided for context only.

** Data as of March 2026.

The final Primary Market Effectiveness reforms came into force in July 2024. Equity shares in shell companies, non-equity shares and non-voting equity shares categories are no longer included in the Equity Commercial Companies category. These were previously included in the old standard shares listing category. As a result, the 2024 figure is significantly lower than the 2023 figure. 

The number of new commercial companies on the Official List is the number of issuers admitted to the FCA’s Official List[1] under the Commercial Companies listing categories. This includes what are technically new listings which arise from administrative or structural changes, rather than a new company entering the market. For example, this can include a cancellation and re-admission following a change of domicile. 

To allow comparison with earlier periods, we include equity shell companies in the figures. Before Primary Market Effectiveness reforms, shell companies were classified as standard shares categories and could not be identified separately.

The IPO figures above exclude companies admitted to the Official List through transfers from other markets or segments, including those transferring from Alternative Investment Market (AIM), the Specialist Fund Segment (SFS), or other unregulated markets. They also exclude listed entities involved in mergers & acquisitions (M&A) activities involving one or more listed issuers, whether or not a new company is created. The figures include shell companies that bring a private company to listing or trading for the first time, and publicly traded companies that move to the UK from international markets.

Delisting figures includes shell companies, transitioning international companies, non-equity shares, shares, non-voting equity shares. This supports comparison with data from before the Primary Market Effectiveness reforms.

Comparison with other data

This trend is also shown in other publicly available data.

PWC’s report, ‘IPO Watch EMEA Annual Review Q1 2026 [2]’, concludes that London entered 2026 with encouraging momentum, following the strongest half-year for IPO issuance since 2021 in H2 2025. Although, IPO activity slowed in Q1 2026 due to the challenging market conditions further offers, such as the £1.9 billion capital raise by Rosebank, have dominated equity activity in London so far this year. 

The report states that market conditions in London have been impacted by geopolitical and macroeconomic uncertainties. This has apparently prompted companies to delay their planned IPO, perhaps due to the geopolitical developments in the Middle East. The report mentions that a swift resolution could help reopen IPO markets in the second half of 2026 as prolonged conflict risks adding inflationary pressure which weighs on global growth. This demonstrates that the IPO outlook in the UK remains closely tied to geopolitical developments in the Midde East. 

PWC note that, looking ahead, demergers and cross-border listing are expected to continue to underpin equity issuance momentum in London. Despite the impact of the geopolitical issues on the IPO outlook, the IPO pipeline remains robust, particularly within the financial sector. However, a number of planned listings have been deferred until later in the year as issuers await stability and certainty in relation to the geopolitical developments. 

EY[3] reports a cautious start to 2026 for the UK IPO market due to market volatility caused by geopolitical tensions. However, despite this, investors appear confident that the geopolitical landscape will stabilise. This is because, in recent years, there have been cases where markets and IPO issuance recover relatively swiftly following global disruption. EY believe that the UK listings pipeline remains robust and that prospective issuers should continue progressing their IPO readiness so that they are able to progress to IPO once the landscape has stabilised. 

Debt issuance

Our new prospectus rules, which align requirements for lower (retail) and higher (wholesale) denomination bonds, came into force on 19 January 2026. 

The charts below indicate a shift in the composition of new bond security classes admitted to the Official List since Public Offers and Admissions to Trading Regulations (2024) (POATRs) was first introduced. In particular, the total value of securities issued in low denominations below EUR 100,000 increased from £682 million to £1.42 billion. This trend is also evident across non-public sector and PSI issuance, where low denomination issuances increased from 33% to 34%, rising from £16.0 billion to £17.1 billion. 

Table 2 and figure 2 compares lower and higher bond issuances in Q1 2025 and Q1 2026, listed on the FCA Official List and admitted to trading on a regulated market, excluding public sector issuers.

Table 2: New non-public sector bond issuances by denomination type, Q1 2025 vs Q1 2026

Note: Low denomination issuance is defined as issuances with denominations below EUR 100,000, determined based on the description of the security provided on the Official List (which is obtained from the relevant prospectuses and final terms submitted to the FCA). Securities with denominations below EUR 100,000 are considered more readily accessible to retail investors, although they may also be purchased by institutional investors. Currency amounts were determined and converted to Sterling using the exchange rate at the time of calculation (April 2026). Figures exclude treasury gilts, ETFs and further issues on existing listed security classes. Debt securities include corporate bonds as well as a range of structured financial products, such as exchange-traded products.

Table 3 and figure 3 show low denomination vs high denomination bond issuances by public sector issuers, including sovereigns, regional/local authorities, international public bodies and central banks. 

Table 3: New public sector bond issuances by denomination type, Q1 2025 vs Q1 2026

Note: PSIs were identified based on the exemptions stated by the issuers at the point of the FCA listing the securities.

Issuance of listed bonds is part of wider debt issuance. In Q1 2026 there was an estimated $80bn in debt issuance in the UK according to KPMG.[4]