London remains 'key destination' for IPOs
The survey respondents claimed the UK IPO market will return to normal activity levels in 2025.
The survey found that 94% of European and UK equity capital markets leaders believe large international companies would consider listing in New York, with London the second choice (86%), while Amsterdam is a distant third (50%).
Respondents also said the UK IPO market will return to normal activity levels in 2025, although two-thirds of leaders said EMEA IPOs in 2024 will be led by the Middle East and Germany.
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Aadam Brown, head of independent equity capital markets advisory at KPMG UK, said: «When it comes to where to list, it boils down to identifying the natural footprint or home of the company — usually determined by factors such as the location of a company's headquarters and its largest sales region.
»For those exploring foreign listing venues beyond their home country, there needs to be a strong rationale.
«Our survey shows that alongside New York, London is still considered a key destination of choice for large international companies.»
KPMG noted the challenging economic environment has contributed to persistent fund outflows from the UK equity market, affecting UK IPOs in the last few years.
Brown added the current backdrop has slowed the recovery of both the UK and European IPO markets. Although a recovery was forecast for the second half of 2023, the current expectation predicts its arrival towards the end of 2024 and into 2025.
Yet, he noted, the recovery could be accelerated in the event of a «few successful IPOs».
«It takes time to prepare for an IPO, so businesses will be thinking carefully about their options and getting ready now. Current market conditions
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