London’s public markets are witnessing a stark reversal of fortunes as IPO volumes slump to three‑decade lows while private deals surge. Companies that once rushed to list are opting to stay or return to private hands, driven by valuation gaps, rising interest rates and investor caution. Across the pond and at home, founders are weighing the appeal of liquidity against the burdens of disclosure and daily mark‑to‑market pressures.
Companies are listing less often in London because valuations in public markets no longer meet expectations set by earlier private rounds. Many firms stay private longer, buoyed by growing private equity funding, avoiding the extra costs and scrutiny of a public listing. The rise in private transactions reflects buyers’ belief that public shares now trade cheaper than private deals, prompting more acquisitions of listed businesses.
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