TLDR
- The UK government is working with Goldman Sachs to restore confidence in London’s IPO market.
- Chancellor Rachel Reeves and Anthony Gutman, a Goldman Sachs banker, will lead a private roundtable with tech executives.
- The meeting aims to position London as a competitive destination for new public listings.
- London IPO fundraising has dropped to its lowest level in 35 years, according to data from Bloomberg.
- Goldman Sachs will present insights into the global IPO market and offer suggestions on how to enhance the UK’s appeal.
The UK government has enlisted Goldman Sachs to help revive London’s struggling IPO market. Chancellor Rachel Reeves and Anthony Gutman, a Goldman Sachs banker, will lead a private roundtable on Monday. The event will host executives from tech and growth sectors to promote London as an attractive listing venue.
Goldman Sachs to Lead Government-Backed Listing Roundtable
Goldman Sachs will co-host the meeting with the Treasury to address London’s sharp IPO decline. Gutman will brief attendees on current IPO trends, highlighting opportunities in the UK capital markets. The Treasury aims to understand companies’ views on London’s competitiveness.
Reeves will lead the discussion alongside City Minister Lucy Rigby and senior government officials. The roundtable signals urgency as IPO fundraising in London hit a three-decade low in August.
“We must ensure the UK remains a global hub for innovation and investment,” the Treasury stated.
BBG – "This year’s largest London IPO — an April offering from accountancy MHA Plc — raised £98 million ($132 million). No deals have involved a major Wall Street bank; they were instead arranged by small local outfits like Cavendish Plc and Singer Capital Markets. The…
— Baron Investments (@baroninvestment) September 30, 2025
Goldman Sachs’ role in the meeting has drawn attention due to its prominence among Wall Street banks. Industry rivals call its involvement “unusual,” but the government insists the focus is on reform and recovery. Despite concerns, Goldman Sachs is expected to offer solutions to reenergize the UK listing landscape.
Reforms Target London’s Weakest IPO Performance in Decades
IPO activity in London has declined by 69% this year, according to Bloomberg. The largest IPO so far by MHA Plc raised only £98 million. Meanwhile, Goldman Sachs has not participated in any major UK IPO this year.
Local banks, such as Cavendish Plc and Singer Capital Markets, have managed the majority of deals in 2025. However, Treasury officials believe reform can reverse the trend. “We want to make the UK the best place to list and grow,” said a spokesperson.
Proposed changes include stamp duty relief and simplifying IPO regulations to attract global firms. The Listings Taskforce is working on easing market entry for growth-stage companies. Goldman Sachs will present an analysis on how these reforms can improve the landscape.
US Markets Soar While London Falls Behind
In contrast, US markets raised $28.3 billion from 156 IPOs in the first half of 2025. Goldman Sachs led several US listings, including for AI and crypto firms. London raised just £160 million in five deals during the same period.
Firms like Circle and Bullish saw strong post-IPO performance in New York. Founders prefer US listings for better liquidity and higher valuations. Goldman Sachs has become a key player in steering these tech listings.
UK investors blame diversity quotas, ESG disclosures, and high stamp duties for deterring IPOs. Critics argue that these rules make London less attractive to innovation-driven companies. Goldman Sachs will advise the UK on striking a balance between regulation and market growth.
