To say that 2022 has been a trickier for companies looking to list on the London stock exchange would be an understatement.

According to consultants KPMG a total of 11 firms listed in the first half of 2022 raising just £0.5 billion which is a whopping 95% down on the £9.9 billion raised in the first half of 2021.

But it’s not just a UK problem. US IPOs (initial public offerings) are down 91% and Europe has seen its IPOs shrink 88% year-on-year as macroeconomic headwinds bite into investor confidence.

Data compiled by Shares shows how the enthusiasm for IPOs has dwindled since the start of 2022. In January there were more than 15 potential listings and as we write there are just three. Many of the mooted new listings this year have failed to join the market.

SPARKS OF LIGHT AMID THE GLOOM

One such company which originally intended to float in October is now making another attempt under a new name. AT85 Global Mid-Market Infrastructure Income Trust is targeting investments in mid-market infrastructure assets which are adjacent to the core infrastructure markets.

The company is looking to purchase assets in the three key areas of transport & logistics infrastructure, utility-related infrastructure and digital infrastructure.

It has assets of £98.5 million and a total pipeline of £539.8 million while the company is aiming to issue 300 million shares at 100p per share.

The company has appointed Astatine Investment Partners as investment manager which has delivered a net internal rate of return of 18.1% between February 2014 and June 2022 following the same strategy.

GRINDR SOARS ON DEBUT

Shares in LGBTQ (Lesbian, gay, bisexual, trans, queer) focused dating and social network app company Grindr (GRND:NYSE) more than doubled after making their debut (18 November) on the New York stock exchange.

The shares began trading at $16.90 and surged as much as 323% to $71.51 before closing at $36.50. Trading in the shares were halted 15 times due to huge volatility which saw 2.7 million shares change hands.

The shares came to the market after merging with SPAC (special purpose acquisition company) Tiga Acquisition Corporation.

Grindr is joining the market after a turbulent few month for fellow dating app shares with Tinder owner Match Group (MTCH:NASDAQ) dropping 65% and Bumble (BMBL:NASDAQ) falling 32% year-to-date.

Grindr said first-half revenues grew 42% to $90 million while adjusted EBITDA (earnings before interest, taxes, depreciation, and amortisation) increased 26%.

The company is pinning it hopes on a unique business model which has a high brand awareness. This allows it to keep advertising spending to just 1% of revenue. The app has around 11 million active monthly users.

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