Most UK investors will be glad to see the back of 2024 which saw the largest outflow of companies from the main market since the global financial crisis, with 88 companies delisting or transferring their main listing, according to new research from consultancy EY.

It was also one of the quietest years on record for the number of new listings or IPOs (initial public offerings) with just 18 companies listing, the lowest since EY started tracking data in 2010.

The value of new listings increased by 256% to £3.4 billion, buoyed by the listing of media group Canal+ (CAN) which accounted for £2.6 billion, representing the largest debut on the London Stock Exchange since 2022.

Could the dismal statistics of the last 12 months mark the darkest point before a new dawn?

Recently Sky News reported that mid-size lender Shawbrook Group is considering an IPO in the first half of 2025 and is close to signing up Goldman Sachs (GS:NYSE) as lead manager, with other banks like Barclays (BARC) potentially coming on board.

The deal could value Shawbrook (SHAW), which was taken private in 2017 by private equity groups BC Partners and Pollen capital at more than £2 billion.

Globally, the number of IPOs fell by a tenth to 1,215 deals which raised £121.2 billion, slightly below the value raised in 2023.

Across the pond, Wall Street bankers are also gearing up for a revival in IPOs with several private equity groups seeking to tap investor enthusiasm for US equities.

Double-digit gains in the S&P 500 index for the second consecutive year and hopes president-elect Donald Trump will push through deregulation and cut taxes are stoking demand for new companies coming to the market.

Also helping sentiment is the fact that nine out of the 10 largest IPOs of 2024 ended the year above their issue price, with half of them registering triple-digit gains, led by social media platform Reddit (RDDT:NYSE) which is up three-fold since March 2024.

US listings topped $32 billion in 2024, up nearly 60% on the prior year, but well below the 2021 peak of $150 billion which saw a surge in IPO activity driven by government and central banks stimulus packages.

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