• UK Treasury partners with Goldman Sachs for a high-level roundtable to attract global tech and crypto listings back to London’s struggling market.
• London’s IPO proceeds plunged 69% to a 35-year low, while US exchanges raised $28.3B across 156 listings fueled by AI and crypto firms.
• Reforms aim to revive competitiveness through listing incentives and potential stamp duty exemptions, but London faces deep structural and regulatory challenges.

The UK government is teaming up with Wall Street to revive London’s fading appeal as a global listing hub.

Chancellor Rachel Reeves and Anthony Gutman, one of Goldman Sachs’ top investment bankers, will co-host a private roundtable on Monday with executives from technology and other growth sectors to pitch London as a viable destination for initial public offerings (IPOs).

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Can London Still Compete for Global Tech and Crypto Listings?

According to TradFi media, the Treasury is organizing the meeting to hear views on the UK’s attractiveness as a listing destination. The gathering will also highlight recent reforms aimed at boosting capital market competitiveness.

Lucy Rigby, the newly appointed city minister, will join Reeves, and Gutman will present an overview of the current IPO sector. The event mirrors the urgency of London’s listing crisis, which hit a 30-year low in August.

Once the beating heart of global equity markets, the UK capital has fallen to 23rd place globally for IPO fundraising, trailing even Mexico. According to Bloomberg, proceeds plunged 69% to just $248 million, the lowest in 35 years.

“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; small local outfits like Cavendish Plc and Singer Capital Markets instead arranged them. The third-quarter picture is even starker with just $42 million of deal volume, down 85% from the same period last year,” said Baron Investments, citing Bloomberg.

Competitors describe Goldman’s presence at the Treasury-led meeting as highly unusual. In their opinion, it effectively gives the US bank a free pitch to companies considering where to list.

Still, the partnership reflects growing concern across Westminster and the City that London risks permanently losing its position to New York, where the IPO market is roaring back to life, fueled by crypto and AI firms.

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London’s IPO Decline Deepens as the US Booms

The timing of the Treasury’s outreach comes as the contrast between the UK and US markets grows starker. Data from Barchart shows London raised just £160 million ($215 million) across five deals in the first half of 2025, its weakest performance since 1995.

US exchanges raised $28.3 billion across 156 listings, driven largely by next-generation tech and digital asset firms.

Companies like Circle Internet Group, Bullish, and Figure Technology have seen their shares soar post-listing. Circle’s stock has soared since its June debut, and Bullish’s valuation nearly doubled after its August IPO.

The US now represents the new global capital magnet for founders chasing liquidity, visibility, and strong valuations.

Back in London, investors and analysts blame a mix of regulatory hurdles, diversity,ESG mandates, and high stamp duty for deterring founders from going public in the UK.

“Sad reality… The problem is that the EU makes the same mistakes over and over again. It will not change. Innovation is killed by regulation in the EU before it’s viable…They destroy all potential by overregulating when it’s not needed,” wrote crypto analyst Quiten.eth.

Financial experts like James Graham argue that the London Stock Exchange’s DEI requirements, including board diversity quotas and costly environmental disclosures, are anti-meritocratic impositions that make IPOs less attractive for growth-stage companies.

The Treasury insists it is working to “make the UK the best place for businesses to start, scale, list, and stay. They push that new measures will enable change, including a Listings Taskforce and potential stamp duty exemptions for IPOs.

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