UK helps Goldman Sachs rescue London’s IPO market

The British government is working with Wall Street to revive London’s fading appeal as a global listing hub.

Finance Minister Rachel Reeves and Anthony Gutman, one of Goldman Sachs’ top investment bankers, will co-host a private roundtable with executives from technology and other growth sectors on Monday to tout London as a leading destination for initial public offerings.

Can London continue to compete for global tech and crypto listings?

According to TradFi Media, the Treasury is organizing a meeting to hear views on the attractiveness of the UK as a listing destination. The meeting will also highlight recent reforms aimed at strengthening capital market competitiveness.

Newly appointed City Minister Lucy Rigby will join Reeves and Gutman will provide an overview of the current IPO sector. The incident reflects the urgency of London’s listing crisis, which hit a 30-year low in August.

British capital, once the center of the world’s stock market, has fallen to 23rd place in the world in IPO financing, falling behind Mexico as well. Revenue plummeted 69% to just $248 million, the lowest in 35 years, according to Bloomberg.

“The biggest London IPO of the year (accounting firm MHA Plc’s public offering in April, which raised 98 million pounds ($132 million). None of the deals involved big Wall Street banks, instead being arranged by smaller local firms such as Cavendish and Singer Capital Markets.The situation was even tougher in the third quarter, with trading volumes of just $42 million, down 85% from a year ago,” Baron Investments said, citing Bloomberg.

Rivals say it is highly unusual for Mr. Goldman to attend a meeting led by the Treasury Department. In their view, this would effectively give U.S. banks a free hand in pitching companies to companies they are considering listing.

Still, the partnership reflects growing concerns in Westminster and across the city that London risks permanently losing its place to New York, whose IPO market is being reinvigorated by crypto and AI companies.

London’s IPO decline worsens as US economy booms

The timing for the Treasury to intervene comes as the contrast between the UK and US markets becomes sharper. data from bar graph London raised just 160 million pounds ($215 million) across five deals in the first half of 2025, its weakest performance since 1995, according to the report.

US exchanges raised $28.3 billion across 156 listings, driven primarily by next-generation technology and digital asset companies.

Companies such as Circle Internet Group, Bullish, and Figure Technology have seen their stock prices soar after going public. Circle stock has soared since its debut in June, and Blish’s valuation nearly doubled after its August IPO.

The United States now represents a new global capital magnet for founders seeking liquidity, visibility and high valuations.

Back in London, investors and analysts blame regulatory hurdles, diversity, ESG obligations and high stamp duty for preventing founders from listing in the UK.

“Sad reality…The problem is that the EU makes the same mistakes over and over again. That doesn’t change. Innovation is killed by EU regulation before it can materialize…They destroy all possibilities by over-regulating 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 expensive environmental disclosures) are an anti-meritocracy imposition that makes IPOs less attractive to growth-stage companies.

The Treasury claims it is “working to make the UK the best place for businesses to start, expand, list and survive.” The Treasury claims new measures will enable change, including a Listing Task Force and the potential stamp duty exemption for IPOs.

The article UK turns to Goldman Sachs to help rescue London’s IPO market was first published on BeInCrypto.