EY reported that Q3 2025 saw only 12 listings across Main Market and AIM. That’s the “quiet year” narrative. But, arguably, a more important story is what is rebuilding confidence: the UK’s ongoing focus on market competitiveness and a set of reforms designed to make listing, capital raising and ongoing reporting more proportionate without compromising governance.
What we’ve heard repeatedly in conversations across the market is that businesses haven’t lost the ambition to list, they’re simply delaying the moment. That’s a key message to take note of because deferred intent will become future volume when conditions stabilise. And by late 2025, we began to see indicators for this.
The set-up for 2026: confidence, pipeline and reform converging
Going into 2026, there are three key factors that are improving the outlook for the UK market.
Firstly, the pipeline is stronger than the 2025 numbers suggest. Industry commentary has been increasingly focused on 2026 as a “rebound test” for London. This completely aligns with what we are experiencing at EQ where we’ve seen a number of companies moving beyond early-stage exploration and into serious IPO readiness having engaged with advisers earlier and with more intent. A pipeline is emerging that’s stronger and more credible than headline activity might suggest in both scale and profile of companies considering listing.
Secondly, regulatory changes are gathering pace. Across 2025, EQ’s horizon scanning and industry engagement tracked the developments aimed at making UK capital markets more attractive, including reforms around prospectus requirements, the continued “regulate for growth” agenda and moves to modernise market infrastructure like dematerialisation. Ultimately, these should reduce friction in the listing journey while protecting market integrity.
Thirdly, we’re seeing more tangible “candidate” names discussed in the context of 2026. Whilst these aren’t guaranteed IPOs, it signals boards being back in the room, testing investor appetite and scenario-planning again.
There is a commonly held view that US listings perform better. However, long-term outcomes tend to be driven by who sits on the register, and the quality of investor engagement so the equity story is understood. Liquidity, analyst coverage and shareholder mix constantly prove to be stronger outcome predictors than venue alone.
As boards reassess their IPO options into 2026, a more sophisticated question is no longer simply “London or New York?” but how to build (and sustain) the right investor base over time. For some companies, that may include exploring dual-listings or overseas listings using Depositary Interests, which allow UK investors to invest in and trade overseas-listed companies through the UK market. For others, a focussed London listing remains the most effective route. Either way, having the right advisors that can support different structures and remain flexible as strategy evolves is key. Fortunately, that’s exactly the kind of support EQ is built to provide.
What’s essential for issuers to prioritise in 2026
If 2025 was about waiting, 2026 should be about preparedness. The successful issuers will be the ones who treat IPO readiness as operational discipline, not a one-off transaction. That means:
- equity story clarity/credible governance,
- operational readiness across share register, communications, reporting and meeting execution designed to meet today’s requirements and adapt to tomorrow’s,
- a post-listing plan that assumes scrutiny and elevated investor engagement from day one
Those priorities map directly onto where registrars need to support investors and it’s these that dictate where EQ continues to focus on.
What issuers should now expect from their registrars in 2026
1. Technology
Shareholders increasingly expect digital, intuitive ways to engage with the companies they own, while issuers deserve faster, clearer insight into who their shareholders are and how that picture is changing. As registers become more dynamic, the ability to see and respond to ownership changes in real time is a core operational requirement, not a nice-to-have.
Issuers should be looking for technology that does three things:
- Simplifies the shareholder experience
- Gives management teams meaningful visibility of the register
- Adapts with an ever-evolving environment
This has been a key focus for EQ’s technology investment this year and will continue to be so in 2026. This focus is particularly timely as dematerialisation approaches. EQ’s digital infrastructure has been designed with this transition in mind, putting us ahead of regulatory change rather than responding to it.
That strategic focus has translated into tangible delivery during 2025 and into 2026. The launch of EQ’s new Shareview mobile app will give shareholders a simpler, more intuitive way to manage their holdings. 2025 has also seen an evolution in the design of our technology so Employee Share Plans and Registrar services will be able to be managed in one platform with a single log-in. Updates to shareholder details and preferences will only need to be entered once reducing duplication and operational risk.
2. Integration
For listed companies, managing the share register, understanding investor behaviour and communicating effectively with shareholders are closely linked but are often handled across multiple providers.
Increasingly, issuers are looking for ways to consolidate these services through one provider. Done well, this doesn’t just result in convenience: it unlocks capabilities. When service offerings and their associated data all sit in the same ecosystem, features and intelligence can be developed in ways that aren’t possible when they operate in isolation.
This is why EQ has expanded its communications and advisory capabilities through the acquisition of Notified, a global communications and investor engagement platform, used by both listed and private companies to manage market disclosures, PR announcements, stakeholder engagement and shareholder communications. Beyond that, in 2026 where issuers combine EQ’s registrar services with our RD:IR shareholder intelligence service, integration extends further, linking live register data to provide real-time visibility of shareholder movements.
3. Leadership
The bar for operating successfully as a listed company has moved. Evolving regulations, higher expectations (from new AGM formats to increased activist scrutiny) and a more active, informed shareholder base are all reshaping what “good” looks like in public markets.
In that context, issuers should expect their advisers to align leadership with the realities of public markets. EQ’s new leadership team brings deep experience across that are critical for companies today, including:
Commercial leadership focused on growth and transformation – our new CEO Dan Kramer brings a sharp commercial lens to how shareholder services support public companies
Operational resilience where pressure shows up – as COO, Brian O’Neill’s focus on strengthening our client experience centre (CEC) and frontline delivery reflects the reality that response times and service quality are tested most during IPOs, AGMs and other corporate actions.
Financial discipline and transparent pricing – under our new CFO Jackie Marks’ leadership, EQ has a keen focus on pricing clarity and predictability.
Evolving Technology – already since joining, our new CTO Stan Guzik has accelerated delivery of AI-enabled capabilities that automate complex processes and improve speed and consistency across our products.
Ultimately, EQ is now set up to deliver more in a demanding market.
A positive outlook for 2026
So yes while 2025 was quieter than hoped for, it was not wasted time. The market recalibrated, and many issuers used it to prepare. With a strengthening pipeline, a more supportive reform agenda and improving sentiment signals, we can be optimistic for increased activity in 2026.
EQ goes into that year with momentum: strong leadership across shareholder services and technology, an expanded end-to-end communications platform and a clear focus on helping clients not only reach the public markets but succeed within them.
At EQ, our focus is on being a genuinely customer-obsessed partner, so this article ends with the same question Dan Kramer loves to ask:
How can we help?