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US and China dominate global IPO market

Deliveroo’s pending stock sale gives London a much-needed financial boost, but the global IPO market is becoming a straight fight between China and the US.

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The announcement that Deliveroo will pursue a London listing in the first half of the year, valuing the food delivery firm at around $10 billion, gave the City a much-needed financial fillip.

Lord Jonathan Hill, who published his review of the UK listings regime last week, said it was “great news” a firm born and bred in Britain had plumped for a domestic stock sale.

Jonathan Hill

But one swallow does not make a summer. In Hill’s recommendations, the British peer and former European commissioner for financial services noted that London accounted for just 5% of global initial public offerings (IPOs) between 2015 and 2020.

As Euromoney wrote last week, the number of companies listed in London has fallen by 40% since its peak in 2008.

The harsh truth is that the global IPO market is now a two-way fight for supremacy that pits the US against China. The rest of the world picks up the scraps.

As ever, data doesn’t lie.

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