In a challenging environment marked by low IPO volumes and market uncertainty, Barclays emerged not just as a consistent performer – but as a clear leader. With marquee deals, repeat mandates from high-profile clients, and a globally integrated team, Barclays demonstrated strong advice, deep relationships and a transformative focus on progress that made the bank stand out in a field of strong competitors.
The bank’s equity capital markets success in 2024 was anchored by standout mandates, including the landmark £7 billion National Grid rights issue – the largest-ever equity raise in the global utilities sector and the largest in the UK in over a decade. Barclays was one of only two banks trusted to underwrite this transaction, underscoring the bank’s ability to commit capital and deliver complex strategic funding.
“Our role within these transactions was absolutely central,” says Tom Johnson, global co-head of capital markets. “These weren’t just transactions we happened to be on. We were in the room with clients from the outset, structuring solutions and preparing them for market.”
The National Grid deal illustrates what sets Barclays apart in the ECM space this year: deep client relationships and the ability to deliver with both scale and subtlety. With a relationship spanning over 15 years, Barclays’ team were able to offer the trust and insight to guide the company through a sensitive and strategically vital raise.
Global progress
Beyond the UK, Barclays’ ECM franchise also fired on global cylinders. The firm led landmark cross-border offerings, such as the $499 million Latam Airlines re-IPO on the NYSE – the largest airline equity offering since the Covid-19 pandemic. As lead bookrunner, Barclays helped revive a business emerging from Chapter 11 proceedings, aligned the shareholder base with a US listing, and connected it to premium global airline investors, both US and local.
In the US, Barclays also drove innovation through the equity-linked market, leading multiple convertible offerings for MicroStrategy and helping redefine capital market access for crypto-aligned issuers.
What made Barclays stand out this year was not just its transactional volume or league table ascension, but its consistency of delivery and clarity of strategy
The bank’s breadth was further highlighted by its success in strategic European transactions. As joint sponsor and lead financial adviser to Canal+, Barclays helped a French-headquartered company successfully list in London, signalling international confidence in the London Stock Exchange’s global relevance with the largest UK listing of the year.
“Barclays gave the transaction huge credibility,” says Chris Madderson, head of UK ECM. “That trust matters when an international issuer lists in London.”
That cross-border fluency – bridging global distribution with on-the-ground expertise – was a recurring theme throughout Barclays’ ECM activity in 2024. Another was the use of bespoke equity solutions tailored to client needs, such as through the multiple monetisation events that the bank helped to lead for Thomson Reuters and Blackstone in LSEG throughout 2024, combining classic cash deals with sophisticated structured equity solutions.
Happy customers
This repeat business speaks volumes. Clients such as Aston Martin, THG and Pennon returned to Barclays for transaction after transaction, testament to a relationship-driven, execution-first approach. “We’ve never let them down,” notes Johnson. “If you consistently deliver, the trust builds. And when the stakes are high, they call you first.”
While other banks streamlined or shuttered their UK cash equities operations, Barclays doubled down. Its integrated model – spanning corporate broking, ECM, research, sales trading and derivatives – positions it uniquely to offer one-stop, cross-product, cross-border solutions. In 2024, Barclays ranked number one in UK equities trading and UK institutional research, and was a top-three trader in pan-European and US cash equities.
That structure supports a strategy that doesn’t force mid-cap clients to choose between boutique attention and bulge-bracket reach. “We’ve built a platform where a mid-cap client doesn’t have to compromise,” says Johnson. “They get bespoke advice and global access.”
Expansion of abilities
This year also marked a clear upward shift in Barclays’ global ECM league table positioning – climbing three places, expanding equity-linked market share by over 300 basis points, and executing its first Dubai Financial Market mandate in the Gulf with the Talabat IPO, the largest tech IPO globally in 2024.
This connectivity is embedded in Barclays’ team structure. “We operate as one global ECM team with long-tenured MDs. There’s one decision-making layer and seamless handoffs across time zones,” says Johnson.
Ultimately, what made Barclays stand out this year was not just its transactional volume or league table ascension, but its consistency of delivery and clarity of strategy. In 2024, Barclays didn’t just execute high-profile deals – it set benchmarks, strengthened client trust, and elevated both internal and external expectations.
“We prioritise being globally aligned, better integrated, or more confident,” Johnson says. “As our competitors cut corners or juniorise, we’re winning by staying senior, staying strategic, and delivering.”
