Law Firms wait for London IPO market spark

Is London’s IPO market finally about to turn a corner?

That’s the question gripping City bankers and law firms alike, as a handful of hopeful listings are poised to test investor appetite after a long and painful drought.

• Shein Trouble: The much-hyped Shein IPO, once expected to be a £50 billion blockbuster and a poster child for London’s capital markets revival, has stalled amid rising geopolitical tension. The Chinese-founded fast fashion giant hit pause as it assesses the fallout from US trade tariffs—a sobering reminder that cross-border deals don’t exist in a vacuum.

For law firms advising on equity capital markets, the wait has been long—and lean. IPO fundraising in London slumped below $1 billion in 2024, one of the worst years since the financial crisis. Lawyers specialising in public company transactions have had to pivot: from full-scale IPO instructions to strategic advisory work, dual-track deal planning (IPO vs. sale), and regulatory readiness exercises.