Which companies could go public in London in 2024?

Last year was the worst year for IPOs in London since the financial crisis. Pressure is mounting on the London Stock Exchange to revive the listing market, with government and regulators pulling out all the stops to spur a revival.

The exchange has come under intense scrutiny after it lost high-profile floats to New York and several issuers were delisted in 2023.

The group's chief executive, David Schwimmer, said the IPO pipeline remained strong. So which companies could go public in London in 2024?

Boots

Boots has been owned by Walgreens since 2014, but the US pharmacy chain has reopened talks about selling the British drugstore. The company had previously solicited offers but abandoned efforts to sell Boots in June 2022. Both a private deal and a public offer remain on the table. The chemist is worth around $8.8 billion

Brew dog

Brewer Brewdog could aim for an IPO in 2024 after Covid, the war in Ukraine and a series of scandals pushed back the date. James Watt, Brewdog's chief executive, said a London listing was preferable but was also considering New York. There is a soft deadline in August when a financing deal with private equity firm TSG Consumer Partners ends.

Kantar Group

A public offer for the market research company Kantar could be planned. WPP, one of the big four advertising companies, wants to sell its 40 percent stake in the company. In 2019, the company sold a controlling 60% stake to private equity firm Bain. According to Dealogic, a float of WPP shares could be worth $1.4 billion.

Klarna

The Swedish company Klarna is expected to go public this year. Pitchbook had previously reported a 92 percent probability that the company would go public. The buy now, pay later company set up a UK holding company in November, raising hopes that a UK listing could be in the works. Klarna's IPO is expected to value the company between $15 billion and $20 billion

OakNorth Bank

OakNorth Bank is aiming for an IPO after reporting profits of £152 million in 2022. Pitchbook gave the digital bank an 86% chance of going public. In December it appointed former Financial Services Authority chief Lord Adair Turner as chairman of the bank. An OakNorth spokesman said no legal or financial advisers had been appointed.

Parameta, part of TP ICAP

The broker TP ICAP is considering spinning off its data business Parameta. Nicolas Breteau, CEO of TP ICAP, said the company is exploring options for selling a minority stake in the company, including through a public offering. Dealogic estimates a potential IPO at $1.5 billion.

Raspberry Pi

Raspberry Pi, which makes modular computers for use in robotics, computer education and home improvement projects, plans to go public in London. The DIY computer maker has chosen Jefferies and Peel Hunt for its UK listing. Dealogic estimates the value of the IPO at $100 million

Shein

Shein is looking at London as possible support for its IPOs if US regulators reject the New York IPO. According to Sky News, the fast fashion brand has been courted by Chancellor Jeremy Hunt. The company is targeting a valuation between $80 billion and $90 billion.

Starling Bank

A timeline for the neobank's listing is still unclear, but that could happen sooner rather than later. Several investment banks, including Rothschild & Co, approached Starling last year. The neo-bank named a new chief executive, Raman Bhatia, in January after founder Anne Boden resigned in June 2023 over concerns that she faced a conflict of interest as a major shareholder. In 2021, Boden previously said Starling was targeting an IPO within two years.

Water stones

Waterstones chief executive James Daunt said in December that a public offer for the bookseller was “a very sensible place”. The company explored an IPO in 2018 but was ultimately acquired by investment firm Elliott Management. Elliott bought US bookstore operator Barnes & Noble a year later, with Daunt serving as managing director of both. Dealogic estimates a potential IPO at $200 million.

the soup

Zopa's chief executive Jaidev Janardana said in June 2023 that an IPO could be planned for late 2024. The peer-to-peer lending company had previously been working toward an IPO in 2022, but adverse market conditions pushed back the plan.

To contact the author of this story with feedback or updates, email Jeremy Chan