Tech initial public offerings raised £6.6bn in 2020

Analysis shows tech IPOs in the UK raised £6.6bn, more than double 2020’s figures of £3.1bn, according to data from the London Stock Exchange (LSE).

With 126 companies listing in the UK in 2021, tech companies made up 29 per cent of listings on the LSE, indicating the UK tech industry’s increasing maturity and driving much of the London market’s success.

The analysis is revealed as Prime Minister Boris Johnson, Digital Minister Chris Philp and Economic Secretary to the Treasury John Glen speak with founders and leaders from leading high-growth tech companies from No 10 Downing Street today, including Quantexa, Bought by Many, Oxford Nanopore and OakNorth.

They are expected to discuss the strengths of the UK tech ecosystem and highlight how the implementation of reforms recommended by Lord Hill in his recent UK Listings Review will make London a more attractive destination for tech.

Landmark IPOs of UK-headquartered businesses in 2021 included Deliveroo, Moonpig and Trustpilot. The 37 tech IPOs compare with just eight in 2020. London also demonstrated its international competitiveness by attracting companies from Denmark, Canada, and the US.

Fintech has been a leading area of UK tech over the past five years, with the country home to almost 4,000 fintech. A total of seven fintech companies making public debuts in 2021 including LendInvest, PensionBee and Wise.

Digital Minister Chris Philp said: “2021 was a brilliant year for UK tech and it’s great to see just how many companies have grown from startup to scale-up, to finally becoming publicly-listed businesses on the London markets.

“Global investors hold London’s capital markets in high esteem and as we implement clear governance around innovative fast-growth companies, including rules around AI and data, we believe even more companies will appreciate the advantages that listing in London can give them.”

Romi Savova, CEO at PensionBee, said: “We founded PensionBee with the vision to simplify pensions so that everyone can look forward to a happy retirement.

“Raising capital has enabled us to continue growing and innovating our proposition, such as adding one-off and recurring ‘Easy Bank Transfers’ through open-banking technology and the ability to track pensions transfers in real-time.

“We’re excited to continue our growth journey and make it easier for everyone to save for their retirement.