London has the potential to win several £1bn-plus floats next year, according to IPO advisers, in what will be a key test as to whether the City can demonstrate a sustained recovery in listings.

Overall UK equity capital markets deal values fell to around $21.9bn in the year to the end of November, down 30% from the same period in 2024 and 67% from a peak in 2021, according to Dealogic data.