According to London Stock Exchange data there were just 23 IPOs (initial public offerings) in total on the UK market in 2023, only slightly more than half the number the preceding year and the lowest since the exchange started publishing records in 1995.

For the first time since the financial crisis just one company joined the market in the fourth quarter, and that was a new listing rather than an IPO, as Chapel Down (CDGP:AIM) moved from Acquis to AIM without raising fresh capital.

However, there are grounds for optimism, not least after the FCA (Financial Conduct Authority) proposed simplifying the listing regime to attract more companies to the UK.

So far, Shares understands there are already three companies on the ‘launch pad’ hoping to raise money from investors.

Air Astana, Central Asia’s largest airline, is based in Kazakhstan and is looking to raise $120m (around £95 million) through a dual listing in its home country and London.

In a strange twist of fate, UK defence firm BAE Systems (BA.) owns 49% of the carrier. The stake, which cost the UK company $8.5 million in 2002, was part of an attempt to sell radar equipment to the Kazakh government, but the deal fell through under pressure from Russia.

Also aiming to impress is London Tunnels, definitely one of the quirkier firms to come to market.

The company’s sole asset is ‘a unique set of tunnels, owned by a British company, built by the British Government, for the defence of Britain, that can further enhance London’s reputation as a leading tourist destination’.

The idea that underground tunnels used to shelter from the Blitz might be a leading tourist destination sounds rather hopeful, but as AJ Bell investment director Russ Mould explains, the tunnels may have a special appeal.

‘James Bond fans might be giddy at the prospect of seeing the inspiration for Q-Branch as the Special Operations Executive, a secret British World War II organisation, was located in the tunnels in the mid-1940s.’

Hoping to tickle investors’ taste buds, food company Microsalt is making a third attempt to list on AIM, and finally not a new listing but a share issue in an unusual asset class may fire up a few investors.

Holding company Tertre Rouge Assets (TRA), named after a corner on the famous Le Mans circuit, is offering investors the chance to own part of a portfolio of rare and exotic classic cars.

Among the firm’s directors are former racing drivers David Coulthard, Mike Hakkinen and Alan McNish, who know a thing or two about life in the fast lane. 

DISCLAIMER: AJ Bell referenced in the article owns Shares magazine. The author of this article (Ian Conway) and the editor (Tom Sieber) have an investment in AJ Bell.

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