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London tech IPOs raise record £6.6bn in 2021

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·Finance Reporter, Yahoo Finance UK
·3-min read
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Tech IPOs
In total there were 37 tech IPOs in the UK, nearly 30% of all IPOs. Above, Ameca, a humanoid robot by Engineered Arts, interacts with attendees at the UK Pavilion during CES 2022 in Las Vegas, Nevada, US> Photo: Steve Marcus/Reuters

Tech IPOs in the UK raised a record £6.6bn ($8.8bn) in 2021 from initial public offerings (IPOs), according to data from the London Stock Exchange (LSE).

Last year saw 126 companies debuting on the LSE (LSEG.L), out of which 37 (29%) were tech companies. In 2020 that number stood at just eight tech companies.

Fintech group Wise (WISE.L) and review site Trustpilot (TRST.L) among the biggest debuts of last year, but 2021 also saw IPOs of UK-headquartered businesses like Deliveroo (ROO.L) and companies from Canada like (AlphawaveIP) and the US, in this case, Devolver Digital (DEVO.L).

Overall, the £6.6bn was more than double the equivalent figure in 2020.

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.

Read more: Deliveroo shares rise as orders boost growth

“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.”

The UK government now says 2022 has the potential to be another record-breaking year, with the maturity of the UK tech sector indicating a strong pipeline of companies ready to come to market.

“The UK is home to entrepreneurs, innovators and disruptors across a range of sectors, with some particularly remarkable success stories for companies in the technology sector,” Julia Hoggett, CEO of London Stock Exchange, said.

“Last year demonstrated that the London Stock Exchange is increasingly becoming one of the top destinations for these companies and their founders to finance their visions and thrive.”

Read more: ‘Netflix killers’: How crypto film start-ups are using the blockchain to disrupt Hollywood

According to the latest data by Dealroom, the UK is now home to 116 unicorns – tech companies that are worth $1bn (£740m) or more in value – and 213 futurecorns – high growth tech companies that are predicted to reach the $1bn mark in the future.

Fintech has been a leading area of UK tech over the past five years, with the country home to almost 4,000 fintech companies according to Dealroom, which have disrupted traditional financial services.

E-commerce companies were another dominant category, as more consumers shifted to online shopping during the pandemic.

A total of 10 e-commerce companies listed in London in 2021. This included consumer commerce companies such as Moonpig (MOON.L), Made.com (MADE.L) and InTheStyle (ITS.L), as well as B2B companies including CMOstores.com which serves construction businesses.

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