UK Private Capital and PwC publish updated guide on executing a successful IPO
- Guide sets out the key steps for private capital firms and portfolio companies considering a public listing
- Publication comes amid a more volatile market, with shorter listing windows and higher expectations from investors
- UK Private Capital continues to explore ways to ensure City of London remains competitive destination for global investors
UK Private Capital and PwC have today published an updated guide to executing a successful IPO.
The guide is intended to help private capital firms and portfolio company management teams prepare for and navigate the listing process. It covers the full IPO journey, from assessing readiness and developing the equity story through to governance, regulation, investor communications and life as a listed company.
First produced in 2016, the guide has been updated to reflect a more volatile market environment, shorter listing windows and higher expectations around reporting, governance and investor engagement. It also reflects the significantly different UK listings landscape, setting out the implications of recent changes to the UK listing and prospectus regimes.
The publication forms part of UK Private Capital’s wider work examining how to strengthen the connection between public and private markets and improve the attractiveness of listing in London. A recent survey from the Association found that 83% of senior leaders in private capital firms believe a larger domestic investor base is important to making UK public markets more attractive, while 77% called for a more positive narrative around UK markets.
That work is grounded in the view that strong private capital and strong public markets are mutually reinforcing parts of a single system. Private equity businesses have played an important role in UK public markets, with a report from McKinsey showing that 65% of UK-originated IPOs between 2015 and 2024 involved companies that had been fully or partially owned by private equity firms.
“Healthy public markets are vital for growing the economy, and private capital has a critical role to play in bringing strong businesses to market.
“Strengthening the connection between public and private markets will be critical to ensuring more ambitious UK businesses can scale, access capital and remain anchored here. This guide is a practical contribution to that effort, helping firms and portfolio companies prepare properly and approach the listing process with greater confidence.
“But London will only remain a competitive listing destination if the wider conditions are right. That is why we are undertaking efforts to address negative perceptions of UK markets including around valuations, liquidity and the regulatory environment.”
“Going public is a significant step for any business. The most successful companies are those that prepare early and address the key issues around governance, reporting, structure and investor positioning well before a formal process begins.
“This guide brings those considerations together and provides a practical framework for management teams and shareholders assessing whether an IPO is the right route for them.”
Notes to Editors
The has been produced by PwC and UK Private Capital. It is an updated version of a guide first published in 2016.
UK Private Capital surveyed 101 senior decision-makers at private equity and venture capital firms between 5 and 18 February 2026. Respondents represented firms investing across the UK and across the private capital lifecycle, from seed-stage venture capital to large private equity. Multiple responses were allowed.
About UK Private Capital
UK Private Capital is the industry body and public policy advocate for the private equity (PE), venture capital (VC) and private credit ecosystem in the UK. With a membership of 600 firms, we represent UK-based private capital firms, as well as their professional advisers and a large base of UK and global investors. The private equity, venture capital and private credit industry has a vital role to play in driving national and regional growth. Currently over 13,000 companies, employing more than 2.5 million people, are backed by private capital investment in the UK.
