(Bloomberg) -- London remains Europe’s top venue for sales of shares in listed companies, as a recent raft of secondary deals eclipses a lack of UK initial public offerings.

There have been $11.3 billion worth of such share offerings in London so far in 2024, a jump of almost 24% on a year earlier, according to data compiled by Bloomberg. Even after missing out on a nascent revival in IPOs, the volume of share sales in London dwarfs that of any other European exchange.

“We are well ahead of the other markets that we are often contrasted with, be it Amsterdam, be it Frankfurt,” said Dru Danford, head of investment banking at London-based stockbroker Liberum. “London outperforms all those European competitors.”

Two major sell-downs of existing stakes dominated London’s tally for this year. GSK Plc exited from Panadol painkiller maker Haleon Plc for gross proceeds of about £3.9 billion ($4.9 billion). A consortium of former owners of Refinitiv, a data firm that London Stock Exchange Group Plc acquired in 2021, sold down the last of their stake in LSEG for £1.6 billion after a similarly-sized deal earlier this year.

A higher number of companies have been active in London, however, with share sales involving more than 60 firms this year, compared with 12 on the Paris exchange and just four in Frankfurt, the data shows.

Julia Hoggett, chief executive officer of the LSE, said Monday that the “public narrative” has downplayed the strength of London’s capital market. 

“As of the first of May, London was the fifth largest exchange in the world by total capital raised year to date, only behind NYSE, Nasdaq and the two Indian exchanges,” she told City Week 2024 at Guildhall in the City of London. “There are no other European exchanges in the top 10.” 

Read more: London Stays Top Pick in Europe for Financial Investors, EY Says

The share sale scorecard underlines London’s leading role in the European equity capital market during a global downturn in fundraisings due to a surge in inflation and interest rates since 2022. Companies raised £39.2 billion pounds in London in 2021, before a 61% slump the following year, the Bloomberg data shows.

Companies raising funds through so-called follow-on offerings in London this year include real estate group Segro Plc and utility Pennon Group Plc. Share sales have also been seen in auto parts maker TI Fluid Systems Plc and greetings card retailer Moonpig Group Plc. Another eye-catching deal was Delivery Hero SE’s sale of an £83 million chunk of takeout delivery firm Deliveroo Plc, exiting its holding.

Paris has the second-highest fundraising tally in US dollar terms, at $3.4 billion. That was driven by Sartorius Stedim Biotech’s €1.2 billion ($1.3 billion) share sale and by French investment firm Wendel SE selling its stake in goods inspection company Bureau Veritas SA for about €1.1 billion after a surge in its shares.

London’s IPO scene, on the other hand, has been moribund. Its slice of the market for new offerings slumped to 2% this month, the tiniest in decades, as IPOs on the continental rebound from a lull. 

There are more promising signs around listings in the UK capital, though, with reports suggesting China-founded fashion retailer Shein is headed for a huge London offering. British personal computer-maker Raspberry Pi has also confirmed that it’s considering a UK share sale.

Read more: London IPO for Shein Would Help Repair Damage From US Defections

The London exchange also remains Europe’s busiest by daily value traded. But the market capitalization of primary listings in Paris is now higher. Some companies, including construction supplier CRH Plc and gambling group Flutter Plc have chosen to shift their main listings from London to the US in search of higher valuations. 

“Ultimately, the market we’re really up against is New York,” said Liberum’s Danford.

(Adds LSE CEO’s comment from sixth paragraph.)

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