London Falls Out of Top 20 IPO Markets as Fundraising Slumps 69%

London has slipped out of the world’s top 20 initial public offering markets as the third quarter ends, overtaken by Mexico and Singapore in a fresh blow to its standing as a global finance hub.

The UK exchange has slipped three places to 23rd in a Bloomberg ranking of the world’s busiest IPO destinations, placing it behind the frontier market of Oman. Volume this year dropped 69% to $248 million, the weakest haul in more than 35 years.

This year’s largest London IPO — an April offering from accountancy MHA Plc — raised £98 million ($132 million). No deals have ...