Data compiled by Mergermarket for the Evening Standard shows London languishing in joint-20th position for money raised by new floats in the first four months of the year. The London stock market has had only one float, raising just $119 million (£95 million).
That puts it behind much smaller exchanges such as Istanbul, Athens and Oslo.
But with Charlotte Tilbury owner Puig selling its shares in Madrid today, London has dropped another spot in the global leaderboard.
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