London Drops Out of Top 20 IPO Markets After Falling Behind Mexico

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.