UK fact of the day

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 involved a major Wall Street bank; they were instead arranged by small local outfits like Cavendish Plc and Singer Capital Markets. The third-quarter picture is even starker with just $42 million of deal volume, down 85% from the same period last year, according to data compiled by Bloomberg.

Here is more from Bloomberg.  Once your status as a financial center unravels…