(Bloomberg) -- London’s share of European initial public offering proceeds has shrunk to a 12-year low as Brexit’s impact and economic turmoil take their toll.

Just $1.38 billion has been raised through IPOs in London so far this year, representing 14% of the European total, data compiled by Bloomberg show. That’s the lowest share since 2010, when London contributed 13% of European offering proceeds.

IPOs have been losing steam in the UK since the country’s vote to split with the European Union challenged London’s standing as a global financial center. A number of high-profile listing flops have also eroded confidence, while last week’s steep rout in UK assets following the new government’s unveiling of the biggest fiscal giveaway in half a century won’t help the city’s cause.

“Some of the more challenging conditions here probably have played a role to make companies more cautious before proceeding with a listing,” said Matt Evans, a portfolio manager at Ninety One Plc in London.

Among firms that listed in London last year, food-delivery platform Deliveroo Plc has sunk 79% since the IPO, while Dr Martens Plc is down about 32%.

A lack of listings globally in the aftermath of Russia’s invasion of Ukraine and a worldwide equities rout have worsened the predicament of the UK capital, which is in the midst of its quietest listing period since the financial crisis. It’s unlikely the IPO market will improve before the end of the year, Evans said.

Still Tough

In a sign that conditions remain tough, a China-focused buyout firm on Monday extended the closing date of its London IPO to Oct. 31, a delay of about a month. Welkin China Private Equity Ltd. is seeking up to $300 million in its share sale, which would make it the year’s second-biggest UK listing.

One potential boost for London would be a listing of UK chip designer Arm Ltd., which its owner SoftBank Group Corp. is pursuing in New York. The UK government plans to push for talks with SoftBank to encourage the Japanese conglomerate to list Arm in London, the Financial Times reported this month.

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