Ignoring special purpose vehicles, or hedge funds raising capital, the last UK firm to list for over £1bn was back in 2006, but with the rumours surrounding Royal Mail, Direct Line and Project Verde, the billion-pound IPO may be back on the cards.

Insurer Standard Life, back in 2006, listed for £2.4bn. Since then, a small number of special purpose vehicles such as cash shell Vallares, and hedge funds run by asset manager Brevan Howard, have listed for over £1bn. Little else has troubled the billion-pound barrier.