Bidhi Bhoma has undergone a metamorphosis of late. Four years, ago the chief executive of the UK mid-market investment bank Liberum was deluged with companies paying handsomely to list on the stock market. But a sustained IPO drought has forced Bhoma and his troops to keep busy through providing corporate finance advice, restructuring and identifying acquisition targets for FTSE clients.

“The tide has shifted,” said Bhoma, now deputy chief executive of Panmure Liberum, after his firm merged with its rival Panmure Gordon — in part because of the paucity of IPOs. “Five years ago we were skewed towards capital markets [IPO] revenue and had a chunk of advisory work?[?.?.?.]?Now we are making more money out of advisory work.”

Bhoma is not alone. Across the City of London, bankers have been forced to branch out as IPOs — once a reliable revenue stream that can keep teams of dealmakers busy for a year — dwindle.