The London Stock Exchange has dropped in ranking among the world’s largest initial public offering (IPO) markets, falling out of the top 20 for the first time in decades and now ranking 23rd globally.

Data collected by Bloomberg revealed that IPO proceeds in London have fallen by 69% to just $248 million since the beginning of this year.

This marks the weakest IPO performance in over 35 years, with the third quarter IPO volume not exceeding $42 million, down 85% compared to the same period last year.

The largest IPO this year was by accounting firm MHA in April, raising about £98 million ($132 million), without participation from any major Wall Street banks.