UK Market Exodus: Companies that have moved away from a London listing
June 5 (Reuters) - British money transfer firm Wise (WISEa.L), opens new tab became the latest UK listed firm on Thursday to say that it intends to move its primary listing to the U.S. from London.
A growing number of companies have shelved or shifted plans to list in London, due to investor pushback and Brexit-related challenges that have pressured UK market valuations. Instead, they have opted for the U.S. and other markets, where they see stronger appetite and higher valuations.
Cobalt: The Glencore-backed metals investor scrapped its plans for a London IPO (IPO-COBL.L), opens new tab on Wednesday, which, according to one source, was driven by a lack of demand.
The company, valued at around $230 million, would have seen London's largest market debut since Air Astana's (AIRA.KZ), opens new tab listing in February 2024.
Indivior (INDV.L), opens new tab: The drugmaker said on Monday it will cancel its secondary listing on the London Stock Exchange effective July 25, citing cost savings and a desire to align more closely with its U.S.-focused operations.
The 1.25 billion pound ($1.70 billion) pharmaceutical firm will retain its primary listing on the Nasdaq.
BHP: The world's largest miner by market value ($125.10 billion) made Australia (BHP.AX), opens new tab its primary stock market when it ended its dual-listing structure in 2021. The company was the second largest by market value in London when it left the stock market.
Unilever (ULVR.L), opens new tab: The Ben & Jerry's maker in February picked Amsterdam as the primary listing for its ice cream business. The business, which generated a turnover of 8.3 billion euros ($9.47 billion) in 2024, will have secondary listings in London and New York.
Glencore (GLEN.L), opens new tab: The Swiss miner said in February it was considering moving its primary listing from London. The company, with a market value of 34.5 billion pounds, said New York was at the top of the list under consideration.
Shein: The online fast fashion retailer is working towards a listing in Hong Kong after its proposed initial public offering (IPO) in London failed to secure the green light from Chinese regulators, three sources with knowledge of the matter told Reuters in May.
However, before its attempt to list in London, Shein had pursued a listing in New York, as part of its efforts to gain legitimacy as a global, rather than a Chinese company, and access to a wide pool of large Western investors.
Ashtead (AHT.L), opens new tab: The second-largest equipment rental company in the U.S. said in December it plans to shift its listing to New York. With a market value of 18.3 billion pounds, Ashtead has been listed in London since 1986, and transformed into a major U.S. player in the early 2000s.
Just Eat Takeaway (TKWY.AS), opens new tab: The Amsterdam-listed food delivery company delisted from the London Stock Exchange in December, citing efforts to reduce administrative and regulatory costs.
The company has a market value of 4.05 billion euros.
Flutter Entertainment (FLTRF.L), opens new tab: The FanDuel-owner in 2024 moved its primary listing to the New York Stock Exchange (NYSE), just a few months after it added a secondary listing in the US.
CRH (CRH.N), opens new tab: The building materials solutions provider, which has $61.29 billion in market value, switched its primary listing to the NYSE in 2023, while maintaining a standard listing on the London Stock Exchange.
Arm Holdings: The UK-based chip designer chose Nasdaq over London for its 2023 IPO — the largest of that year. The company, now valued at just over $138 billion, was previously listed in London for 18 years till 2016, when it was taken private by SoftBank (9984.T), opens new tab in a $32 billion acquisition.
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