Perceived issues with valuation for companies listed in London has seen the likes of gambling giant Flutter and building materials group CRH switch main listings to New York in the past two years, while those seeking to float for the first time have been opting for other exchanges over London with regularity due to valuations, regulations or even visibility cited as reasons.
More recently, consumer group Unilever revealed plans to give its ice cream business, which contains Ben & Jerry’s and Magnum, a primary stock market listing in Amsterdam when it is spun off later in 2025, with London only an additional listing along with New York.
The London Stock Exchange (LSE) could suffer yet another blow - and its biggest yet - after mining giant Glencore revealed it was considering the option of switching its main listing overseas.
Chip-maker ARM, payments platform Klarna and Aspen Insurance have all opted for New York over London of late, while FTSE 100 construction rental firm Ashtead also said in December that it planned to shift its primary listing to New York.
“London is one where we are and where we’re happy but if there’s a better one, and those include the likes of the New York Stock Exchange, we have to consider that,” Mr Nagle said.
