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UK’s Chancellor of the Exchequer gathers executives to pitch for more London listings

Bloomberg
Bloomberg • 2 min read
UK’s Chancellor of the Exchequer gathers executives to pitch for more London listings
Chancellor of the Exchequer Jeremy Hunt will meet business executives as he tries to secure more company listings in the UK. Photo: Bloomberg
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Chancellor of the Exchequer Jeremy Hunt will meet business executives at his grace-and-favour residence in leafy Buckinghamshire on May 16 as he tries to secure more company listings in the UK.

CEOs from sectors including tech, fintech and retail have been invited to Dorneywood, an 18th-century country home west of London used by senior government officials, according to a person familiar with the matter. The Treasury declined to comment on which firms are attending.

The summit comes against the backdrop of London falling behind in this year’s IPO revival in Europe, which includes skin-care firm Galderma Group AG in Switzerland, Spanish beauty and fragrance group Puig Brands SA and CVC Capital Partners Plc in the Netherlands.

The London Stock Exchange has accounted for just over 2% of the US$12 billion ($16.13 billion) raised in IPOs in Europe this year, the lowest share in decades, according to data compiled by Bloomberg.

Hunt has been concerned about the state of UK equity markets after years of outflows, and has taken measures such as encouraging pension funds to boost allocations to British stocks and also weighing a British ISA.

See also: Blackstone, GIC and others sell GBP1.6 bil stake in LSEG

A British ISA is a savings account exempt from taxes and invested exclusively in UK equities.

The Chancellor was given a boost on May 15 when personal computer maker Raspberry Pi said it is considering an initial public offering in London, which would be the first sizable listing for the city since February.

But Swedish fintech Klarna Bank AB’s CEO Sebastian Siemiatkowski said this week his firm is zeroing in on a listing in the US, a blow to the UK.

See also: How to keep the Singapore market’s free-float market cap from falling further

“The UK is already one of the best places in the world to grow and secure investment,” a Treasury spokesperson said in a statement ahead of Hunt’s meeting at Dorneywood. “But it’s important to hear directly from companies regularly about what we can do to make it even better.”

Infographic: Bloomberg

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