London Stock Market Stages Comeback With Recent Listings
London's stock market today has seen a resurgence with recent listings, defying concerns about its waning relevance. Fermi, a US data centre group, made its debut on the London Stock Exchange, while Shawbrook's IPO is imminent. Meanwhile, discussions are ongoing about tax breaks for new stock issues and stamp duty cuts for newly floated firms.
The London Stock Exchange's recent activity has provided a boost to its status as a global equities centre. Fermi's dual listing, alongside its debut on the Nasdaq, signals confidence in the UK market today. Similarly, the upcoming IPO of challenger bank Shawbrook is expected to further bolster the market's fortunes. However, the City still faces challenges, having fallen behind Mexico and Singapore in IPO fundraising this year.
Rachel Reeves, a prominent figure, has been urged to implement bold measures to revive the UK stock market. One proposal under consideration is a stamp duty break for newly floated firms, which could incentivise more companies to list in London. Some even suggest removing the tax on share trading altogether to make the UK market more competitive.
AstraZeneca's decision to list shares directly on Wall Street earlier this year raised concerns about a potential exodus of UK-listed companies. However, recent listings and IPOs, such as Beauty Tech's upcoming £300million valuation, indicate that London's market today is far from doomed to irrelevance.
While London's stock market today faces challenges, recent listings and IPOs, including Fermi's dual listing and Shawbrook's upcoming IPO, demonstrate its continued appeal. However, to maintain its status as a global equities centre, the UK government is urged to consider tax breaks and other incentives to strengthen the market.
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