Behind the Money
Best Of: Why companies don't want to list in the UK anymore
Nov 22, 2023
The podcast explores the decline of the London Stock Exchange and why British companies are choosing to do their IPOs outside of the UK. It delves into the story of the London Stock Exchange's transformation, the downfall of Robert Maxwell's publishing empire, the impact of pension scandals, and the challenges faced by UK companies in listing on the London Stock Exchange.
20:21
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Quick takeaways
- The London Stock Exchange's decline can be attributed to a reputation for being an unexciting and less dynamic environment for listing shares.
- Changes in the UK pension system, specifically the shift towards defined contribution plans and tightening regulations on defined benefit pensions, have led to a decrease in capital flowing into the London Stock Exchange.
Deep dives
Amunocor's Journey and IPO on NASDAQ
Amunocor, a British biotech firm focused on developing drugs using T-cells to treat melanoma, faced challenges in raising funds for drug development. After a successful A-round in the UK, they struggled to find further funding domestically and turned to the United States, where they had better luck. With positive clinical trial results in 2020, Amunocor went public on the NASDAQ in February 2021. This move to the US market was not unique, as other high-profile British companies have also sought IPOs outside the UK.
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