Latest news with #Glencore-backed
CNBC
04-07-2025
- Business
- CNBC
London IPO fundraising hits a three-decade low in another blow to the UK capital
Fundraising from London IPOs slumped to at least a three-decade low in the first half of this year, new data showed on Friday – raising fresh questions about the fading allure of the U.K. as a hub for global capital. The five debuts on the London market in the first six months of 2025 raised a total of £160 million ($218.6 million), according to new data from Dealogic. That's the lowest level of London IPO funds raised in the first half of the year recorded by Dealogic since it began collecting data in 1995. Even in the aftermath of the 2008 financial crisis, two London IPOs managed to raise £222 million in the first half of 2009, the data shows. London's biggest IPO so far this year was the listing of professional services company MHA, which raised £98 million at its debut on the Alternative Investment Market (AIM) in April. The listings slump in London this year adds to the city's struggles to hold onto its former glory as one of the top destinations for global capital. According to the most recent IPO Watch report from professional services giant PwC, IPO proceeds in the U.K. fell to £100 million in the first quarter of 2025, down from £300 million in the same period a year earlier. This year alone, the city's financial markets have been passed over by firms that had once planned blockbuster listings there. Shein, for example, is reported to be planning an IPO in Hong Kong after abandoning earlier plans to float its shares in London, while Glencore-backed metals investor Cobalt Holdings confirmed to CNBC last month that it had scrapped plans for a London IPO. The troubles aren't limited to new listings – in June, British fintech giant Wise announced it was moving its primary listing from London to New York, and earlier this week it was reported that pharma giant AstraZeneca – the most valuable company on London's FTSE 100 index – is considering moving its listing to the United States. Kristo Kaarmann, Wise's CEO and co-founder, said in a statement at the time that the move would help raise awareness of the company in the U.S., while giving the firm better access to "the world's deepest and most liquid capital market." Dealogic's data highlighted a significant gap between U.S. and U.K. listings so far this year. U.S. markets saw 156 IPOs in the first six months of the year, which collectively raised $28.3 billion, the figures showed. However, Samuel Kerr, head of equity capital markets at Mergermarket, told CNBC that while U.K. equity markets have "been under a cloud of negative press for some time," there could be brighter times ahead for London. "We are seeing more businesses beginning to look seriously at London listings again after several years of reform and broader uncertainty over the regulatory and policy direction of the US," he said in an email. U.K. Prime Minister Keir Starmer has touted his government's plans to revitalize Britain's capital markets, pledging to look into regulation that is "needlessly holding back investment." Last summer, the U.K.'s Financial Conduct Authority overhauled listing rules in a bid to simplify the process of floating shares on the U.K. market. "If London can convert early-stage interest in UK listings into successful IPOs, it will go some way to reversing some of the doom narrative," Mergermarket's Kerr told CNBC. Janet Mui, head of market analysis at wealth manager RBC Brewin Dolphin, pointed out that exits via IPOs were slowing globally. "It's easy to be bearish when we have news like this," she said in an email on Friday. "The reality is more nuanced, including macro uncertainty and tighter financial conditions have slowed listing globally." Last week, the Financial Times reported that Norwegian software giant Visma had chosen London for its upcoming debut on the public market. Mui argued that this news showed there was still appetite for high growth companies to list in London. "That said, more work is needed to deliver reforms to streamline listing and make London more attractive to businesses," she conceded.
Yahoo
12-06-2025
- Business
- Yahoo
Bunge nears China ruling for $8.2 billion Viterra merger, Bloomberg News reports
(Reuters) -U.S. grains merchant Bunge is close to getting a ruling from Chinese regulators on its $8.2 billion purchase of Glencore-backed Viterra with a verdict expected within days, Bloomberg News reported on Wednesday. The merger, first announced in 2023, would create a global crop trading and processing giant closer in scale to chief rivals Archer-Daniels-Midland and Cargill. Regulatory approval in China remains among the last remaining hurdles to the deal's closing. Bunge and Viterra said in two separate, similarly worded statements to Reuters that the companies were in the final stage of regulatory approval and thanked Chinese officials for "constructive dialogue throughout the review process." China's commerce ministry did not immediately respond to a Reuters request for comment. The deal has secured most global approvals required for the merger, including from the EU and Canada. The completion deadline, originally scheduled for mid-2024, has been extended multiple times, with the current date set for June 13.
Glasgow Times
05-06-2025
- Business
- Glasgow Times
Wise latest to unveil plans to switch main listing from London to New York
The money transfer firm which listed in London in July 2021, said the move would 'help us accelerate our mission and bring substantial strategic and capital market benefits to Wise and our owners'. It wants to drive greater awareness of the brand in the US, which it said was the 'biggest market opportunity in the world for our products'. A primary listing on Wall Street would also give it 'better access to the world's deepest and most liquid capital market', it added. It said the change would benefit the group by 'expanding the pool of investors able to invest in Wise, in particular US domestic institutional and retail investors, the largest global constituent of investors, many of whom are currently unable to hold our shares'. Under the plans, the firm would be dual listed, with a secondary listing in London as part of its 'ongoing commitment to the UK'. Kristo Kaarmann, co-founder and chief executive of Wise, said: 'The UK is home to some of the best talent in the world in financial services and technology, and we will continue to invest in our presence here to fuel our UK and global growth.' It deals another blow to London's beleaguered stock market after a raft of companies have ditched their primary listing in London, including Paddy Power owner Flutter, mining group BHP, building materials group CRH and construction rental firm Ashtead, while a growing number of UK listed firms have also been bought out by foreign rivals or taken private. And on Wednesday, Glencore-backed metal investment firm Cobalt scrapped its plans to list in London, just two days after drugs company Indivior said it would cancel the secondary listing it had retained in London, having already switched its main listing to the US last year. Chinese fast fashion giant Shein has also reportedly ditched London for Hong Kong for its upcoming blockbuster initial public offering (IPO). Wise, which was launched in 2011 under original name TransferWise, said it was not turning its back on the UK. It said: 'Our confidence in UK talent and the tech ecosystem here remains undimmed. 'One-fifth of our employees are based in the UK and we plan to continue hiring and investing in our UK team.' The group said it would call a shareholder meeting in the coming weeks for investors to vote on the proposal.
Yahoo
05-06-2025
- Business
- Yahoo
Factbox-UK Market Exodus: Companies that have moved away from a London listing
(Reuters) -British money transfer firm Wise 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 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 listing in February 2024. Indivior: 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 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: 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: 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: 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: 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: 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: 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 in a $32 billion acquisition. ($1 = 0.8763 euros) ($1 = 0.7355 pounds) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Powys County Times
05-06-2025
- Business
- Powys County Times
Wise latest to unveil plans to switch main listing from London to New York
British fintech firm Wise has revealed plans to switch its primary listing from London to New York in yet another setback for the City. The money transfer firm which listed in London in July 2021, said the move would 'help us accelerate our mission and bring substantial strategic and capital market benefits to Wise and our owners'. It wants to drive greater awareness of the brand in the US, which it said was the 'biggest market opportunity in the world for our products'. A primary listing on Wall Street would also give it 'better access to the world's deepest and most liquid capital market', it added. It said the change would benefit the group by 'expanding the pool of investors able to invest in Wise, in particular US domestic institutional and retail investors, the largest global constituent of investors, many of whom are currently unable to hold our shares'. Under the plans, the firm would be dual listed, with a secondary listing in London as part of its 'ongoing commitment to the UK'. Kristo Kaarmann, co-founder and chief executive of Wise, said: 'The UK is home to some of the best talent in the world in financial services and technology, and we will continue to invest in our presence here to fuel our UK and global growth.' It deals another blow to London's beleaguered stock market after a raft of companies have ditched their primary listing in London, including Paddy Power owner Flutter, mining group BHP, building materials group CRH and construction rental firm Ashtead, while a growing number of UK listed firms have also been bought out by foreign rivals or taken private. And on Wednesday, Glencore-backed metal investment firm Cobalt scrapped its plans to list in London, just two days after drugs company Indivior said it would cancel the secondary listing it had retained in London, having already switched its main listing to the US last year. Chinese fast fashion giant Shein has also reportedly ditched London for Hong Kong for its upcoming blockbuster initial public offering (IPO). Wise, which was launched in 2011 under original name TransferWise, said it was not turning its back on the UK. It said: 'Our confidence in UK talent and the tech ecosystem here remains undimmed. 'One-fifth of our employees are based in the UK and we plan to continue hiring and investing in our UK team.'
