The U.K. is set to allow blank-check firms to join its stock markets as part of wide-ranging reforms to boost the attractiveness of London after Brexit. Company founders will also be able to keep greater control when they list their businesses in the city, according to a state-backed report published late Tuesday.
London Stock Exchange Group Plc’s Chief Executive Officer David Schwimmer welcomed the findings. “Continuing to evolve the U.K. listings regime is key to providing flexibility for companies who want to list in London,” he said.
To be sure, London is already enjoying a bumper year for new listings. Initial public offerings including bootmaker Dr. Martens Plc and online greeting-card platform Moonpig Group Plc have raised 3.3 billion pounds ($4.6 billion) in 2021, the most for this time of the year since 2006. Companies including Russian retailer Fix Price, review site Trustpilot and homegrown food-delivery startup Deliveroo are preparing to list.
However, the city has missed out on the boom for SPACs that has swept Wall Street and beyond, with $83 billion raised last year alone. Meanwhile, Polish parcel locker firm InPost SA last month cited Amsterdam’s deep pool of tech-focused investors as a reason to take its IPO there.
Source: BNN Bloomberg
By Marion Dakers and Swetha Gopinath
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