LSEG marking is visible on the screens in the London Hall of the Security Stock Exchange in London, Great Britain, May 14, 2024.
Hannah McKay Reuters
According to the head of the London stock market in London, he is not limited to the capital, with weakness in the USA and Asia.
According to EY, last year there were only 18 public offers on the London Stock Exchange in London – eight of which were in the fourth quarter.
But David Schwimmer, general director of LSEG, said that this is not a unique problem.
“We saw a global, quite subdued IPO environment, and it was in New York, which was in Hong Kong,” said CNBC. “It attracts a lot of attention.”
This led to fear that London loses – or lost – his Mojo. Mining giant Glencore Is considering leaving, after loud departure from such as Flutter EntertainmentIN Thuja AND Just eat it to take away. In fact, LSE lost 88 companies last year, or by removing or transferring basic offers elsewhere – the highest since 2009.
Schwimmer had a warning for those who are looking elsewhere.
“When you talk about companies that went to New York, this is not such a nice picture,” said CNBC “Squawk Box Europe”.
“If you look in the last 10 years, 20 British companies went to the list in New York and collected over $ 100 million. Of these 20 or four, something like nine, and the rest fell by over 80%. So I think you have to watch out for grass narrative. “
Stéphane Booujnah, general director of Euronext, expressed his own fears about the capital of Great Britain, informing CNBC “Squawk Box Europe” that “London lost leadership when it comes to the smoothness of the action.”
Strong pipeline
Despite London volumes last year at the lowest level of income for many years-almost fifth compared to 2023– The head of LSEG is an optimist for this year, saying that the pipeline looks much better. And the head of LSEG is an optimist for this year, saying that the pipeline looks much better.
“If you look at collecting capital that took place on the stock exchange in the London Stock Exchange, not necessarily IPO, but the consequences, this market is doing very, very good and there is more capital on the London stock exchange than three consecutive European stock exchanges together,” said Schwimmer.
Goldman Sachs It also provides a stubborn view of the British IPO landscape. Richard Cormack, head of capital markets at EMEA in Goldman Sachs, said in February that he expected IPO's activity in 2025 as political uncertainty passes after last year's elections.
While some British and European companies may still be attracted to the USA, Cormack argued that it is unlikely to see the flood of British or European non-tech, companies from outside Biofarma outside the domestic market.
Hong Kong's return?
The idea that the US is a destination for cross -border offers was also questioned by a new competitor on the stage: Hong Kong.
A city that is preparing for a revival of $ 20 billion this year According to the Financial TimesIt is ready to use growing commercial tensions between the USA and China.
Shares in the largest Chinese bubble tea chain, mixue, increased by over 40% of the debut in Hong Kong at the beginning of this month. The list in Hong Kong was overwritten 5,200 times, while the international offer was over 35 times overwritten.
Bonnie Chan, CEO Hong Kong Exchanges and Clearing, said CNBC “Squawk Box Asia“ She saw an increase in demand from global investors.
“We see much stronger interest from the United States, as well as Europe and the rest of the world,” she said. “There is certainly an appetite that investors can pick up these mega IPO.”