Kingspan plans to quit London listing in latest blow for LSE
28/04/2023 10:15
LONDON, April 28 (Reuters) - Irish construction company
Kingspan KSP.I plans to delist from the London Stock Exchange,
it said on Friday, in the latest blow for the bourse and
Britain's wider financial services industry.
Fears that London is losing its appeal have been growing as
sluggish trading and low valuations drive companies away from
its stock market.
Kingspan, also listed in Dublin, said it would seek
shareholder approval for the London cancellation, which it said
made sense because trading in London was negligible as a
percentage of total trading in its shares.
UK-headquartered chip designer Arm, which is owned by
Japan's SoftBank 9984.T , last month said it would pursue a
U.S. listing, dashing hopes that it would return to the London
market.
Dublin-based building materials giant CRH CRH.L also
decided this year to move its primary listing from London to the
United States while online betting company Flutter Entertainment
FLTRF.L is consulting shareholders on an additional U.S.
listing.
Britain's struggle to attract IPOs and retain listed
companies stems partly from London-listed groups being valued
lower than those in the United States, investment bankers have
said.
(Reporting by Sarah Young
Editing by David Goodman)
((sarah.young@thomsonreuters.com; +44 20 7542 1109; Reuters
Messaging: sarah.young.thomsonreuters@reuters.net))