Published by Global Banking and Finance Review
Posted on June 5, 2025
(Reuters) -In another setback for London's stock market, Diversified Energy said late Tuesday it would move its primary listing to the U.S., while retaining a secondary UK listing, as it seeks to tap into deeper and more liquid capital markets.
A growing number of companies have either shelved plans to list in London, exited the market altogether, or aimed to better capitalise on stronger foreign markets by demoting their London listing and upgrading their listings elsewhere. This trend is largely driven by investor pushback and post Brexit-related challenges that have pressured UK market valuations.
2025
ASTRAZENECA: While the pharma giant and one of London's most valuable companies had said in September it was not exiting London, it did lay out plans to switch to a direct listing of its shares in the U.S.
The company has a valuation of 173.21 billion pounds ($233.30 billion), and many industry experts have warned that its move could prompt other large companies to follow suit.
PETERSHILL PARTNERS: The British investment group had said in September it would delist from the London Stock Exchange and return money to shareholders, citing dissatisfaction with its share price performance and valuation.
The company is valued at 3.32 billion pounds.
WISE PLC: The British fintech received shareholder approval on July 28 to shift its primary stock market listing from the LSE to the U.S.
The company, valued at 10.60 billion pounds, said the move is aimed at improving access to capital and boosting its profile among global investors while still maintaining a secondary listing in London.
COBALT: The Glencore-backed metals investor scrapped its plans for a London IPO on June 4, 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 in early June said it will cancel its secondary listing on the LSE effective July 25, citing cost savings and a desire to align more closely with its U.S.-focused operations.
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 ($9.76 billion) in 2024, will have secondary listings in London and New York.
SHEIN: The online fast-fashion retailer is working towards a listing in Hong Kong after its proposed 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 to access a wide pool of large Western investors.
2024
JUST EAT TAKEAWAY: The Amsterdam-listed food delivery company delisted from the LSE in December, citing efforts to reduce administrative and regulatory costs.
The company has a market value of 4.03 billion euros.
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 20.95 billion pounds, Ashtead has been listed in London since 1986, and transformed into a major U.S. player in the early 2000s.
FLUTTER ENTERTAINMENT: The FanDuel-owner in 2024 moved its primary listing to the New York Stock Exchange, just a few months after it added a secondary listing in the U.S.
WOODSIDE ENERGY: The oil and gas giant, in October 2024, decided to delist from the LSE to reduce its administrative costs.
UNISYS: The IT consulting firm announced its intention to cancel its standard listing on the LSE, citing low trading volume of its common stock in October 2024.
TUI: Shareholders of Europe's largest travel operator voted in February 2024 to remove the firm from LSE saying a single German listing will better reflect its ownership and trading patterns in February 2024.
The Hanover-headquartered company has a market value of 3.93 billion euros.
2023
MARSH & MCLENNAN: The insurance broker giant, valued at $99.08 billion, announced its intention to delist from the LSE, citing low trading volume in November 2023, with its primary listing remaining on the NYSE.
KINGSPAN: The Irish construction company, valued at 12.79 billion euros, delisted from the LSE in 2023, citing negligible trading in its shares in London and maintaining its primary listing in Dublin.
CRH: The building materials solutions provider, which has $80.44 billion in market value, switched its primary listing to the NYSE in 2023, while maintaining a standard listing on the LSE.
ARM HOLDINGS: The UK-based chip designer chose Nasdaq over London for its 2023 IPO — the largest of that year.
The company, valued at $149.88 billion, was listed in London for 18 years until 2016, when it was taken private by SoftBank in a $32 billion acquisition.
2022
FERGUSON: North America-focused plumbing and HVAC products supplier shifted its primary listing to New York in 2022.
2021
BHP: The world's largest miner by market value 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.
($1 = 0.7424 pounds)
($1 = 0.8500 euros)
(Reporting by DhanushVignesh Babu, Nithyashree R B, and Pushkala Aripaka in Bengaluru; Editing by Leroy Leo, Mrigank Dhaniwala and Shilpi Majumdar)
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