17th Sep 2023 16:25
(Alliance News) - The London Stock Exchange faced a fresh hit after British microchip firm Imagination Technologies Ltd chose to float in New York rather than London, the Telegraph reported on Saturday.
Imagination Technologies has become the latest firm to favour Wall Street for its IPO, six years after the firm was de-listed from the London Stock Exchange.
Last week, Cambridge-based Arm Holdings PLC floated at USD54 billion in New York, while firms Ferguson PLC and CRH PLC have both moved their listings to Wall Street and bookmaker Flutter Entertainment PLC is preparing a secondary listing in the US.
https://www.telegraph.co.uk/business/2023/09/16/imagination-apple-supplier-nyse-listing-fresh-blow-for-city/?WT.mc_id=e_DM205584&WT.tsrc=email&etype=Edi_Cit_New_v2&utmsource=email&utm_medium=Edi_Cit_New_v220230917&utm_campaign=DM205584
The Telegraph said Imagination could float this year, but that a 2024 listing is the more likely scenario.
It added that the firm was initially considering an IPO in 2021, but cancelled plans due to "a slump in technology valuations and a barren IPO market led it to suspend plans".
By Harvey Dorset, Alliance News reporter
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