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PRESS: Ocado facing call to shift listing from London - Telegraph

21st Apr 2024 09:51

(Alliance News) - Ocado PLC has faced investor pressure to consider a listing in New York, the Telegraph reported on Saturday.

The newspaper reported that the grocer and warehouse technology firm has had face-to-face talks with investors, a New York listing was a prospect that was discussed.

The Telegraph noted that "one leading fund manager" said they would like to see Ocado explore a "trans-Atlantic shift".

Ocado shares have slumped by a third over the past 12 months. The stock closed 1.3% lower at 345.63 pence each in London on Friday.

The London Stock Exchange, which has struggled to attract sizeable new listings, has also suffered a string of high-profile transfers of primary listings. Building materials firm CRH PLC moved its primary listing to New York in September. Plumbing and heating products supplier Ferguson PLC did the same in May 2022, months after miner BHP Group Ltd shifted its main listing to Sydney.

More recently, Paddy Power owner Flutter Entertainment announced it was looking to move its primary listing to New York. It would mean the firm is no longer eligible to be listed on the FTSE 100.

By Eric Cunha, Alliance News news editor

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