London Stock Market Revival Falls Flat as Arm Flees for IPO to New York
- UK set for worst year for IPOs since 2009 despite looser rules
- Lower valuations and economic malaise keep firms from listing
A sign in the London Stock Exchange Group Plc's office atrium in the City of London.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
The world’s biggest listing this year may be that of a British firm, but in Arm Ltd.’s home market there’s much lament over its decision to sell shares in New York over London.
The Cambridge-based chip designer, controlled by Softbank Group Corp., unveiled its long-awaited filing for an initial public offering in the US on Monday. It’s the latest blow for the London Stock Exchange, which has seen more companies quit than join, and whose indexes lag behind European and US peers.