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Wandisco becomes latest British firm to eye US listing

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Cloud data specialist Wandisco becomes the latest UK firm to run an additional list in the US

  • The AIM-listed company is headquartered in Sheffield and California
  • The announcement follows similar moves from Arm and CRH last week

Cloud data specialist Wandisco has become the latest UK company to announce plans to list its shares in the US, in a bid to attract a higher valuation.

The company, which is headquartered in Sheffield and San Ramon, Calif., and listed on the London Junior Market, confirmed it was in the “early stages of proactively exploring” a US listing. additional.

It comes just days after Cambridge-based chip designer Arm announced it would choose Wall Street over the city for its £50billion takeover bid and building materials firm CRH announced its intention to transfer its shares to the United States.

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Big data firm Wandisco is one of many UK firms looking to the US to list its shares

Last month, FTSE 100 betting giant Flutter Entertainment launched a consultation with shareholders on a possible additional US listing.

Wandisco operates globally, but its largest revenue market is North America.

“As a dual-headquartered technology company in the UK and the US, WANdisco has long stated its intention to consider an additional listing of its ordinary shares in the US,” the company told investors today. today.

“The company can confirm that it is in the early stages of proactively exploring this option.”

“The company also confirms that it remains committed to London’s Alternative Investment Market and maintaining its current AIM listing in the UK.”

The news comes after a Sky News report over the weekend said Wandisco had hired bankers from Evercore Partners to prepare for a New York listing.

Dual listing was first suggested as a possibility by chief executive David Richards in 2017.

Wandisco shares rose 0.5% to £13.24 in morning trading on Monday. They have increased by more than 400% over the past year.

Joshua Raymond, director of online investment platform, said Wandisco’s decision was driven by a search for a higher valuation.

“Stock quotes are about price stability and valuations. If companies believe they can achieve higher valuations in equally reputable markets, it’s no surprise that they are making this strategic move,” he noted.

However, Raymond conceded that London had lost its appeal in recent years.

“It is clear that the attractiveness of the UK market has lost some of its appeal in recent years following last year’s budget car crash, Brexit bureaucracy and instability at the heart of government,” he said. he adds.

“London has long been seen as a major financial center and I don’t think the loss of these big companies in the US for their stock market listing changes that.”

Victoria Scholar, chief investment officer at Interactive Investor, said one of the biggest hurdles for the UK market remains its struggle to attract tech companies.

“While the FTSE 100 enjoyed relative resilience last year, in part thanks to its dearth of tech stocks, this has long been a criticism and has meant the UK’s large-cap index has missed out on gains made in tech stocks. United States through the tech boom before 2022,’ she said.

“There have been high-profile tech disasters in London, including Deliveroo’s calamitous IPO and THG’s share price crash, adding to the sense of UK caution among tech companies deciding where to go. register.”

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