Why tech companies are snubbing the London Stock Exchange

British fintech Wise said this week it would shift its primary listing from London to New York, joining a growing list of firms snubbing the London Stock Exchange.

UK chip designer Arm opted for a New York IPO in 2023, while food delivery giant Just Eat Takeaway quit the LSE for Amsterdam in November. 

Sweden’s Klarna has confirmed plans to go public in New York, following in the footsteps of fellow Stockholm-based tech darling Spotify, which listed on the NYSE in 2018. 

The draw? Bigger valuations, deeper capital, and more appetite for risk.

“The US economy continues to perform far better than the EU, and valuations are simply higher for companies that can list there,” Victor Basta, managing partner at Artis Partners, told TNW.   

The numbers back him up. The NYSE boasts a market cap of around $27 trillion — compared to just $3.5 trillion for the LSE. 

That ...