Arm Opts for New York Stock Listing in Blow to London
upstart writes:
Arm says it decided a sole US listing in 2023 was "the best path forward":
[...] Arm's decision not to pursue a listing on the London Stock Exchange this year has raised concerns that the UK market is not doing enough to attract tech company stock offerings, with US exchanges seen to offer higher profiles and valuations.
SoftBank Group Corp's founder and chief executive Masayoshi Son said last year he would probably look to the tech-heavy Nasdaq exchange for a potential Arm listing.
[...] "Arm is proud of its British heritage, and continues to work with the British Government," he said. "We will continue to invest and play a significant role in the British tech ecosystem."
A Government spokesperson said: "The UK is taking forward ambitious reforms to the rules governing its capital markets, building on our continued success as Europe's leading hub for investment, and the second largest globally."
They added the UK "continues to attract some of the most innovative and largest companies in the world" and acknowledged Arm's commitment to its UK presence with more jobs and investment.
[...] Russ Shaw CBE, founder of Tech London Advocates and Global Tech Advocates, said Arm's statement offered "glimpses of hope" for its commitment to its British roots, but Arm and SoftBank's decision to opt for a sole US listing is "a significant blow to the UK tech sector".
[...] He added Arm's decision "must be upheld as a case study for the UK Government of how 'not to do it'" - citing the company's sale to SoftBank in 2016 as a factor determining its US-only listing.
"Nations like the US and China that recognise the strategic value of chip companies would not have allowed such decisions to be made - then or now - and the UK must now endeavour to proactively protect its semiconductor industry," said Mr Shaw.
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