UK firms eye overseas listings as valuation discounts persist
A large majority of London‑listed companies have considered moving their listing or adding a dual listing in the past 12 months, with Amsterdam emerging as the most popular destination, according to Deutsche Numis. More than 80% of 150 executives and directors said they reviewed their structure; nearly two‑thirds reported pressure from external stakeholders.
The findings come from the broker’s third annual Raised in London report, which points to persistent concerns about lower UK equity valuations even as optimism grows about London’s ability to fund growth. The survey lands as the City tries to revive new listings after a years‑long IPO drought and a run of high‑profile departures to other venues.
Deutsche Numis announced its 2025 Annual Review of UK equity indices. Source: LinkedIn
While UK stocks have risen in recent months, 83% of respondents said their shares remain undervalued versus global peers; almost half estimated the discount at 15%–20%. Executives also reported a shift in venue preferences: 68% said Amsterdam would be their first choice if they moved or added a listing, while 46% named New York, with European options gaining ground, especially outside the FTSE 100.
By index segment, elevated responses appeared across FTSE 250, AIM and other cohorts as well as within FTSE 100 constituents, indicating the reassessment push was broad‑based across the market.
Moving stock markets is not really the answer,said James Taylor, co‑head of UK investment banking at Deutsche Numis.
Despite the drift toward European alternatives, sentiment on the UK as a capital‑raising hub has improved. Nearly all participants – close to 100%, up from 87% a year earlier – judged the UK attractive for launching an IPO or raising equity. Ross Mitchinson, Deutsche Numis chief executive and co‑head of equity distribution at Deutsche Bank, said pitching activity for potential 2026 IPOs has picked up, even if it has yet to translate into a wave of floats.
The report also notes stronger foreign interest. Just under 80% of companies saw the share of international investors on their registers increase over the last year, with some owners diversifying amid trade tensions with the US. Still, Deutsche Numis argues that domestic demand is the missing piece and outlines policy levers to channel more local capital into equities.
Recommendations include mobilising pension‑fund money into UK companies, encouraging retail participation by revamping the ISA framework, and reducing stamp duty on share dealing. While 97% of respondents said the government’s proposed pension reforms would support growth, only 61% backed going further to mandate higher UK‑equity allocations by pensions – down from 68% last year.
