Tech bosses and venture capitalists have been left with an uncomfortable suspicion that the City’s equity investors simply aren’t interested in the kind of innovative firms they are trying to build
Since December 3rd boards wishing to list their firms on the London Stock Exchange can do so while retaining outsized voting rights. Early investors can hang on to more of their shares rather than being forced to sell. Rules that, in effect, barred special-purpose acquisition companies, a listing route that took Wall Street by storm in late 2020, have been relaxed.
Their hammering has not been down to poor business performance. Both firms have upgraded their sales forecasts twice in recent months. Wise now expects revenue growth of 30% this financial year; Darktrace expects between 42% and 44%. . “I’ve had scepticism from fund managers on whether selling software for subscriptions can actually make money,” says Hussein Kanji of Hoxton Ventures, a venture-capital firm. “That was a reasonable question in 2001, but now it’s like ‘where have you been for the last 20 years?’” As long as it continues to be asked, Britain’s stock exchange will remain unappealing for tech firms that are considering listing—no matter how much rules are relaxed.
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