Fermi Makes London Stock Exchange Debut Amidst Market Boost Talks
US data centre group Fermi made its debut on the London Stock Exchange today, marking a significant step in the company's growth. This comes amidst discussions in the UK government about stimulating the stock market, with some suggesting the abolition of tax on new listings.
The move by Fermi, which also listed on New York's Nasdaq, highlights the potential of the UK stock market. However, the market's growth has been hindered by stamp duty on share purchases, according to City insiders. They argue that the Chancellor must remove this tax altogether to boost the market.
London's status as a global equities hub is under threat due to an exodus of UK-listed companies and a lack of new listings. AstraZeneca's decision to list shares directly on Wall Street has raised concerns about a permanent move. Shadow Chancellor Rachel Reeves has been urged to revive the UK stock market with bold steps.
In positive news, Beauty Tech is expected to launch an IPO that could value the company at about £300million. The Chancellor is reportedly considering exempting investors from stamp duty on shares in newly listed firms for two to three years. Additionally, an IPO for challenger bank Shawbrook is expected to be announced soon.
Fermi's dual listing is a vote of confidence in the UK stock market. However, to maintain its status as a global equities hub, the government must address the concerns of City insiders and consider the proposed stamp duty breaks for newly floated firms.
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