Tech firm plots London listing (yes, really) in boost to barren IPO market
A compliance tech firm which helps financial firms navigate regulation is plotting a move on to London Stock Exchange, in a boost to the City after a barren first six months of the year, according to reports.
RTOP, which runs a technology platform helping clients with regulatory compliance, is planning a direct listing on the London Stock Exchange, Sky News reported.
A direct listing involves firms listing existing shares directly on the market rather than issuing any new shares.
The move is being overseen by RTOP’s Italian owner The AvantGarde group and was expected to value the firm at around £60m, Sky News’ Mark Kleinman reported.
The fresh listing comes amid a torrid time for London’s capital markets which have struggled to attract new floats in a volatile 12 months on the public market.
Just 18 firms floated raising £593m in the first six months of 2023 as firms shelved IPO plans or opted to float overseas, according to data from EY.
The downturn has prompted a period of soul searching in the Square Mile as policymakers and lawmakers try and revive London’s appeal.
A new float from a tech firm would be considered another small boon to efforts to boost the City after CAB Payments, a fintech payments firm, floated in early July.
The AvantGarde Group did not respond to a request for comment.