IPO surge boosts London Stock Exchange but shares fall

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A surge in the number of IPOs buoyed London Stock Exchange’s third quarter.


Junior market AIM saw 20 companies list during the period or 16 more than in the same period a year ago.


That helped the exchange’s Equities division increase revenues by 15.4%, with the group noting the rush of large scale and high-profile listings on the London Stock Exchange.


Main market listings included Wise, LendInvest and LungLife AI.


“Secondary markets revenues grew due to higher volumes across our order books,” said a statement.


Total revenues over the three months rose by 7.6%, though the shares dipped as the group cautioned it expected things to slow down in the fourth quarter.


UBS said: “LSEG’s group revenue growth was better than expected on a constant currency basis, but it was largely driven by the strength in Tradeweb, where we expect decelerating growth in 2022.”


The broker has an 8,150 p target and a ‘neutral’ recommendation.


Shares fell 5.7% to 7,626p.

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