Software group WANdisco has become the latest UK company to announce plans to list shares in the US.
The company, which has headquarters in the UK and the US, said on Monday it was “in the early stages of proactively exploring” an additional listing of its shares in New York.
Its shares already trade on London’s Aim. WANdisco, which was founded in Silicon Valley in 2005, employs more than 180 people in Sheffield in the UK and San Ramon in California. Its customers include Google and Amazon.
It remains committed to London’s junior market, the company added, and would be seeking a “dual listing” across the two markets.
The health of the London stock market is under renewed scrutiny after CRH, the world’s largest building materials supplier, and UK-based chipmaker Arm, last week opted for listings in New York.
CRH, which has a market capitalisation of roughly £32bn, said that it would shift its main listing to New York as the group now generates the bulk of its revenues in the US.
Despite the attempt by successive UK prime ministers to convince SoftBank to pursue a dual listing for Arm, the chipmaker said last week that a US-only listing was “the best way forward” for the company.
Senior investment bankers told the Financial Times that the boards of other companies are discussing similar moves to CRH, attracted by a larger, deeper market and higher valuations. Like CRH, WANdisco makes the bulk of its revenues in the US.
WANdisco floated in 2012 at 180p, the only technology company to list in London that year, and in 2013 briefly soared to £15.
Shares in the company edged up on Monday, giving the group a market capitalisation of £889mn.