Rachel Reeves will this week take the unusual step of pitching to London Stock Exchange flotation candidates alongside one of the City’s top bankers as she tries to revive interest in the UK as an international listing destination.
Sky News has learnt that the chancellor and Lucy Rigby, the newly appointed City minister, will host a group of company bosses on Monday to discuss “the UK IPO environment”, according to a copy of the invitation.
The roundtable discussion, which will feature executives from companies in the technology industry as well as other sectors, will “include introductory remarks from the ministers and an overview of the market environment from Anthony Gutman, Goldman Sachs”.
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Mr Gutman is one of the City’s leading investment bankers, and now holds a senior global role in that division of the Wall Street bank.
He has worked on many of the UK’s largest takeover deals and initial public offerings since he joined Goldman about 20 years ago.
One competitor described it as “highly unusual” for Goldman Sachs to get “a free pitch” to a group of flotation candidates alongside a senior government minister such as the chancellor.
The identities of the companies and executives attending Monday’s meeting was being closely held by the Treasury, which said it could not release the names for reasons of commercial confidentiality.
In the invitation, the Treasury said the issue of London’s allure as a listing venue was “a high priority for the government”.
“Ministers are keen to hear your views on the attractiveness of the UK as a listing destination for firms… and on the extensive package of reforms the government has undertaken to boost the competitiveness of UK capital markets.”
The gathering will take place amid signs of life in the UK IPO market, with Beauty Tech Group and Princes Group, the tinned tuna producer, both confirming their plans – initially revealed by Sky News – in the last few weeks.
Shawbrook Group, whose intention to float was revealed by this channel earlier in the year, is expected to publicly confirm its plans as soon as this week.
One source said the chancellor could use Monday’s meeting as an opportunity to address questions about a possible stamp duty exemption for newly listed shares, which the Financial Times reported last week was under consideration by Treasury officials.
London has slipped behind numerous rival financial centres in terms of the proceeds raised from IPOs, while the decision of major companies including AstraZeneca to upgrade their US listings has cast further doubt on the City’s relative appeal.
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A Treasury spokesperson said: “This government is focused on making the UK the best place for businesses to invest and attracting the most innovative companies to start, scale, list and stay here, and the FTSE 100 continues to trade close to an all-time high.
“By continuing to remove barriers to investment, we’re delivering our Plan for Change so that our businesses succeed, and our economy grows”.
A source said the creation of a Listings Taskforce, announced in the chancellor’s Mansion House speech earlier this year, would develop the UK’s “already-compelling pitch for listing in London”.
Goldman Sachs declined to comment.
