Do London-listed companies trade at a structural discount to US-listed peers?
4 recorded positions from 4 people, first said Jan 15, 2025. They do not agree — the readings below are what each one actually argued.
Listing location doesnt matter for globally known companies
Harry Stebbings · Jan 15, 2025
Where a UK company lists doesn't matter — liquidity is liquidity, and a NASDAQ listing still makes a thousand London employees millionaires
The wealth creation lands with the local employees regardless of the exchange
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Taavet Hinrikus · Apr 28, 2025
Where a well-known company lists barely matters: Wise would not have received a pricing premium in the US and the outcome would have been the same
Companies known across the investor universe can go public anywhere; Adyen listed in Amsterdam and did very well, Wise has done very well in the UK, and listing in the US would not have changed tax or headquarters
Scope: applies to companies already well known to institutional investors; consumer/retail products are an exception and should list where their customers can buy the stock
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Also on the record
Hussein Kanji · Jan 20, 2025 · hedged
Darktrace would have performed materially better listed in the US than on the LSE, while Deliveroo probably would not have
Darktrace traded at a huge multiple discount — $732M of trailing revenue and it was taken private at $5B even including a 20-37% premium
58:21 Listing discount depends on company type tech companies suffer more than others from a uk listing
Alan Chang · Jan 5, 2026 · hedged
Shell is undervalued because it is listed in London — it would be worth more if listed in the US
There is a valuation discount for being on the London Stock Exchange
51:58 London listing imposes a real valuation discount
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