Good morning from the City AM liveblog team.
After a worryingly-long drought, the London IPO market roared back to life last week.
Fermi’s dual listing in New York and on the London Stock Exchange was the UK’s largest by offering size this year and the biggest by market capitalisation since September 2020.
The record-breaking float is thought to be the first concurrent dual listing on Nasdaq and in London since Cambridge semiconductor firm ARM Holdings in 1998.
A dual UK-US listing could become the standard for IPOs of global firms on both sides of the Atlantic, the boss of Fermi told City AM.
Shares in Beauty Tech Group, the owner of at-home skincare device brands including CurrentBody, ZIIP Beauty and Tria Laser, rose on their first day of trading in London on Friday.
The Cheshire-based firm priced its IPO at 271p a share, giving it a market value of around £300m.
Will we see more activity this week?
Here’s a summary of our top headlines over the weekend:
Net zero banking group abandons operations after member exodus
Frasers Group chairman urges Unite to avoid ‘reckless’ strike
JD Wetherspoon: Profit rockets as Tim Martin takes jab at tax rises
OBR hands Rachel Reeves first damning pre-Budget report on UK economy
London Luton Airport: Profit more than doubles ahead of expansion
Mahmud Kamani-backed vertical farm collapses after failing to find a buyer