London Faces More Setbacks in a Grueling Fight for Listings

London’s bid to revive its shrinking stock market has faced a series of setbacks in recent weeks, with companies shifting listings and IPO plans from the market.

Money transfer company Wise Plc unveiled a plan on Thursday morning to move its primary listing to the US, just after Cobalt Holdings Plc gave up on its plans to raise about $230 million in an initial public offering the evening before it was due to start trading. Meanwhile, the city’s best hopes for an imminent blockbuster offering were dented last week with Shein Group Ltd reportedly shifting its IPO focus to Hong Kong.