Glasgow-based Aggreko, a firm specializing in renting power generators, heating, and cooling equipment, has announced intentions to launch an initial public offering on the New York stock market. The company is reportedly seeking a valuation of approximately £11 billion for this US listing.
This move represents a significant departure for Aggreko, which was taken private just five years ago in 2021 by private equity firms TDR Capital and I Squared for £2.3 billion. The planned New York float is seen as a notable setback for London's standing as a global financial center.
The City has experienced a series of high-profile companies choosing to list elsewhere or being acquired this year. Recent examples include budget airline easyJet, which agreed to a £5.7 billion takeover by Apollo, and Flutter, the owner of Paddy Power, which recently delisted from London to trade solely in New York. These departures have intensified concerns that London is losing its appeal for major international corporations and rapidly growing technology and AI startups.