There was a significant outflow of companies from London Stock Exchange in recent years. To such an extent, the number of company delistings exceeds the number of fresh IPOs, which creates a disturbing trend.
And although last year saw a significant augment in the number of companies going public, in 2026 the situation has stopped again. This year, only a few companies have made this decision (hopefully the situation will improve in the second half if the Middle East peace agreement is maintained).
However, there is a lot of IPO activity in New York, including: SpaceX recently breaking records. OpenAI and Anthropic, makers of ChatGPT and Claude respectively, also plan to list the platform later this year.
I say “pond”, but the gulf that currently exists between the London and New York stock exchanges is as oceanic as the Atlantic. Our largest listed company, HSBCit would be only the 35th largest state.
It must be admitted that there is another British company – a chip designer Holding arms – which is bigger than HSBC. But it was taken over by Japan Softbank ten years ago and then floated on the water Nasdaq in 2023
Since then it has increased by almost 500%!
Goodbye
Which brings me to this Ramsdens Holding (LSE:RFX), which is also up around 500% since the Covid low in March 2020. This includes a 30% gain today (June 23).
Ramsdens is a pawn shop offering currency exchange services, purchasing precious metals and selling jewelry. Admittedly, not as sexy as a tech/chip company, but I’ve highlighted it many times as a hidden gem.
This is because it is well managed, consistently profitable, generates a high return on capital, pays a progressive dividend and often appears very undervalued.
And while the high price of gold has boosted H1’s pre-tax profits (by 173%), the rest of its business is also growing, including its online presence.
Ramsdens had been anticipating more store openings (currently 174), and management has recently taken an hopeful tone for the future. It is therefore with great sadness that I received today’s news that it has agreed to be taken over by an American pawnbroker First cash.
Last year, the company acquired Ramsdens’ rival pawnbroker, H&T. So it now has a very gigantic presence across the UK.
To be fair, Ramsden’s continued earnings growth has been dependent on a high gold price, which is not guaranteed. Perhaps accepting the offer, which values the pawnshop at approximately £206 million, is the right move.
Is this another one that will disappear in a puff of smoke?
AND FTSE250 a company that seems to me to be a forceful takeover candidate Oxford Nanopore Technologies (LSE:ONT). It’s a healthcare company that makes gene sequencing devices.
I think this is the case for several reasons. Firstly, the company’s shares are down 81% since trading in 2021, giving us an enterprise value of around £890m.
In today’s world of global private equity and gigantic diagnostic companies, this would not be a major acquisition. The company has grown revenue at an annual rate of 28% over the past five years and ended 2025 with £302.8m in cash.
Unfortunately, Oxford Nanopore continues to lose money, which increases the risk and has always discouraged me. However, its proprietary DNA and RNA sequencing technology is considered world-class, so I think vultures will start circling at some point.
Risk-tolerant investors may want to check it out at 115p.
Is it worth investing £5,000 in Ramsdens Plc now?
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Ben McPoland owns HSBC shares.
