It’s a big debut for a firm that sells toothpaste, among other things. GlaxoSmithKline is spinning out its consumer health-care division to focus on developing new drugs and vaccines
welcomed its largest new entrant in over a decade on July 18th. GlaxoSmithKline , a pharmaceuticals giant included in the100 index of leading shares, is spinning out its consumer health-care division, in order to focus on developing new drugs and vaccines. Each ofshare they owned. Haleon started trading with a market capitalisation of a little over £30.5bn .
The listing is emblematic of the travails of a stockmarket whose best days are behind it. Haleon is the bourse’s largest debut since Glencore, a mining giant, joined thein 2011. This, however, is not a fast-growing technology or life-sciences firm. It is a long-standing business selling Sensodyne toothpaste and smartly packaged ibuprofen.
Why has the City’s appeal dimmed? One big reason is the departure of long-term capital. Twenty years ago British defined-benefit pension funds had around half their assets in London-listed equities; today the share is less than 3%. Another is that tech firms worry City investors are too focused on short-term profits to take their businesses seriously, so they prefer to list elsewhere instead.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Heatwave: Delays on Underground as London prepares for hottest dayAn Underground line is closed and others have severe delays as London prepares for 40C heat.
Read more »
Tom Aspinall ranks UFC London opponent ahead of Jon Jones and Francis NgannouBritish MMA star Tom Aspinall holds his next opponent in extremely high regard and has labelled him the ‘toughest challenge’ in the heavyweight division. The Mancunian believes Curtis Blaydes prese…
Read more »
15 Incredible Tasting Menus Worth Your Time in LondonFrom Shoreditch to Notting Hill, and Stoke Newington to St. James’s, here are London’s 10 best tasting menus
Read more »
London on course to be one of the hottest places on the planet todayForecasters are predicting tomorrow could be even warmer.
Read more »