Israeli tech giant abandons £300m City listing

An Israeli technology business has abandoned plans for a £300m stock market listing in London, dealing a blow to the City’s attempted revival.Waves, which produces audio software, has shelved the deal owing to concerns around shaky stock market conditions.Earlier this year, the Tel Aviv-based business delayed its planned floatation owing to geopolitical tensions but bosses had hoped to complete a listing by October.Weak conditions have now scuppered the deal for the foreseeable future, according to City sources, as fears about a potential AI bubble leave investors sceptical of technology stocks.Almost $1tn (£760bn) was wiped off the value of Wall Street’s most valuable tech companies last week with Apple, Nvidia and Tesla all suffering steep share price falls.Set up in 1992 and employing more than 200 people, Waves had set its sights on London to bolster its global sales. Gavin Patterson, the former BT boss, was sounded out as a possible candidate for chairman as part of preparations for joining the market.The City is strugglingWaves’s decision to abandon its listing will serve as a setback for the London Stock Exchange, which has recently staged a mini-revival after a dearth of listings since Covid.The City was buoyed by London’s biggest listing in four years last month after business bank Shawbrook joined the market.Tom Johnson, of Barclays, said: “There’s renewed optimism in the UK market. Investors remain engaged and we’ve seen plenty of interest internationally from the US and Europe.“This momentum could really help unlock a wave of listings in 2026. London remains the default choice for many domestic companies.”However, the London Stock Exchange’s global standing remains precarious. The market crashed out of the global top 20 for initial public offerings (IPOs) in 2024, falling behind peers in Kazakhstan, Indonesia and Thailand.A large number of high-profile UK companies have also recently pursued listings in New York, including AstraZeneca and Wise.The more recent stock market listing of Liverpool-based tinned tuna giant Princes Group has also disappointed.Peter Kyle, the Business Secretary, hailed the £1.2bn listing as a “huge vote of confidence” in British business. However, shares were offered at the lower end of the initially proposed price range and Princes’ stock has fallen below its IPO price in the week of trading since it joined the market.Waves declined to comment.