Exclusive: Revolut, Octopus mull joining Pisces
Revolut, Octopus and Oaknorth are among billion-pound businesses weighing joining the new Pisces private stock market after being courted by prospective operator London Stock Exchange Group, CityAM can reveal.
The fast-growing firms were part of a group of around two dozen major businesses who attended a private conference hosted by LSE boss Julia Hoggett for firms interested in participating in Pisces.
Atom Bank, fintech business Thought Machine and venture capital firm Oxford Science Enterprises were among those who joined the conference. Also in attendance was Multiverse, a billion-pound edtech firm set up by Euan Blair, son of ex-PM Tony Blair, and Iwoca, a small business lender which earlier this year secured £270m in debt funding from Citi and Barclays.
A spokesperson for Iwoca said: “It’s early days, but the direction of travel is encouraging,” adding: “It’s great to see the government, the FCA and the LSE coming together with such a coordinated approach.”
Revolut and LSEG declined to comment. Octopus did not respond to a request for comment. OakNorth declined to comment, but CEO Rishi Khosla previously told CityAM he thought plans for Pisces were “great” adding: “Get it out, start testing it, start building liquidity.”
Pisces trading to commence soon
The UK’s financial watchdog published its rulebook for the new Pisces market framework in June, laying the ground for trading to commence later this year.
The new type of platform, which facilitates the trading of shares in private companies, promises to address a longstanding liquidity gap for growth companies and early investors, offering a stepping stone for companies seeking a later flotation on a public exchange.
Dr. David Ramm, partner at law firm Crowell & Moring, said: “Pisces has clearly tapped into a frustration felt across the tech sector; the UK’s public markets aren’t working for growth-stage companies. The fact that firms like Revolut, Atom Bank, and Multiverse showed up tells us there is an appetite for alternative models.
“[But] at its core, Pisces is designed to provide liquidity for existing shareholders, not raise capital for scale-ups. If it becomes a halfway house for billion-pound companies who could already float on AIM or the Main Market, it may ultimately undermine the pipeline for proper public listings.”