AstraZeneca, CRH, Ferguson, Arm Holdings, Flutter, Wise, Ashtead — high-profile companies have pulled away from the London Stock Exchange for US listings in the past few years.

But that’s “more a UK thing”, according to Bjørn Sibbern, CEO of SIX Swiss Exchange, which secured Europe’s biggest initial public offering in 2025. Zurich-based SMG Swiss Marketplace Group was valued at roughly 4.5 billion Swiss francs ($5.6bn) following its stock market debut in September. It was also the largest tech IPO in Europe since 2021.