Haleon’s listing shows the problems afflicting the London Stock Exchange
A big debut for a firm that sells toothpaste
The london stock exchange welcomed its largest new entrant in over a decade on July 18th. GlaxoSmithKline (gsk), a pharmaceuticals giant included in the ftse 100 index of leading shares, spun out its consumer health-care division in order to focus on new drugs and vaccines. Each of gsk’s shareholders received one share in Haleon, the new firm, for every gsk share they owned. Haleon started trading at a market capitalisation of £30.5bn ($36.4bn).
This article appeared in the Britain section of the print edition under the headline “Don’t gloat about the float”
Britain July 23rd 2022
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