Octopus Energy Chief Champions London Listing for Kraken

The chief executive of the UK’s largest energy supplier has signalled a potential initial public offering for Kraken, a £6.4 billion software business, in London, contingent upon policymakers reversing the long-term decline in investment for UK equities. Greg Jackson emphasised that London must cultivate an environment capable of supporting competitive valuations for technology firms.

Jackson’s remarks highlight a pressing need for the London stock exchange to re-establish its reputation as a viable listing venue for technology companies. This comes in light of the lost opportunity for London to host the $55 billion float of Arm, a Cambridge-based chip firm, which opted for New York in 2023.

Kraken, a unicorn valued at approximately $8.65 billion (£6.37 billion) following a fundraising initiative led by D1 Capital Partners, provides software solutions to major energy providers. Its services encompass a range of operational needs, including managing customer accounts and facilitating smart meter readings.

The company is under contract to manage over 70 million customer accounts and currently employs around 2,000 individuals, with half based in London. With Jackson advocating for the venture, the focus remains on London demonstrating its capability to attract and support technology listings.

Jackson’s aspiration for a Kraken IPO underscores a pivotal moment for the UK’s technological landscape. As market competitiveness in London becomes increasingly vital, stakeholders must rally to reclaim the capital’s status as a premier destination for tech investment.