Octopus Energy Withdraws from Pisces Private Exchange Initiative
Octopus Energy has confirmed it will not participate in the delayed Pisces private stock market upon its eventual launch, marking a significant setback for the government-backed project aimed at revitalizing London's stagnant initial public offering (IPO) landscape. Chief executive Greg Jackson explicitly stated that the multi-billion-pound utilities giant has "no plans" to trade its shares on this specialized exchange designed for fast-growing private companies.
High-Profile Conference Attendance Creates Misleading Signals
Despite Octopus Energy's prominent presence at a private conference organized by London Stock Exchange (LSE) chief Julia Hoggett last summer, where the company was listed alongside fintech leaders Revolut, Oaknorth, and Iwoca as potential participants, Jackson has now clarified the firm's position. "Anything with an ocean-based name, it's got to be interesting – Octopus, Kraken and Pisces," Jackson remarked, referencing the company's technology spin-off. "So I think we'll be talking to them [the London Stock Exchange]. There are no plans to join though, to be absolutely clear."
Pisces Exchange Faces Operational Delays and Recruitment Challenges
The Pisces private exchange, whose acronym stands for Private Intermittent Securities and Capital Exchange System, has encountered substantial implementation delays since receiving regulatory approval. Neither the LSE nor JP Jenkins – the two official operators granted Financial Conduct Authority approval in August and November respectively – has managed to launch their market platforms, indicating difficulties in attracting firm commitments to this innovative but unproven trading system.
Originally conceived in 2024 under the previous Conservative administration as a potential stimulus for Britain's capital markets, the Pisces initiative has been embraced by Rachel Reeves's Treasury as a strategic tool to encourage more UK companies to pursue London IPOs. The exchange operates under specific constraints: it cannot be used by companies to raise capital directly and only permits intermittent trading of existing shares, positioning it as a transitional platform to familiarize private firms with public market dynamics.
Mixed Industry Reception and Alternative Platforms
While proponents argue that Pisces could strengthen the UK's IPO pipeline by acclimating companies to public market requirements, skeptics question its potential impact. Critics note that private companies already have access to existing share trading platforms operated by firms like JP Jenkins, potentially diminishing the unique value proposition of the new exchange.
Industry sources reveal that fintech company Iwoca maintains interest in Pisces and continues regular discussions with LSE officials ahead of the platform's eventual launch. However, another fintech firm that attended last summer's conference has reportedly suspended its participation plans, adopting a wait-and-see approach similar to Octopus Energy's position, according to individuals familiar with the company's strategy.
Octopus Focuses on Kraken IPO and London Market Engagement
Jackson is currently prioritizing the highly anticipated IPO of Octopus Energy's technology division, Kraken, which was formally separated from the UK's most valuable energy provider in December. The entrepreneur has publicly urged the LSE to demonstrate "more hustle" in securing the future listing of the £6.4 billion technology firm. In a significant development last month, Kraken became the first company to receive a historic £12 million equity investment from the taxpayer-supported British Business Bank, a move Jackson believes enhances London's prospects of hosting the technology firm's public debut.
The London Stock Exchange has declined to comment on Octopus Energy's decision or the current status of the Pisces private exchange initiative, leaving questions unanswered about the project's timeline and participant recruitment efforts as London continues its struggle to reinvigorate its IPO market competitiveness.
