UK-based firms listed in U.S. hit $2.2T market cap in Q1 2025- PwC
Investing.com -- The market capitalization of UK companies listed on US exchanges reached $2.2tn in the first quarter of 2025, marking a 6% increase from the same period in the previous year.
This data comes from PwC’s FPI Watch report, which analyzes the size, geographical distribution, and sector composition of Foreign Private Issuers (FPIs) in the EMEA region. FPIs are international companies outside the United States listed on the New York Stock Exchange or the Nasdaq.
At the end of Q1 2025, the number of UK companies listed in the US totalled 91, the highest in Europe. The Healthcare sector led with more than a quarter of these listings, totaling 24 firms. The Consumer sector came in second with 16 firms, followed by Financials and Industrials & Materials, each with 14 firms.
The Industrials & Materials sector held the largest market capitalization among sectors at the end of Q1 2025 with $468.4bn. The Consumer sector was next with $433.2bn, and Financials followed with $407.8bn.
The total market capitalization of EMEA companies listed in the US reached $6.4tn at the end of Q1 2025, a 3% decrease compared to the same period the previous year. The Healthcare sector had the most listings with 130, followed by Industrials & Materials with 83 and Information Technology (IT) with 73.
Healthcare had the largest market capitalization of EMEA companies listed in the US at the end of this period, accounting for $1.4tn. IT followed with $1.2tn and Financials with $1tn.
In total, there were 415 EMEA headquartered companies listed in the US at the end of Q1 2025. Israel led with 110 companies, followed by the UK with 91. A collection of other countries combined for 70 listings, with Ireland next with 34 issuers. The UK contributed the most to EMEA’s market cap with $2.2tn, followed by Ireland with $1tn and Switzerland with $600bn.
Jenny Harper, Partner and US Capital Markets Leader at PwC UK, noted that despite macroeconomic concerns, including US trade policy, the optimism among companies and investors playing the longer game remains strong. She highlighted the significant base of pent-up capital in the US, with companies focusing on readiness to be at the front of the queue when conditions are right.
Justin Montgomery, Director, US Capital Markets at PwC UK, observed a shift in the types of UK and EMEA companies looking to the US to raise capital. He stated that large, multinational industrials are shifting their listings to the US to take advantage of US index inclusion, along with a new crop of fast-growing technology companies who see US investors who understand their businesses and are willing to invest in their growth story.
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