(Reuters) – S4 Capital’s Executive Chairman Martin Sorrell told The Times on Monday that he is considering a New York listing for the company.
Sorrell, in an interview with the newspaper highlighted the company’s poor performance on the London Stock Exchange and said that a New York-listing “would probably get a better valuation”.
He also added that back in 2016, when S4 Capital started, a U.S.-listing was considered but the entry costs were too expensive. However, he now believes that it has become other way given the oversupply.
As on Friday, S4 Capital’s market capitalization was at 2.7 billion pounds ($3.67 billion), according to Refinitiv Eikon data. The stock has declined nearly 25% so far this year.
($1 = 0.7357 pounds)
(Reporting by Rachna Dhanrajani in Bengaluru; Editing by Daniel Wallis)