AFR: Better to list in Australia rather than on the Nasdaq – WiseTech boss

AFR reports:

WiseTech Global chief executive Richard White says a lack of appetite to list on the ASX belies the attractiveness of the local market, which he describes as a better opportunity for technology groups than the Nasdaq.

Speaking at The Australian Financial Review Entrepreneur Summit, Mr White said a shrinking sharemarket was a global phenomenon, with new listings scarce and takeovers reducing the number of public companies.

But the ASX remained a better option than the Nasdaq and other overseas sharemarkets for local technology groups. WiseTech listed in April 2016 and now has a market capitalisation of more than A$26 billion.

“If you are an Australian company with an Australian … office with your staff in Australia, and you’re trying to be on the Nasdaq, you’re going to spend a lot of your time in the US talking to US investors,” he told the summit in Sydney on Tuesday. “It’s very hard to resist and actually very painful.”

This month, The Australian Financial Review reported that the accelerating rate of takeovers of ASX-listed companies and a two-year drought of new floats means the local sharemarket will shrink this year for the first time since 2005, to the tune of…

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