The founder of Octopus Energy has issued a stark warning to the London Stock Exchange, stating it must demonstrate more 'hustle' and actively champion the City to attract major new listings like the group's tech arm, Kraken Technologies.
A 'Coin Toss' Between London and New York
Greg Jackson, chief executive of Octopus Energy Group, said he would 'love' for Kraken to list in London. However, he emphasised that the decision is currently a 'coin toss' between the UK capital and New York due to perceived shortcomings in the London market's appeal.
'I would need to see more hustle from the London Stock Exchange (LSE) – they need to be bringing in more capital,' Jackson told the Press Association. He argued that the exchange needs to be 'banging the drum for London' to win over listing candidates.
Kraken's Path to a Potential Blockbuster Listing
Jackson's comments follow the confirmation that Kraken is demerging from the wider Octopus Group, positioning it for a potential initial public offering (IPO). The scale of such a listing would be significant.
On Tuesday 31 December 2025, Octopus announced that Kraken had closed a $1bn funding round, valuing the technology platform at a staggering $8.65bn (£6.4bn). An IPO of this magnitude would represent the largest solo London listing since Haleon's £30.5bn market debut after its split from GSK in 2021.
Calls for Reform and a Tepid Market Recovery
Jackson is the latest in a string of business leaders to call for urgent improvements to make London more competitive. He specifically urged the government to ramp up efforts to encourage British pension funds to invest in UK equities.
'We need to see ongoing efforts to improve London for companies and for investors,' he stated.
His intervention comes as the London IPO market shows faint signs of recovery. The fourth quarter of 2025 saw $1.6bn raised through new listings, offering a glimmer of hope for a revival. Chancellor Rachel Reeves has hosted private summits with companies and initiated a stamp duty holiday in her November Budget to attract firms to list in London.
Separately, City AM revealed in July that Octopus was among two dozen firms that attended a private conference hosted by LSE boss Julia Hoggett regarding Pisces, a new regulated market for private companies.
In other Octopus news, the group reported on Tuesday that it swung to a £260m loss, a sharp reversal from a £77.6m profit the prior year, attributing the result to lower energy demand caused by warmer weather.
