The London Stock Exchange's private securities venue, Pisces, recently marked its first anniversary. The platform, designed to provide liquidity to fast-growing firms, has seen limited activity since its launch.
In its first year, Pisces has attracted three businesses: AI firm Wayve, fintech Moneybox, and an ownership structure linked to Oxford Science Enterprises. These firms have collectively held four share auctions on the platform.
Reasons cited for the quiet start include uncertainty from the Iran war and a general sluggishness in the IPO market. Additionally, member firms have interpreted the 'intermittent' nature of Pisces, which allows for infrequent auctions, liberally. For example, Oxford Sciences holds auctions quarterly, while Wayve and Moneybox have conducted what were described as 'one-off' auctions.