The UK may be a great place to build a tech company, but when it comes to taking the crucial step of floating your business, the picture isn't so rosy. That's the lesson several high-growth tech businesses have come to learn in London. When Deliveroo went public in 2021, at the height of a pandemic-driven boom in food delivery, the company's stock quickly tanked 30%. Investors largely blamed the legally uncertain nature of Deliveroo's business - the company relies on couriers on gig contracts to deliver meals and groceries to customers. That has been the subject of concern as these workers look to gain recognition as staffers with a minimum wage and other benefits. But to many tech investors, there was another, much more systemic, reason at play - and it's been cited as a factor behind chip design giant Arm's decision to shun a listing in the UK in favor of a market debut in the US. The institutional investors that dominate the London market lack a good

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