Listing on a US Exchange without Conducting an Equity Raise

Listing on a US Exchange without Conducting an Equity Raise

The CHR Case Engaging the investment community through Investor Days


CHR, a Dublin, Ireland-based diversified building materials company, announced in September that it had completed the transition of its primary listing on the London Stock Exchange (LSE) to the New York Stock Exchange (NYSE) listing. Unlike an IPO or a Level III ADR (American Depositary Receipt) listing, the Company did not float a public offering to raise capital, and therefore didn’t include bank underwriters and the usual accompanying sell-side initiations. The Company stated that it believed the transition would “bring increased commercial, operational and acquisition opportunities for our business, further accelerating our successful integrated solutions strategy and delivering even higher levels of profitability, returns and cash for our shareholders.” As already noted in our March InspIR Insights post, CHR was one of several companies considering moving its primary listing to the US to access the largest and most liquid capital market in the world.

A foreign company listing on a US exchange, whether transferring a primary listing from abroad or if this is a Level I or II ADR listing without an equity raise, poses the common challenge of: how to attract US funds and US-based coverage from the local sell-side.

CHR held an Investor Day on the same day of its NYSE listing, a strategy to attract and educate US buy and sell side support for its newly listed shares most efficiently. The following blog explores the benefits of hosting an Investor Day for companies listing on an exchange without raising equity, including related strategic challenges and considerations.


Cracking the Conundrum: Local Coverage and Investor Engagement

One of the most significant hurdles when listing overseas is attracting local investors and garnering sell-side attention. The traditional new listing playbook of market engagement has companies conducting extensive roadshows ahead of the listing, enabling new institutions to take a position more confidently in the stock. The underwriting bank analysts also initiate coverage of the companies, providing access to the banks’ extensive network of clients in the aftermarket. But for those already listed on a foreign exchange with local analyst coverage, and no vehicles through which new investors can establish a position in the newly listed stock, the path to establishing a local investor base on a new market is anything but straightforward.

Without robust local sell side coverage, the company’s stock may remain obscure to local investors. The Company may gain sell side coverage over time, but initially it must commit to proactive engagement plan with investors, or it will fail to find its place on their radar. This lack of visibility can significantly impede the company’s success in the new market.

In essence, local coverage and financial community engagement are not merely boxes to tick on the listing journey. They’re the building blocks of a successful listing and, potentially, the key to achieving the diverse shareholder base, liquidity, and valuation that the Company targeted with the listing. How can companies overcome these challenges and gain the local presence they need? The answer lies in taking a strategic and proactive approach, with one crucial element at its core: host an Investor Day.


Leveraging Investor Days as a Bridge to Your Local Investment Community

Hosting an Investor Day can be game-changing. This broad financial community-focused event enables issuers to engage with the investment community, educate their new audience about the Company’s business and investment thesis, introduce the management team and foster relationships. It is also a highly efficient way for your audience to conduct its initial due diligence in two to three hours.

The Sell-side

When hosting an Investor Day, it is crucial to conduct a thorough targeting exercise to identify and attract sell side analysts who may already cover similar companies in the industry or sector, for ease of coverage initiation. By engaging analysts already familiar with the industry’s nuances, the company can streamline the information exchange process and effectively communicate its value proposition.

Securing the attention of tier 1 bank analysts can prove exceptionally challenging, especially for companies undergoing listings without underwriters. This challenge is compounded when the company already has analyst coverage from the Tier 1 institution covering their home market. Garnering co-coverage is complex without an equity offering included with the listing. Given these hurdles, companies may find that engaging with tier 2 and 3 analysts offers a more strategic approach to initiating local analyst coverage.

The Buy-side

The same principles apply to the buy-side. Targeting relevant institutional investors to attend the Investor Day is an important opportunity to showcase the company and its management team. Companies should also not overlook the opportunity to leverage existing buy side relationships with large global institutions to introduce the story to other portfolio managers managing US stock funds within the organization.


In conclusion, an Investor Day is an efficient and strategic initiative for companies listing without raising equity. It addresses the challenges of gaining local coverage and engaging with the sell- and buy-side communities by offering a platform to physically (and perhaps also virtually) connect with them.

Partnering with InspIR to conduct a differentiated targeting analysis, identifying analysts, and actively reaching out to investors, enables companies to maximize their new listing’s potential. A listing’s success often ultimately hinges on how well the company can establish a local presence and build trust in the new market. Hosting an Investor Day is a pivotal step in that direction.


Partner with InspIR Group to plan and implement your Investor Day. Contact Cinthya Werner, Events Manager,

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