Flutter Plans Primary Listing Shift from London to New York, Aiming for U.S. Market Advantage

On Monday, Flutter's shares debuted on the New York Stock Exchange, trading at $207.47 per share, marking a 1.2% increase.

Flutter, a Dublin-based online betting company, announced on Monday its intention to propose relocating the primary listing of its shares from London to New York during the upcoming annual general meeting in May.

This move is subject to approval from shareholders and is anticipated to be implemented in the late second quarter or early third quarter, with the London listing remaining as a secondary option.

On Monday, Flutter’s shares debuted on the New York Stock Exchange, trading at $207.47 per share, marking a 1.2% increase.

Simultaneously, the secondary listing on the Dublin Stock Exchange was canceled.

This shift aligns with a broader trend where an increasing number of companies opt for U.S. listings due to potentially higher valuations.

In a recent pattern, several significant Dublin-based firms, such as CRH, a building materials company, and Smurfit Kappa, a paper packaging company, have either departed from or revealed plans to leave the Irish Stock Exchange in favor of the U.S. markets.

Over the weekend, Holcim, a Swiss building materials giant, announced its intention to spin off its entire North American operations in a New York flotation, potentially valuing the business at $30 billion.

Flutter’s CEO, Peter Jackson, emphasized the rationale behind the move, stating, “We believe a U.S. primary listing is the natural home for Flutter given Fanduel’s #1 position in the U.S., a market which we expect to contribute the largest proportion of profits in the near future.”

This decision underscores concerns about London’s ability to attract initial public offerings (IPOs) and retain listed companies, partly attributed to the impacts of Brexit.

As a counterpoint, Kazakhstan’s Air Astana set the price range for joint stock exchange listings in the UK and Astana on Monday, with a target market valuation ranging from $770 million to $962 million.

In summary, Flutter’s proposed shift from London to New York for its primary listing aligns with a broader trend of companies favoring U.S. markets, driven by potential valuation advantages.

This move reflects concerns about London’s attractiveness for IPOs and listed firms in the post-Brexit landscape.