Fintech giant Revolut is eyeing up a unique dual-listing in New York and London as part of its potential $75 billion IPO.
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Dual Discussed
According to a report in The Times, in the U.K. the idea of a dual listing for Revolut, which currently has over 60 million personal customers around the world and over 500,000 business customers, has been “widely discussed” in financial circles. Revolut is widely tipped to be heading for an IPO sometime this year.
If the deal took place, then it would be one for the history books as it would mark the first time a company had simultaneously listed in New York and entered London’s flagship FTSE 100 index.
Revolut founder Nik Storonsky has previously downplayed his appetite to float in London. He has said it wouldn’t be rational to list there because of a 0.5% stamp duty on share trading.
However, it is understood that a meeting between Revolut chair Martin Gilbert and Scott Bessent, the U.S. Treasury secretary during President Trump’s recent visit to the U.K., may have moved the dial.
Issues discussed at the meeting included closer market cooperation including making dual listings easier.
Special Relationship
It comes as U.K. drugs giant AstraZeneca (AZN) revealed plans for a dual-listing. It said it was set to directly list its ordinary shares on the New York Stock Exchange to help it “reach a broader mix of global investors”.
Until now it has traded in the U.S. through so-called American depositary receipts (ADRs) on Nasdaq, but ordinary shares are typically easier to trade.
Fermi, co-founded by former US energy secretary Rick Perry, is also expected to complete a $13 billion primary listing on New York’s Nasdaq and a secondary listing in London this week.
It is aiming to build power stations and electric grids to power AI data centres.
After an April slowdown because of fears over President Trump’s trade tariff, as well as economic and geopolitical uncertainty, IPOs have come back to the boil. That could be down to the resilience of U.S. markets or pent-up demand from investors.
The year has already seen several large and successful IPOs from companies such as AI platform CoreWeave (CRWV), blockchain platform Circle Internet Group (CRCL) and fintech Klarna (KLAR) – see above.
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