Revolut weighs dual listing in New York and London for its long-awaited IPO
Revolut is considering listing simultaneously in New York and London when it eventually goes public, its founder has stated, a plan that would keep the fintech partly at home while giving it access to the deeper American market it has long preferred.
Revolut, Britain's most valuable private company, is considering a dual listing on the London Stock Exchange and Nasdaq for its upcoming IPO. The company's founder and CEO, Nik Storonsky, revealed this during an interview with French newspaper Les Echos. Storonsky stated that the US remains his preference due to its larger market, which includes institutional investors, hedge funds, fund managers, and individual investors. He added that listing in a large market with many buyers would provide fierce competition for shares.
Storonsky previously argued in 2024 that the London Stock Exchange could not compete with American venues due to thin liquidity and the UK's 0.5% stamp duty on share purchases. However, the London exchange has seen a lack of new listings, with companies either staying private or moving abroad. For instance, payments group Wise listed on the New York Stock Exchange in the same year, and AstraZeneca expanded its presence in the US.
Revolut's July secondary share sale valued the business at approximately $115 billion, up from $75 billion in November. When asked about the IPO timeline, a spokesperson for Revolut declined to comment but referred to a previous interview with Bloomberg in April, where the CEO mentioned a two-year timeframe, depending on market conditions.
The company has been working on regulatory foundations for the listing, securing a full UK banking license in March, a French license in August, and receiving conditional approval for a US national bank charter. Revolut has also applied for a Swiss license and has invested over 150 million Swiss francs in the country. The primary listing venue, whether simultaneous listings, and the beginning of formal preparations remain undisclosed.
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