Revolut boss says US primary listing was ‘always the target’
The boss of Revolut has said a primary listing in New York was “always” the company’s top goal, in a snub to the London Stock Exchange after a years-long charm offensive. Nik Storonsky, the founder and chief executive of Revolut, said a primary listing in the US was “always the target, given the deep liquidity [...]
Nik Storonsky, the founder and CEO of Revolut, has stated that a primary listing on the New York Stock Exchange was always the company's top goal, in a move that could be seen as a slight to the London Stock Exchange. Speaking to Bloomberg TV, Storonsky emphasized the deep liquidity of the US market as a key factor in choosing New York as the preferred listing location.
While previously open to a dual listing in both New York and London, Storonsky has now expressed a preference for the US market, citing its larger size and the presence of numerous institutional, hedge fund, fund manager, and individual investors. Despite expectations of a $115 billion valuation following a recent secondary share sale, Storonsky has reiterated that an IPO is not being considered until at least 2028.
Revolut is actively pursuing expansion in the US, aiming to "dominate" the market and offering products that larger incumbents like Amex and JPMorgan Chase do not have. The company recently received conditional approval from the US Office of the Comptroller of the Currency (OCC) for a national bank charter, marking its second attempt for a US banking license after an earlier attempt in March 2021.
The successful UK listing, alongside a fresh European Central Bank permit, underscores Revolut's commitment to global growth.
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