Flutter's Financial Backers Approve Shift to NYSE as Main Listing Site
Yesterday, during Flutter Entertainment's (NYSE: FLUT) annual meeting, shareholders approved the company's plan to move its primary listing from the London Stock Exchange (LSE) to the New York Stock Exchange (NYSE). While Flutter's shares have been traded in New York since late January due to a halt of their Euronext listing, the company remained listed primarily in London. Flutter's CEO, Peter Jackson, mentioned that they would decide on this issue during the meeting and hinted at the possibility by saying they plan to "shift our prime listing to the New York Stock Exchange by the end of the month." Jackson also stated his belief that the US is a fitting place for the company, naming it as their "natural home."
This relocation to the NYSE is likely to benefit Flutter for various reasons. For starters, Jackson mentioned factors like liquidity, access to capital, and broadening their investor base as the key motives behind this decision. Moreover, Flutter, which includes FanDuel as its parent company, operates the largest online sportsbook in the US. As such, the American market represents the fastest-growing part of their overall portfolio in terms of revenue and profitability, suggesting great potential for growth. If Flutter shifts its primary listing to the NYSE, it could be eligible for inclusion in prominent domestic equity indexes like the S&P 500, further improving its visibility and likely drawing more investors.
More than 98% of Flutter's shareholders voted in favor of this shift to the NYSE. If all goes as planned, this significant change could occur as soon as the end of this month.
Recently, several other companies that used to consider the LSE their go-to primary listing venue have also made the move to the Big Apple. For instance, last year chip giant Arm Holdings opted for the US over the UK for its public listing. Additional prominent UK businesses such as CRH and Tui made similar decisions in 2021. Several other companies with the LSE as their primary listing venue are considering similar switches to New York. Most notably, the world's largest integrated oil company, Shell, is reportedly considering a primary listing move that would significantly impact the LSE. Shell CEO Wael Sawan hinted at dissatisfaction with the company's UK trading and the discounts faced compared to US rivals while suggesting possible steps to close this gap.
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Source: www.casino.org
