Revolut Looking at Dual IPO in London and New York
The bank said a U.S. listing could broaden its investor base and support a higher valuation as it targets a dual IPO.
- Revolut CEO Nik Storonsky confirmed on Thursday that the bank is pursuing a dual stock market listing in New York and London, telling French newspaper Les Echos the company prefers the United States.
- The United States offers deeper capital markets and higher stock prices, attracting several British companies away from the London Stock Exchange. Storonsky noted that expanding the brand in the US could boost valuation by allowing customers to participate in the IPO.
- Revolut told investors it is aiming for a valuation of up to $200 billion in a future listing, after reaching a $75 billion valuation at a share sale. The London-based bank serves 80 million customers globally.
- Following regulatory successes in Britain and France earlier this year, Revolut received preliminary approval for a national banking licence in the United States in Sept. This strengthens its position ahead of any eventual listing.
- Any eventual public offering remains at least a year away and depends on prevailing market conditions. The fintech firm's focus stays on executing growth plans while navigating regulatory requirements across the United States and Europe.
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‘British fintech' detailed plans to start trading its shares on both sides of the Atlantic, after a year marked by international expansion and obtaining banking licenses in countries such as the United Kingdom, Mexico, Australia, Lithuania, France and Colombia.
The CEO of the neobank admits that its priority is to be present on Wall Street, the largest market in the world.
Revolut could list its shares in London and New York simultaneously. Founder and CEO Nik Storonsky has confirmed that the digital bank is exploring the possibility of a dual listing, with Nasdaq being the US venue. Revolut had previously targeted a valuation of up to $200 billion for the IPO, but the listing is expected to be at least a year away. We will also be covering similar topics at our Portfolio Investment Day conference on October 21. O…
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