Flutter gears up for US listing in Q4 as shareholders signal support

Flutter Entertainment is set to plough ahead with its US dual listing proposal after receiving “very strong support” from its shareholders.

On February 14, the London-listed operator confirmed it had opened discussion with shareholders regarding a potential secondary listing of ordinary shares in the US as it looked to access deeper capital markets stateside.

The firm has now confirmed that it will put a formal resolution to shareholders at its upcoming AGM on April 27 following positive initial discussions.

Flutter said: “On February 14 2023 Flutter announced it would be consulting with shareholders on an additional US listing of the group’s ordinary shares and set out the long-term strategic benefits.

“Having consulted widely with shareholders representing a significant majority of Flutter’s issued share capital and received very strong support, the Flutter board is pleased to announce that a formal resolution will be put to shareholders.”

The resolution will require approval of 75% of the votes cast by Flutter shareholders.

Should the resolution be approved, Flutter will aim to implement the additional US listing during Q4 2023.

Back in February, Flutter also confirmed that the proposal for a secondary listing included the option to pursue a primary US listing in the future.

The company also revealed at its full-year annual results presentations in March that a dual listing for Flutter would negate the need to separately float part of FanDuel in the US.

Flutter has been considering a IPO of a small stake in leading US operator FanDuel, which accounted for £2.6bn of the £7.7bn the revenue the group generated last year.

Flutter shares ticked up 0.5% in early trading this morning to around £140.