Flutter Entertainment plans for primary US listing by Q3 following NYSE debut
FanDuel parent company confirms plans to retain London Stock Exchange as a secondary listing in rapid shift to the US
Flutter Entertainment hopes to secure a primary listing on the New York Stock Exchange (NYSE) before the end of the year after the operator giant listed in the US for the first time today, January 29.
The FanDuel parent company completed its secondary listing of ordinary shares on Wall Street at 9.30am local time.
The listing in New York also saw the operator fully remove itself from the Euronext Dublin while retaining its position on the London Stock Exchange.
However, that position is set to play second fiddle after the operator confirmed that following “very supportive” feedback from US and global investors it will seek a primary listing on the NYSE as soon as possible.
The proposal to list primarily in the US will be put to shareholders as a special resolution at the company’s annual general meeting (AGM) on May 1.
The FTSE 100 giant said that subject to shareholder approval, the transition to the NYSE becoming its primary listing could be effective as early as late Q2, or failing that, early Q3.
Flutter confirmed that the group will retain its UK listing as a secondary listing as it “believes this will ensure the greatest number of investors will be able to continue to hold Flutter shares and benefit from future value creation”.
The group said it would communicate further details regarding the planned primary listing ahead of the AGM in May.
Peter Jackson, Flutter CEO, said: “With our NYSE listing effective today, this is a pivotal moment for the group as we make Flutter more accessible to US-based investors and gain access to deeper capital markets.
“We believe a US primary listing is the natural home for Flutter given FanDuel’s number one position in the US, a market which we expect to contribute the largest proportion of profits in the near future,” he added.
Jackson and Flutter had previously said a secondary listing in the US could provide the group with access to a deeper capital market, US domestic investors, and better chances of securing and retaining US talent.