Revolut weighs dual listing in New York and London for its long-awaited IPO
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Britain’s most valuable private company has clarified where it intends to sell its shares.
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Nik Storonsky, Revolut’s founder and CEO, told French newspaper Les Echos on Thursday that the group is weighing a dual listing across the London Stock Exchange and the Nasdaq, confirming earlier media reports.
A spokesperson for Revolut confirmed the report to Euronews.
The US remains Storonsky preference, and he was candid about why, stating that “it’s a larger market. It includes institutional investors, hedge funds, fund managers and a considerable number of individual investors.”
“So we have the choice between selling in a small market with few buyers, or in a gigantic market with a huge number of buyers who will compete fiercely for our shares,” Storonsky added.
The comments mark a softening.
The Revolut CEO argued in 2024 that the London Stock Exchange simply could not compete with American venues, citing thin liquidity and the UK’s 0.5% stamp duty on share purchases, and had appeared to rule out listing at home altogether.
The London exchange has endured a prolonged drought of new listings, with companies either staying private or heading west. For instance, payments group Wise moved its primary listing to New York this year, and AstraZeneca has also expanded its presence in the US.
Revolut going public at anything near its current valuation would make it one of Britain’s largest listed companies, potentially worth more than Barclays or NatWest.
A secondary share sale in July valued the business at roughly $115 billion (€100bn), up from $75 billion (€65bn) in November.
No date for the IPO yet
When asked by Euronews about internal discussions regarding a timeline for the IPO, the spokesperson refused to comment, but pointed to a previous interview with Bloomberg in April of this year where the Revolut CEO stated “in two years time, but it depends on how good the market is.”
Progress as certainly been made as the company has spent this year assembling the regulatory foundations a listing will require.
It secured a full UK banking licence in March after a long wait that Storonsky has publicly blamed on British regulators, obtained a French licence in August, received conditional approval for a US national bank charter this month, and announced on Wednesday that it had applied for a Swiss licence alongside plans to invest more than 150 million Swiss francs (€158m) there.
Revolut has not stated which venue would host the primary listing, whether the two would happen simultaneously, or when formal preparations might begin.