In a groundbreaking move, Flutter is set to kick off the trading of its ordinary shares on the prestigious New York Stock Exchange (NYSE). This monumental event is slated to unfold on January 29, 2024 at 09:30 Eastern Time (ET), ushering in a new era for the gambling giant.
Flutter’s ordinary shares will trade under the ticker symbol ‘FLUT’ on the NYSE, simultaneously maintaining ‘FLTR’ on the London Stock Exchange (LSE). This dual listing strategy aims to solidify Flutter’s global presence.
At the heart of this development is Flutter’s decision to make its ordinary shares accessible to US-based investors. The company’s CEO, Peter Jackson, said, “We believe a US primary listing is the natural home for Flutter given FanDuel’s #1 position in the US, a market which we expect to contribute the largest proportion of profits in the near future.”
As part of this strategic shift, Flutter has decided to cancel the secondary listing of its ordinary shares on Euronext Dublin. This move reinforces Flutter’s commitment to repositioning itself in the global financial landscape. While Flutter currently enjoys a premium listing on the LSE, there’s a proposal to shift its primary listing to the NYSE. The strategic rationale behind this move is to tap into US domestic investors, elevate the company’s profile, and attract top-tier North American talent.
The Flutter Board expresses confidence that this shift will bolster the company’s foothold in the US market. The move is seen as a strategic step towards deeper capital markets and aligns with the company’s vision for future growth. The proposition to move the primary listing to the NYSE will be presented to shareholders on 1 May 2024 during a Special Resolution. If approved, the listing could go live in late Q2 or early Q3, marking a pivotal moment in Flutter’s trajectory.
While Flutter expands its global reach with the NYSE listing, it reassures that London will remain its second listing. This strategic balance ensures Flutter’s continued association with the UK share market. Furthermore, Flutter’s debut on the NYSE is more than a financial move; it’s a strategic decision to embrace new opportunities, access deeper capital markets, and fortify its presence in the dynamic US market. The flutter of success seems to resonate beyond the gambling tables.
