Revolut, the London-based fintech known for its prepaid cards, crypto trading, and global payments platform, is evaluating a plan to pursue a simultaneous initial public offering (IPO) in both London and New York. According to a report citing a senior City source, the firm could seek to list on the London Stock Exchange and the New York Stock Exchange at the same time, a move that has never before been undertaken by a company entering the FTSE 100. Valued at approximately $75 billion, Revolut has amassed 65 million users globally, including 12 million in the U.K., since its launch in 2015.
Under revised listing rules introduced this month, companies can join the FTSE 100 index within five days of a London float, a change designed to attract larger, high-growth businesses by allowing index-tracking funds to invest more readily. Historically, London’s stamp duty on share transactions and perceived regulatory hurdles led Revolut’s leadership, including CEO Nik Storonsky, to favor other venues. However, the potential to tap into both U.S. capital markets and a renewed U.K. investor base appears to be reshaping that stance.
The proposed dual listing would be a strategic vote of confidence in London’s financial center, signaling to international investors that the U.K. is open for high-profile tech and fintech offerings. For New York, it would reinforce the city’s role as the preeminent global IPO hub. This arrangement could unlock significant demand from institutional and retail investors in both regions, enhancing liquidity and broadening the company’s shareholder base. Early backers, including SoftBank and DST Global, have indicated interest in an exit strategy via public markets, with an estimated $1 billion to be raised at a valuation near $65 billion earlier in the year.
Should the plan proceed, Revolut’s hybrid approach would require careful coordination of prospectus requirements, compliance standards, and investor relations across two jurisdictions. The firm has engaged banks and advisers in both markets to assess timing, structure, and valuation parameters. A simultaneous listing would involve dual filings with the U.S. Securities and Exchange Commission and the U.K. Financial Conduct Authority, high-visibility roadshows, and calibration of share price levels to align with market expectations on both sides of the Atlantic. Observers note that successful execution could establish a blueprint for future cross-border IPOs by U.K. technology companies seeking global reach.
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